[Nov 20, 2021] Fully Updated 1Z0-1055-21 Dumps - 100% Same Q&A In Your Real Exam
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NEW QUESTION 41
An Office supplies company requires an advance payment of $8000 for the office supplies you wish to order.
You enter and pay a prepayment type invoice for $8000. You enter the standard invoice to book the expense which totals $10000 and you apply the prepayment to the standard invoice.
What are the accounting entries for that standard invoice with the prepayment application?
- A. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
- B. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.
- C. Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
- D. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.
Answer: C
NEW QUESTION 42
Before you can configure payment approval rules, your company must define a payment approval policy.
Which three are done by the payment approval policy? (Choose three.)
- A. It defines when to initiate the payment approval process.
- B. It determines which payments must go through the payment approval process.
- C. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
- D. It allows approvers to review payments and decide whether or not to approve a payment.
- E. It defines a list of approvers who review payments and make final payment decisions.
Answer: A,C,E
NEW QUESTION 43
Which three are valid reasons why you cannot close your Payables period? (Choose three.)
- A. Unapplied prepayments
- B. Suppliers on payment holds
- C. Bills payable requiring maturity
- D. Unaccounted invoices and payments
- E. Incomplete payment files
Answer: C,D,E
NEW QUESTION 44
Your client wants to retrieve values for the account code based on the invoice line description. For example, Invoice Line Description = Laptop then Account Code = 5670.
Which Subledger Accounting option would you use to achieve this?
- A. Mapping Set
- B. Description Rule
- C. Transaction References
- D. Supporting References
- E. Event Class Settings
Answer: B
Explanation:
Explanation
If you're matching to a purchase order and don't enter a value, the import process uses the item description from the purchase order line.
NEW QUESTION 45
Which two statements are true related to configuration package? (Choose two.)
- A. You can export and import the approval rules from the approval management engine.
- B. You can export and import the custom roles from Oracle Identity Manager.
- C. You can export and import the allocation rules from the allocation manager.
- D. You can export and import selected business object services.
- E. You can export and import selected business units.
Answer: B,D
NEW QUESTION 46
You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?
- A. by changing the tax status to test and then entering a payables invoice
- B. by creating a payable invoice, and by validating and reviewing the tax application
- C. Oracle Transactional Business Intelligence (OTBI)
- D. by using Tax Simulator to test
- E. by creating accounting in draft mode
Answer: D
Explanation:
Explanation
Run taxes from all applicable tax regimes against a sample transaction to verify that your tax configuration and tax rules were created and applied according to yourrequirements. You can either create a sample transaction within Tax Simulator or copy an existing transaction. The simulated tax calculations do not affect live data.
Note:The Tax Simulator is a tool for simulating the tax determination process in your tax setup. The Tax Simulator lets you preview the workings of your tax configuration before you perform tax calculations on live transactions in a subledger application. TheTax Simulator also allows you to test new tax configuration in conjunction with existing tax configuration to preview the resulting tax calculation. The Tax Simulator is a useful tool to identify the root cause when tax calculation is not what is expectedon live data.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006654AN226D8.htm
NEW QUESTION 47
Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)
- A. A supplier can make changes to the invoice after submitting it.
- B. A supplier can validate the invoice after submitting it.
- C. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.
- D. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.
- E. 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.
Answer: A,B,C
Explanation:
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 48
You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?
- A. Not Validated
- B. Validated
- C. Not Required
- D. Needs Revalidation
- E. Imported
Answer: E
Explanation:
Explanation
After the import process builds the invoices, the invoices can be viewed, modified, and validated on the Manage Invoices page.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_A149B7BD08207B6DE040D30A6881633
NEW QUESTION 49
Which two invoice types can have a status of Incomplete? (Choose two.)
- A. Supplier Portal Invoices which are saved but not yet submitted
- B. Scanned Invoices with incomplete or missing information
- C. Prepayment Invoices which are fully paid but not applied against any invoice
- D. Scanned Invoices which are rejected during import
- E. Supplier Portal Invoices which are rejected and resubmitted for approval
Answer: B,E
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 50
Identify three statements that indicate the purpose of Functional Setup Manager.
- A. it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.
- B. It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.
- C. It automatically marks the completion status of tasks as Completed once they have been completed.
- D. It provides a central place to access and perform all of the setup steps across the applications.
- E. It allows you to centrally manage the close processes across subledgers and ledgers.
Answer: B,C,D
Explanation:
Explanation
With Oracle Fusion Functional Setup Manager you can:
References:https://docs.oracle.com/cd/E56614_01/common_op/OAFSM/F1166427AN1007E.htm
NEW QUESTION 51
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. Use segment valuesecurity rules to secure access to business units.
- B. Assign the Expense Auditor job roles to each auditor.
- C. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.
- D. Assign the Expense Auditor as the owner of each business unit.
Answer: C
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 52
Your client is concerned that all expense reports are getting automatically approved by the expenses system despite the setup of an Audit Selection Rule.
What is the reason for this?
- A. Auditing has not been enabled in the system options page
- B. The audit selection rule has not been assigned to the legal entity
- C. The audit selection rule has not been assigned in the system options page
- D. An expenses template and type rule has not been setup
- E. The audit selection rule has not been assigned to the business unit
Answer: E
Explanation:
Explanation
Assign audit rules to business units.
NEW QUESTION 53
You want your expense auditors to audit only expenses reports for specific business units. How do you do this?
- A. Create a custom duty role and assign the data roles to each auditor.
- B. Assign the auditors' specific data roles for the corresponding business units.
- C. Create your own audit extension rules that correspond to the business unit.
- D. Make auditors the managersof the corresponding business unit to route expense reports properly.
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 to audit 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.htm
NEW QUESTION 54
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
- A. B2B XML invoices
- B. Invoices that are automatically created when the supplier creates an ASN for drop shipments
- C. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
- D. Non purchase order matched invoices
- E. Purchase order matched invoices
Answer: A,C,E
NEW QUESTION 55
When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data.
What should you check?
- A. Make sure you assign an Account parameter when running the extract to include liability accounts.
- B. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
- C. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
- D. Make sure you specified a Business Unit in the parameters when running the extract.
Answer: B
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 56
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. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
- C. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- D. An expense report may require original, imaged, or both types of 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 57
Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables Integrated Imaging solution?
- A. Payables Dashboard only
- B. Payables Dashboard and Invoices Workarea
- C. Manage Invoices page
- D. Invoices Workarea only
- E. C-level executives
Answer: D
Explanation:
Explanation
Accounts payable specialists can view the list of scanned images for invoice entry, along with the additional routing attributes, in the Scanned Invoices region of the Invoices work area.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
NEW QUESTION 58
A Bill Payable document was paid but has not yet matured.
What is the status of the payment?
- A. Issued
- B. Negotiable
- C. In Transit
- D. Cleared
Answer: A
NEW QUESTION 59
Your customer has implemented English as base language and French as a local language. The customer's bank needs the payment file to be sent to them in French. What is the relevant step to do this for preparing the payment template?
- A. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region. - B. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder, under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region. - C. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with country locale.
- D. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with English locale.
Answer: B
NEW QUESTION 60
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 61
How will system evaluate the tolerances for expense reports?
- A. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
- B. System will use absolute amount tolerance setup to do validations.
- C. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
- D. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
- E. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
Answer: C
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 62
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