Dec-2021 Oracle 1Z0-1055-21 Certification Real 2021 Mock Exam
1Z0-1055-21 Exam Questions and Valid PMP Dumps PDF
Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 19
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. Invoice will be sent to User 1 for approval.
- C. The workflow will fail once approval is initiated.
- D. The initiate option is greyed out for the invoice.
Answer: C
NEW QUESTION 20
A Payables user creates a manual invoice and a Withholding Tax Classification Code defaults on the invoice line when the invoice is saved.
Where does this Withholding Tax Classification Code default from?
- A. From the Site Assignments of the Supplier Site
- B. From the Income Tax region of the Supplier
- C. From the Party Tax Profile of the Third Party Site
- D. From the Manage Tax Reporting and Withholding Tax Options
Answer: D
Explanation:
Explanation
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION 21
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 22
A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation report?
- A. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
- B. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
- C. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
- D. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
Answer: D
Explanation:
Explanation
Business unit if you implemented centralized payment processing using the service provider model.
NEW QUESTION 23
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 24
What does the Place of Supply rule value "Bill to Party" imply in an Oracle Payables Invoice?
- A. Location assigned to the Business Unit for the transactions
- B. Location assigned to the Legal Entity for the transactions
- C. Location assigned to the Legal Entity Reporting Unit for the transactions
- D. Location assigned to the Supplier Party Site for the transactions
Answer: C
Explanation:
Explanation
The corresponding place of supply differs based on the type of transaction. For example, a place of supply of Ship to corresponds to the location of your first-party legal entity for Payables transactions. For Receivables transactions, Ship to corresponds to the location of your customer site.
NEW QUESTION 25
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 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 - 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 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: A
NEW QUESTION 26
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. Invoice will be sent to User 1 for approval.
- C. Invoice will not be processed.
- D. The system will issue an error message after the approval has been initiated.
Answer: C
NEW QUESTION 27
When working with reference data sets in Payables, what reference data sharing method can you use for Payables Payment Terms?
- A. Assignment to one set only with common values
- B. Assignment to multiple sets; no common values allowed
- C. Assignment to multiple sets with common values allowed
- D. Assignment to one set only; no common values allowed
Answer: B
Explanation:
Explanation
Assignment to multiple sets, no common values allowed. The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method.
NEW QUESTION 28
Which is the Payables tool based on real-time data?
- A. Smart View
- B. Oracle Business Intelligence Applications (OBIA)
- C. Oracle Financial Reporting (FR)
- D. Oracle Transactional Business Intelligence (OTBI)
- E. Essbase Cube
Answer: D
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 29
What are the output formats supported for Electronic and Check format programs?
- A. Electronic output format of DATA (csv), Check output format of Zipped PDFs
- B. Electronic output format of PDF, Check output format of PDF
- C. Electronic output format of eText, Check output format of rtf
- D. Electronic output format of Text, Check output format of Text
- E. Electronic output format of XML, Check output format of rtf
Answer: C
Explanation:
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 30
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. Subledger Accounting's Account Rules
- B. Payables' Allow Reconciliation Accounting
- C. Suspense Accounts
- D. Intercompany Balancing
- E. Payable's Automatic Offset
Answer: E
Explanation:
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 31
If you accidentally paid an invoice using Create Payment flow, can you undo the operation?
- A. yes, by canceling the payment process from the process monitor
- B. yes, by creating a credit memo to offset the payment
- C. yes, by voiding the payment created
- D. no
- E. Cancel the invoice and create a new one.
Answer: D
Explanation:
Explanation
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm
NEW QUESTION 32
Which job role has full access to perform all Functional Setup Manager related activities?
- A. Application Implementation Consultant
- B. Any Functional User
- C. Functional Setup Manager Superuser
- D. IT Security Manager
- E. Application System Administrator
Answer: A
NEW QUESTION 33
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 34
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 35
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 36
After you submitted a Payment Process Request, you noticed errors. You want to void the payments. Identify two statements that indicate when it is not possible to void a payment. (Choose two.)
- A. A payment with the status of Issued.
- B. A payment for an invoice with an associated Withholding Tax invoice.
- C. A payment that pays a prepayment that has been applied to an invoice.
- D. A payment that has been accounted and posted to General Ledger.
- E. A payment that has already cleared the bank.
Answer: C,E
Explanation:
Explanation
A: You can't: Void a payment for aprepayment that's applied. You must first unapply the prepayment, then void the payment.
D: If the payment is cleared in cash management then it has to be uncleared first before you can void the payment.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm
NEW QUESTION 37
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 to Match in full to the Purchase Order.
- B. Enter the Invoice manually and add the freight line.
- C. Choose Match to Receipt.
- D. Choose to Match to Receipt Charges.
- E. Choose to Match to Invoice Lines.
Answer: D
NEW QUESTION 38
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 is already on hold.
- B. The invoice has been partially paid by another payment.
- C. The invoice accounting date is not in the current open period.
- D. The invoice date is not in the current open period.
Answer: B
NEW QUESTION 39
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