1Z0-1055-21 PDF Dumps | Oct 09, 2022 Recently Updated Questions
1Z0-1055-21 Exam Questions – Valid 1Z0-1055-21 Dumps Pdf
NEW QUESTION 33
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 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
- B. 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 - C. 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
- D. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
Answer: B
NEW QUESTION 34
How will system evaluate the tolerances for expense reports?
- A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
- B. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
- C. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
- D. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
- E. System will use absolute amount tolerance setup to do validations.
Answer: D
Explanation:
Explanation
Error: A percentage is used to calculate an error. The error tolerance amount is calculated as follows:
Policy Rate * (1+Error Tolerance/100)
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm
NEW QUESTION 35
You want your expense auditors to audit only expense reports for specific business units. How do you do this?
- A. Create your own audit extension rules that correspond to the business unit.
- B. Make auditors the managers of the corresponding business unit to route expense reports properly.
- C. Assign the expense auditors job role and business unit security context and value to the user.
- D. Create a custom duty role and assign the data roles to each auditor.
Answer: C
NEW QUESTION 36
Which two invoice types can have a status of Incomplete? (Choose two.)
- A. Supplier Portal Invoices which are rejected and resubmitted for approval
- B. Scanned Invoices with incomplete or missing information
- C. Scanned Invoices which are rejected during import
- D. Supplier Portal Invoices which are saved but not yet submitted
- E. Prepayment Invoices which are fully paid but not applied against any invoice
Answer: A,B
Explanation:
Explanation
As a Supplier user, you can now edit and resubmit invoices that are rejected from the approval users during the invoice request approval process.
An incomplete invoice is an invoice created from an image that has invalid or missing information.
NEW QUESTION 37
An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)
- A. Both the invoice and the credit memo are fully paid.
- B. Neither the invoice nor the credit memo is included in the Payment Process Request.
- C. Both the invoice and the credit memo are included in the Payment Process Request.
- D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.
Answer: C,D
Explanation:
Explanation
When yousubmit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustratethe impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.
The following table describes the payment processing that occurs based on the setting for the Apply credits upto zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30A68816F7
NEW QUESTION 38
When reviewing installments, what setup is required to override the supplier site on an invoice?
- A. Allow payee to override for third-party payments while Manage Invoice options.
- B. Allow the remit-to supplier override for third-party payments at Manage Payment options.
- C. Allow the remit-to supplier override for third-party payments at Manage Invoice options.
- D. Allow the remit-to supplier address override for third-party payments at Manage Invoice options.
Answer: D
Explanation:
Explanation
(Optional) Setting the Remit-to Supplier Override Option
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1470346AN14ECB.htm
NEW QUESTION 39
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 each payment in the payment file is Cancelled and the related documents are available for future selection.
- B. The status of the payment file is Terminated.
- C. The status of each payment in the payment file is Terminated.
- D. The invoices are placed on payment hold.
- E. The status of the payment file is Cancelled.
Answer: A,B
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 40
You need to create a recurring expense for one of your regular expenses.
Which three are frequencies that you can choose for these types of expenses? (Choose three.)
- A. Bimonthly
- B. Annually
- C. Monthly
- D. Weekly
- E. Biweekly
Answer: C,D,E
NEW QUESTION 41
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
- A. Invoices that are automatically created when the supplier creates an ASN for drop shipments
- B. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
- C. Non purchase order matched invoices
- D. B2B XML invoices
- E. Purchase order matched invoices
Answer: B,D,E
NEW QUESTION 42
Your client company wants to ensure that the payments they are sending to their financial institution are valid and formatted correctly. They would like to identify any validation failures as early in the process as possible.
Where would you suggest the validations are set?
- A. Payment Format
- B. Payment Method
- C. Supplier Site
- D. Payment Terms
- E. Disbursement Bank Account
Answer: B
NEW QUESTION 43
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 has been partially paid by another payment.
- B. The invoice is already on hold.
- C. The invoice accounting date is not in the current open period.
- D. The invoice date is not in the current open period.
Answer: A
NEW QUESTION 44
Which two statements are true related to configuration package? (Choose two.)
- A. You can export and import the allocation rules from the allocation manager.
- B. You can export and import the custom roles from Oracle Identity Manager.
- C. You can export and import the approval rules from the approval management engine.
- D. You can export and import selected business object services.
- E. You can export and import selected business units.
Answer: B,D
NEW QUESTION 45
You need to create a payment for a supplier before the next payment run. The invoice you wish to pay is not available for selection in the Create Payment page.
Which two are possible reasons for this? (Choose two.)
- A. The invoice is not accounted.
