[Nov-2021] Oracle 1z0-1055-20 Exam: Basic Questions With Answers
New 2021 Realistic Free Oracle 1z0-1055-20 Exam Dump Questions & Answer
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NEW QUESTION 59
A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated.
Which two statements are true? (Choose two.)
- A. The status of the payment file is Cancelled.
- B. The status of each payment in the payment file is Terminated.
- C. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.
- D. The invoices are placed on payment hold.
- E. The status of the payment file is Terminated.
Answer: C,E
Explanation:
Explanation
If the payment file has been terminated and the documents payable have been returned to the source product, then the status of the Printed Payment File is Terminated.
Oracle Fusion Paymentsinforms the source product of the terminated documents payable. Then for each payment in the payment file, Payments sets the status to Canceled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 60
Your client company has two business units and requires the Payables Specialist to process invoice transactions for both business units.
What setup is required to achieve this?
- A. a Dedicated and Self-Service Service Provider Model
- B. Business Unit Security
- C. a Self-Service Service Provider Model
- D. a Dedicated Service Provider model
Answer: B
NEW QUESTION 61
An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.
- A. The invoices need revalidation.
- B. The pay-through date is in a future period.
- C. The pay-through date is in a closed Payables period.
- D. The installment was manually removed.
- E. The invoice has not been accounted.
Answer: A,C
Explanation:
Explanation
An installment can meet the selection criteria of a payment process request, yet not get selected for payment for one or more reasons.
You can review installments that were not selected for payment, along with the reasons they were not selected, on the Not Selected tab of the Review Installments page.
The reasons are as follows:
References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm
NEW QUESTION 62
You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval. What will happen?
- A. Invoice will be auto-approved.
- B. The system will issue an error message after the approval has been initiated.
- C. Invoice will be sent to User 1 for approval.
- D. Invoice will not be processed.
Answer: D
NEW QUESTION 63
Which invoice types can be included in the Create Payment flow?
- A. Standard, Credit Memo and Debit Memo
- B. Standard, Debit Memo and Customer Refund
- C. Standard, Credit Memo, and Invoice Request
- D. Standard, Credit Memo and Customer Refund
Answer: A
NEW QUESTION 64
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit card. While entering your expenses, you get a warning that a different conversion rate was applied to the taxi expense by Visa that the one used by your company.
How do you handle this situation?
- A. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion rate settings and you do not violate the allowable limit.
- B. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
- C. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised statement.
- D. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
Answer: D
Explanation:
Explanation
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger Currency amount.
Etc.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm
NEW QUESTION 65
The expense auditor has chosen to Request More Information for an expense report. Select two ways the system processes this action. (Choose two.)
- A. The expense report status remains Pending Payables Approval.
- B. The employee must resubmit the expense report.
- C. The expense report is routed back to the approvers.
- D. The audit can be completed before the requested information is received from the employee.
Answer: A,C
NEW QUESTION 66
Your company policy requires that receipts be attached to expense report items before reimbursement can be made.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. Receipts are not required if the expense item falls within Per Diem Rates.
- B. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- C. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
- D. An expense report may require original, imaged, or both types of receipts.
Answer: C,D
Explanation:
Explanation
Your company periodically schedules and runs the Generate Overdue and Missing Receipts Notification process that generates overdue receipt notifications.
If receipts are overdue and setup requires that the individual be notified, then Expenses automatically sends a notification to the individual to inform him that receipts are overdue.
An expense report may require original, imaged, or both types of receipts.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 67
What is the result of voiding a payment?
- A. The payment is reconciled to the bank statement.
- B. A stop payment request has been initiated to the bank.
- C. The payment is no longer valid.
- D. A bills payable payment was created but is not yet matured.
Answer: C
NEW QUESTION 68
You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st.
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?
- A. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
- B. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000
- C. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for
4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000 - D. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
Answer: C
NEW QUESTION 69
You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling option.
How will the resulting tax be calculated?
- A. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
- B. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000).
Answer: A
Explanation:
Explanation
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD.
At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm
NEW QUESTION 70
You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?
- A. Generate a 1096 form and submit it instead.
- B. Run and submit your 1099s because it will automatically reflect any changes.
- C. Manually enter the 1099s for the State and submit.
- D. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
Answer: D
NEW QUESTION 71
You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?
- A. allow you to maintain sets of related data in a Data Dictionary
- B. allow you to share reference data, such as payment terms, across multiple business units to avoid redundant setup
- C. allow you to secure data by business unit
- D. allow you to assign multiple business units to users in a shared service center
Answer: B
Explanation:
Explanation
Reference Data Sets
You begin this part of your implementation by creating and assigning reference data to sets. Make changes carefully as changes to a particular set affect all business units or application components using that set. You can assign a separate set to each business unit for the typeofobject that is being shared. For example, assign separate sets for payment terms, transaction types, and sales methods to your business units.
Your enterprise can determine that certain aspects of your corporate policy can affect all business units. The remaining aspects are at the discretion of the business unit manager to implement. This allows your enterprise to balance autonomy and control for each business unit. For example, your enterprise holds business unit managers accountable for their profitand loss, but manages working capital requirements at a corporate level.
In such a case, you can let managers define their own sales methods, but define payment terms centrally. In this example:
Each business unit has its own reference data set for salesmethods.
One central reference data set for payment terms is assigned to all business units.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm#FAIGL94314
NEW QUESTION 72
Which is the Payables tool based on real-time data?
