[2023] 1z0-1055-22 by Oracle Financials Cloud Actual Free Exam Practice Test
Free Oracle Financials Cloud 1z0-1055-22 Exam Question
Oracle 1z0-1055-22 Exam Syllabus Topics:
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
| Topic 6 |
|
| Topic 7 |
|
NEW QUESTION 74
Which invoice types can be included in the Create Payment flow?
- A. Standard, Credit Memo and Debit Memo
- B. Standard, Credit Memo and Customer Refund
- C. Standard, Debit Memo and Customer Refund
- D. Standard, Credit Memo, and Invoice Request
Answer: A
NEW QUESTION 75
Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)
- A. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.
- B. A supplier can validate the invoice after submitting it.
- C. A supplier can submit a single invoice against multiple purchase orders, provided the currency and organization for all the invoice items are the same as those on the purchase orders.
- D. A supplier can make changes to the invoice after submitting it.
- E. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.
Answer: A,B,D
Explanation:
D: (not C): You can enter a credit memo against a fully billed purchase order (use negative quantity amounts to enter a credit memo), as well as invoice against multiple purchase orders. However, the currency and organization of all items on an invoice must be the same. The organization is the entity within the buyer'scompany that you are invoicing.
IncorrectAnswers:
E: After you submit an invoice, you cannot change the invoice.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e13414/T463223T463232.htm
NEW QUESTION 76
You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?
- A. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
- B. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
- C. Issue a credit memo, which will debit the liability and credit the expense.
- D. Cancel the invoice, which debits the liability and credits the expense.
Answer: A
NEW QUESTION 77
You have invoices with distributions across primary balancing segments that represent different companies.
What feature should you use if you want the system to automatically balance your invoice's liability amount across the same balancing segments on the invoice distributions?
- A. Payables' Allow Reconciliation Accounting
- B. Suspense Accounts
- C. Payable's Automatic Offset
- D. Intercompany Balancing
- E. Subledger Accounting's Account Rules
Answer: C
Explanation:
If you do not enable Automatic Offsets, Payables records the invoice liability using the liability account on the invoice, which defaults from the supplier site. When you distribute invoice distributions across multiple balancing segments, the invoice will not balance by balancing segment. However, General Ledger can automatically create intercompany balancing entries when you post the invoice if you have enabled the Balance Intercompany Journals option for your set of books.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/autoff01.htm
NEW QUESTION 78
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. a Self-Service Service Provider Model
- C. a Dedicated Service Provider model
- D. Business Unit Security
Answer: D
NEW QUESTION 79
Which two statements are true about processing corporate card expenses? (Choose two.)
- A. You can process payment for credit card using Electronic funds transfer, check, or wire.
- B. Card transactions will be paid directly from Expenses Cloud.
- C. Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
- D. Conversion rate defaults are applicable to corporate card expenses, just as they are applicable to cash expenses.
- E. Usage policy for expense category tolerances does not apply to credit card expenses.
Answer: C,E
Explanation:
Conversion rate behavior applies only to cash expenses, not to corporate card expenses.
To enable your company to pay a corporate card issuer, you enter a default payment method, whether check, EFT (Electronic funds transfer), or wire, in the Address Payment Information region of the Edit Corporate Card Issuer page, as well as bank account information.
References:
https://docs.oracle.com/cloud/latest/financialscs_gs/FAIEX/FAIEX1456644.htm
https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110434AN7B1F9.htm
NEW QUESTION 80
You have three procurement business units, four requisition business units and five sold-to business units. For which will the supplier registration flows be deployed?
- A. three procurement business units
- B. four requisition business units
- C. one business unit per supplier
- D. twelve business units per supplier
- E. five sold-to business units
Answer: A
Explanation:
A supplier is modeled as a global entity, meaning it is not created within a business unit or any other organizational context. A procurement business unit establishes a relationship with asupplier through the creation of a site which maintains internal controls for how procure to pay transactions are executed with the supplier. The other entities of the supplier profile capture mostly external information that is provided by the supplier, such as taxidentifiers, addresses, contact information, and so on.
References:https://docs.oracle.com/cd/E51367_01/procurementop_gs/OAPRC/F1007476AN106E5.htm
NEW QUESTION 81
An installment for $1,000 USD is due for payment on January 10, 2019. The installment has two discounts: the first discount date is December 5, 2018 for $150 USD and the second discount date is December 20, 2018 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
Payment Date = December 5, 2018
Pay Through Date = December 25, 2018
Date Basis = Pay Date
Always Take Discount option is enabled
What will be the resulting status of the installment and discount?
- A. The installment is selected but no discount is applied because the payment date is after the discount dates.
- B. The installment is selected and a discount of $50 USD (the second discount) is applied.
- C. The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.
- D. The installment is not selected because the first discount date is before the Pay Through Date.
- E. The installment is selected and a discount of $200 USD ($150 + $50) is applied.
Answer: C
Explanation:
Discount Taken Amount is 150 USD. Although the Payment Date is after the discount dates, the first discount is taken because the option Always take discount is enabled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 82
An installment meets all the selection criteria of a Payment Process Request, but it still does not get selected for payment processing.
What are the two possible reasons for this? (Choose two.)
- A. The pay-through date is in a future period.
- B. The invoice requires approval.
- C. The invoice needs re-validation.
- D. The pay-through date is in a closed Payables period.
- E. The invoice has not been accounted.
Answer: B,C
NEW QUESTION 83
A company has a requirement to pay small suppliers outside of Payables, but it does not want to manually record each payment.
Which solution should you implement?
- A. Create a payment by using a wire payment method for those suppliers.
- B. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.
- C. Create payments by using the Check Payment method for those suppliers and then destroy those checks.
- D. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.