- B. The invoice is not yet due.
- C. The payment supplier site is different to the supplier site on the invoice.
- D. The payment method for the invoice is Electronic.
- E. The invoice is not validated.
Answer: B,E
NEW QUESTION 46
You are resolving payment validation errors during the payment build process. Which two actions can you perform to resolve these errors?
- A. Correct the setup errors for remittance bank accounts, third party payees, payment methods, or payment formats and submit resume payment process.
- B. Run the invoice validation program.
- C. Terminate the payment process request.
- D. Remove the documents or payments causing the error and resume the payment process.
- E. Run the create accounting program.
Answer: A,D
Explanation:
Explanation
Using the Resolve Document Validation Errors Page, you may review the errors and takeaction. You may fix related data, such as third party payee information, and submit the documents for revalidation. You may also remove documents from the Payment Process Request, which sends the documents back to the source product with the validation failure reason, just as rejection does.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e13415/T456136T484670.htm
NEW QUESTION 47
You need to have an invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Select two methods to achieve this. (Choose two.)
- A. Configure Subledger Accounting rules to allocate costs.
- B. Define a distribution set and assign it to the supplier.
- C. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- D. Define a distribution set and assign it manually to the invoice.
Answer: A,D
Explanation:
Explanation
A: Account Rules by Segment
Define segment rules to derive a specific segment of the general ledger account. For example, a particular segment like the company segment can be determined from the distribution account. Another segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm
NEW QUESTION 48
When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data.
What should you check?
- A. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
- B. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
- C. Make sure you assign an Account parameter when running the extract to include liability accounts.
- D. Make sure you specified a Business Unit in the parameters when running the extract.
Answer: A
Explanation:
Explanation
You must assign a Financial Category of Accounts payable to all your liability natural account values. This is a required setup step for Payables to General Ledger reconciliation.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htmc
NEW QUESTION 49
Your customer has an electronic payment format program in use and wants all the documents to use the pay group "Domestic". What should you do to achieve this?
- A. Modify your template to hard code the value "Domestic" for the pay group position.
- B. Define a user validation at the formatprogram to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Format Program Code", condition "Equal to String" and value - as desired. - C. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", and value "Domestic". - D. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Document pay group", condition "Required" and value
- not applicable.
Answer: C
Explanation:
Explanation
User-Defined Validation That Checks a Specific Condition and Value
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1469799AN17B6B.htm
NEW QUESTION 50
Identify two ways the invoice imaging solution works in the Cloud. (Choose two.)
- A. Customers ask their suppliers to scan and email the invoice.
- B. Customers scan and store the invoice images on-premise and attach them during invoice entry.
- C. Customers ask suppliers to send electronic invoices.
- D. Customers scan the invoice on-premise and email the images.
- E. Customers cannot use invoice imaging in the Cloud.
Answer: A,D
NEW QUESTION 51
Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?
- A. General Ledger Financial Statements and the Accounts Payable and Invoice Registers
- B. Payables to Ledger Reconciliation report
- C. Payables Aging reports with the General Ledger Trial Balance report
- D. Payables Trial Balance and General Ledger Trial Balance reports
Answer: D
Explanation:
Explanation
Payables Trial Balance Report lists and subtotals by supplier and liability account all unpaid and partially paid invoices thatPayables transferred to the general ledger. Accounts Payable Trial Balance Report helps to verify that total accounts payable liabilities in Payables equal to those in the Fusion General Ledger.
References:
http://apps2fusion.com/oracle-fusion-online-training/fusion-applications/oracle-fusion-financials/fusion-financia rate-trial-balance-report
NEW QUESTION 52
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. An expense report may require original, imaged, or both types of receipts.
- C. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- D. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
Answer: B,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 53
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. Cancel the invoice, which debits the liability and credits the expense.
- C. Issue a credit memo, which will debit the liability and credit the expense.
- D. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
Answer: A
NEW QUESTION 54
What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2018 if the invoices with a Hold status have an invoice date of January 20, 2018?
- A. The accounting dates of all unaccounted invoices will be changed to February 20,2018, the same day of the next period.
- B. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2018.
- C. The accounting dates of all unaccounted invoices will change to February 28, 2018, the last day of the next period.
- D. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next period.
Answer: D
Explanation:
Explanation
Run the Payables Unaccounted Transactions Sweep program to transfer unaccounted transactions from one accounting period to another. If your accounting practices permit it, use this program to change the accounting date of the transactions to the next open period.
The program transfers unaccounted transactions to the period you specify by updating the accounting dates to the first day of the new period.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htm
NEW QUESTION 55
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