- A. Essbase Cube
- B. Oracle Financial Reporting (FR)
- C. Oracle Business Intelligence Applications (OBIA)
- D. Smart View
- E. Oracle Transactional Business Intelligence (OTBI)
Answer: E
Explanation:
Explanation
Oracle Transactional Business Intelligence (OTBI) provides real-time insight into HCM business processes.
Traditional ad-hoc reporting tools require a user to have an understanding of the data objects in the database.
References:http://www.oracle.com/us/products/applications/fusion/hcm-oracle-transactional-bi-ds-2187697.pdf
NEW QUESTION 73
When creating a check payment, from where is the payment document defaulted?
- A. Business Unit
- B. Supplier
- C. Legal Entity
- D. Bank
- E. Bank Account
Answer: E
Explanation:
Explanation
Create Check
This step shows how to create a check to pay the customer for theclaim. The customer will be paid with the designated amount in Oracle Payables.
Navigation: Actions > Pay in Full.
Notes:
Bank Account: Select BofA.
Document: Select Check.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e16295/T544851T544993.htm
NEW QUESTION 74
If you accidentally paid an invoice using Create Payment flow, can you undo the operation?
- A. no
- B. Cancel the invoice and create a new one.
- C. yes, by canceling the payment process from the process monitor
- D. yes, by creating a credit memo to offset the payment
- E. yes, by voiding the payment created
Answer: A
Explanation:
Explanation
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm
NEW QUESTION 75
Your customer has requested a modification to the payment file to meet the acceptable bank standards. The changes were based on a format of a seeded payment process profile which is already in use. The only changes made are to the field positions. What two steps can make these changes work?
- A. Copy and modify the existing template to alter the positions as requested by the bank.
- B. Oracle Data Integrator or Golden Gate can be used to map the fields as required.
- C. Create a newpayment process profile and a new format program.
- D. Keep the payment process profile and leave the format programs unchanged.
- E. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.
- F. Create a new template to make changes as requested by the bank.
Answer: A,F
NEW QUESTION 76
You have two business units, Vision Operations and Vision Services. How can you enable expense auditors to audit expense reports for specific business units?
- A. Assign the Expense Auditor job roles to each auditor.
- B. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.
- C. Assign the Expense Auditor as the owner of each business unit.
- D. Use segment valuesecurity rules to secure access to business units.
Answer: B
Explanation:
Explanation
You can enable expense auditors to audit expense reports for specific business units by assigning them specific expense auditor data roles for the business units. For example, to allow an expense auditor toaudit expense reports for the Vision Operations and Vision Services business units, assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles, respectively, to the expense auditor.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.ht
NEW QUESTION 77
You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you notice the invoice is not cancelled but has an Invoice Cancel hold on it.
What is reason for this?
- A. The invoice date is not in the current open period.
- B. The invoice is already on hold.
- C. The invoice accounting date is not in the current open period.
- D. The invoice has been partially paid by another payment.
Answer: D
NEW QUESTION 78
In what order should the import process be run when importing suppliers?
- A. Supplier, Supplier Site Assignment, Supplier Site, Supplier Contacts
- B. any order
- C. Supplier, Supplier Address, Supplier Site, Supplier Site Assignments
- D. Supplier, Supplier Site Contacts, Supplier Site, Supplier Site Assignment
Answer: D
Explanation:
Explanation
The following programs are used to import supplier information:
When importing supplier records containing data in each table, then Suppliers must be run first, followed by the Supplier Sites import process. Once the data is inserted, the following concurrent processes must be run to create the information in Oracle Fusion Suppliers.
Suppliers Import Process
Supplier Sites Import Process
Supplier Site Contacts Import Process
Supplier Site Assignments Process
References:https://docs.oracle.com/cd/E56614_01/procurementop_gs/OAPRC/F1007476AN1079E.htm
NEW QUESTION 79
Which three are attributes that are recognized by Invoice Imaging? (Choose three.)
- A. Invoice Date
- B. Invoice Number
- C. Terms Date
- D. Payment Method
- E. PO Number
Answer: A,B,E
NEW QUESTION 80
You have assigned additional roles to an existing user. However, the new roles are not appearing for the user in their Navigator menu. What should you check?
- A. Make sure you can query the user using Oracle Identity Manager (OIM) and the roles are assigned.
- B. Make sure the user logs out and logs back in.
- C. Make sure you can query the user from the Manage Users page and verify the roles assigned.
- D. Make sure you ran the Retrieve Latest LDAP Changes program.
Answer: D
Explanation:
Explanation
Oracle Identity Management maintains Lightweight Directory Access Protocol (LDAP) user accounts for users of Oracle Fusion Applications. Oracle Identity Management also stores the definitions of abstract, job, and data roles, and holds information about roles provisioned to users.
Most changes to user and role information are shared automatically by Oracle Applications Cloud and Oracle Identity Management. No action is necessary to make this exchange of information happen.
However, you must run the processes Send Pending LDAP Requests and Retrieve Latest LDAP Changes to manage some types of information exchange between Oracle Applications Cloud and Oracle Identity Management.
References:https://docs.oracle.com/cd/E60665_01/common/FASER/FASER1345802.htm
NEW QUESTION 81
You purchased a computer from Company A for 2000 USD. Company B ships you the computer with freight charges of 100 USD. You would like the cost of the computer to include those freight charges.
How can you achieve this?
- A. Choose Match to Receipt.
- B. Choose to Match in full to the Purchase Order.
- C. Enter the Invoice manually and add the freight line.
- D. Choose to Match to Receipt Charges.
- E. Choose to Match to Invoice Lines.
Answer: D
NEW QUESTION 82
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