Answer: A
Explanation:
When you create a payment outside of Payables, for example, using a typed check or wire transfer, within Payables you can record the payment and update the invoices that you paid.
NEW QUESTION 84
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger? (Choose three.)
- A. Reconciliation Payment Details
- B. Reconciliation Invoice Details
- C. Reconciliation Prepayment Application Details
- D. Reconciliation Invoice Request Details
- E. Reconciliation Invoice Hold Details
Answer: A,B,C
NEW QUESTION 85
Select three reasons why you cannot close your Payables period. (Choose three.)
- A. bills payable requiring maturity
- B. open intercompany transactions
- C. unapplied prepayments
- D. suppliers on payment holds
- E. unaccounted invoices and payments
Answer: A,B,E
Explanation:
The types of exceptions reported are:
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30A688146CA
NEW QUESTION 86
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation report? (Choose three.)
- A. Ledger Set
- B. Natural Account
- C. Supplier
- D. Legal Entity
- E. Business Unit
- F. Balancing Segment Value
Answer: A,E,F
Explanation:
Typically General Ledger users are secured by data access sets. Data access sets use primary balancing segment values to secure access to ledgers, ledger sets, and portions of ledgers. Payables users are secured
by business units.
For the Payables to General Ledger Reconciliation report:
General Ledger users can see general ledger data for the balancing segment values in their data access set. General Ledger users can also see the Payables or Oracle Fusion Subledger Accounting data for all
business units linked to the ledger.
Payables users can see the Payables and Subledger Accounting data for business units in their security definition. Payables users can also see general ledger data for all balancing segment values in the ledger.
NEW QUESTION 87
What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?
- A. Credit Memo
- B. Supplier payment request
- C. iSupplier Invoice
- D. Standard Invoice
- E. Standard invoice request
Answer: E
Explanation:
Standard invoice request: An invoice submitted without a purchase order by a supplier through Oracle Fusion Supplier Portal thatis pending review and approval by the appropriate persons within the deploying company.
References:https://docs.oracle.com/cd/E37583_01/doc.1116/e22897/F431919AN100ED.htm
NEW QUESTION 88
What are the output formats supported for Electronic and Check format programs?
- A. Electronic output format of Text, Check output format of Text
- B. Electronic output format of XML, Check output format of rtf
- C. Electronic output format of DATA (csv), Check output format of Zipped PDFs
- D. Electronic output format of PDF, Check output format of PDF
- E. Electronic output format of eText, Check output format of rtf
Answer: E
Explanation:
The eText template is used specifically for electronic data interchange (EDI) and electronic funds transfer(EFT).
References: https://docs.oracle.com/cd/E56614_01/common_op/OAEXT/F1203011AN1CABC.htm
NEW QUESTION 89
You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A.
Supplier name is a group that repeats on every page.
Which is the correct way to customize the template?
- A. Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag </<?if:condition?>.
- B. Insert the syntax <?if:VENDOR_NAME= 'COMPANY A'?> before the Supplier field on the template. Then, enter the <?end if?> tag after the invoices table.
- C. Insert the syntax <?if:'COMPANY A'?> before the Supplier field and then enter the closing tag </<?if:COMPANY A?> after the invoices table.
- D. Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.
Answer: D
Explanation:
Use an if statement to define asimple condition; for example, if a data field is a specific value.
Insert the following syntax to designate the beginning of the conditional area.
<?if:condition?>
Insert the following syntax at the end of the conditional area: <?end if?>.
References:https://isu.ifmo.ru/docs/XMLP/help/en_US/htmfiles/B25951_01/T421739T421743.htm
NEW QUESTION 90
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 pay-through date is in a future period.
- B. The invoices need revalidation.
- 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: B,C
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 91
An installment for $2,000 USD is due for payment on July 31, 2018. The installment has two discounts: the first discount date is June 15, 2018 for $150 USD and the second discount date is June 30, 2018 for $50 USD.
You submit a Payment Process Request with the following criteria:
Payment Date = June 20, 2018
Pay Through Date = July 30, 2018
Date Basis = Due Date
What will be the resulting status of the installment and discount?
- A. The installment is not selected because the due date is after the Pay Through Date.
- B. The installment is not selected because the discount dates are before the Pay Through Date.
- C. The installment is selected and a discount of $50 USD is applied.
- D. The installment is selected and no discount is applied.
- E. The installment is selected and a discount of $150 USD is applied.
Answer: A
Explanation:
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm#FAPPP1011879
NEW QUESTION 92
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Invoices created using Integrated Imaging
- B. Evaluated Receipt Settlement (ERS) Invoices
- C. Customer Refunds initiated from Receivables
- D. Expense Reports transferred from Expenses
- E. Invoices entered through the Supplier Portal
- F. Debit Memos created by the Return to Supplier feature
Answer: B,E
Explanation:
Select ERS and Use in the Transaction source parameter when running the Pay on Receipt Auto-invoice concurrent program.
You enable paying your supplier by selecting a method on the Purchasing tab of the Supplier Sites window in Oracle Payables.
NEW QUESTION 93
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. The workflow will fail once approval is initiated.
- B. The initiate option is greyed out for the invoice.
- C. Invoice will be sent to User 1 for approval.
- D. Invoice will be auto-approved.
Answer: A
NEW QUESTION 94
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 Site Contacts, Supplier Site, Supplier Site Assignment
- D. Supplier, Supplier Address, Supplier Site, Supplier Site Assignments
Answer: D
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 95
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 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).
- B. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% * 10,000-5000).
- C. 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).
- D. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
Answer: C
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 96
......
Oracle 1z0-1055-22 Actual Questions and Braindumps: https://testking.realvce.com/1z0-1055-22-VCE-file.html