Oracle Financials Cloud 1z0-1055-20 Real Exam Questions and Answers FREE Updated on Oct 21, 2021
1z0-1055-20 Ultimate Study Guide - VCE4Plus
NEW QUESTION 45
Which is the Payables tool based on real-time data?
- A. Oracle Financial Reporting (FR)
- B. Oracle Transactional Business Intelligence (OTBI)
- C. Smart View
- D. Oracle Business Intelligence Applications (OBIA)
- E. Essbase Cube
Answer: B
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 46
The payment build program has completed but with errors.
When submitting the payment process request, which processing option is used to review the error messages from the Manage Payment Process Request Inquiry?
- A. Set the validation failure handling for documents to "show errors."
- B. Set the validation failure handling for payments to "stop process for review."
- C. Set the validation failure handling for payments to "show errors."
- D. Enable debug for the payment format program.
Answer: B
NEW QUESTION 47
You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?
- A. Imported
- B. Not Validated
- C. Validated
- D. Not Required
- E. Needs Revalidation
Answer: A
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 48
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 49
Your company policy requires imaged receipts for expense reports.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- B. Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.
- C. An expense report may require original, imaged, or both types of receipts.
- D. Receipts are not required if the expense item falls within Per Diem Rates.
Answer: A,C
NEW QUESTION 50
Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)
- A. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
- B. Schedule create accounting for the intercompany process.
- C. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.
- D. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.
- E. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
- F. Manual Approvals should be allowed for the transaction type.
Answer: A,C
Explanation:
Explanation
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm
NEW QUESTION 51
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 Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
- 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 Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
- D. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.
Answer: A
NEW QUESTION 52
What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)
- A. ability to correct errors within the spreadsheet and send invoice corrections for approval
- B. identification of errors with clear error messages at the invoice header and line levels
- C. identification of errors with clear error messages at the invoice header level only
- D. ability to correct errors and re-import invoices directly from a spreadsheet
- E. ability to enter a high volume of invoices via a spreadsheet
Answer: D,E
Explanation:
Explanation
A: You can fix the interface table data using the Correct Import Errors spreadsheet and resubmits the import process.
E: Consider using the spreadsheetto:
Expedite high volume invoice entry for simple invoices that don't require extensive validation.
Create invoices with similar lines.
Maximize the use of spreadsheet features, such as copy and paste, or hide and unhide.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm
NEW QUESTION 53
In what order should the import process be run when importing suppliers?
- A. any order
- B. Supplier, Supplier Site Assignment, Supplier Site, Supplier Contacts
- 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 54
Which method can you use to route payment approval rules?
- A. Serial and FYI (For Your Information)
- B. Sequential
- C. Parallel
- D. Both Parallel and Sequential
- E. Approval Groups
Answer: 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 assigned a Financial Category of Accounts Payable to all your liability natural account values.
- B. Make sure you specified a Business Unit in the parameters when running the extract.
- C. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
- D. Make sure you assign an Account parameter when running the extract to include liability accounts.
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 56
The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)
- A. Any previous accounting and payment records for an invoice are reversed.
- B. All related interest invoices are reversed if previously created.
- C. All related withholding tax invoices are automatically voided.
- D. Any realized gain or loss previously calculated is reversed.
- E. Voiding the payment automatically places an invoice on hold.
Answer: A,B,D
Explanation:
Explanation
D: When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.
B: If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page.
References: Oracle Payables User's Guide, Voiding Payments Using the Payments Window
NEW QUESTION 57
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. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
- B. Manually enter the 1099s for the State and submit.
- C. Generate a 1096 form and submit it instead.
- D. Run and submit your 1099s because it will automatically reflect any changes.
Answer: A
NEW QUESTION 58
An invoice for $200 USD and a credit memo for $225 USD are due for payment and the "Apply credits up to zero amount" option is enabled for the payment process request. Which statement is correct?
- A. The payment process request applies $200 USD of the credit memo to the invoice, leaving a remaining credit of $25 USD, and creates a payment for $0 USD.
- B. The payment process request pays only $200 USD alone.
- C. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
- D. The payment process request doesn't select the invoice or credit memo for payment because the credit reduces the payment to - $25 USD, which is below zero.
Answer: A
Explanation:
Explanation
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enablingthe option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustrate the impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memofor 225 USD are due for payment.
The following table describes the payment processing that occurs based on the setting for the Apply credits up to 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 59
Your customer matches their invoices to a purchase order and have noticed that the payment terms are defaulting from the order. For some suppliers, they would like to use the payment terms from the supplier site.
How can the customer achieve this?
- A. Manually override the payment terms that have defaulted from the purchase order for those suppliers.
- B. Enter the payment terms in the Manage Invoice Options page so they default onto the invoice.
- C. Enter the payment terms at the Supplier level so they default onto the invoice.
- D. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
- E. Enter the payment terms at the supplier site level so they default onto the invoice.
Answer: A
NEW QUESTION 60
Identify two ways the invoice imaging solution works in the Cloud. (Choose two.)
- A. Customers ask suppliers to send electronic invoices.
- B. Customers scan the invoice on-premise and email the images.
- C. Customers cannot use invoice imaging in the Cloud.
- D. Customers scan and store the invoice images on-premise and attach them during invoice entry.
- E. Customers ask their suppliers to scan and email the invoice.
Answer: B,E
NEW QUESTION 61
Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?
- A. Payables Trial Balance and General Ledger Trial Balance reports
- B. Payables Aging reports with the General Ledger Trial Balance report
- C. General Ledger Financial Statements and the Accounts Payable and Invoice Registers
- D. Payables to Ledger Reconciliation report
Answer: A
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 o-generate-trial-balance-report
NEW QUESTION 62
Which three reports are generated by the export setup data process? (Choose three.)
- A. Process Results Detail Listing Report
- B. Process Results Report
- C. Process Results Summary Report
- D. Exported Business Object Report
- E. Setup Data Report
Answer: B,C,E
NEW QUESTION 63
You need to enter a high volume of users into the system. What is Oracle's recommendation to do this?
- A. Use the spreadsheet templates available in Oracle Enterprise Repository (OER) and then import users into Cloud Applications.
- B. use the spreadsheet of Oracle Identity Manager (OIM) to import users.
- C. Use the Enter a Supplier user interface and enter each user manually.
- D. Use the Hire an Employee user interface and enter each user manually.
Answer: A
Explanation:
Explanation
If you have batch of users that have to be created, the Oracle team can bulk load the users into the OIM Application.
References:http://docs.oracle.com/cd/E79623_01/rms/pdf/160C/html/admin_guide/tasks.htm
NEW QUESTION 64
Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)
- A. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.
- B. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.
- 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 validate the invoice after submitting it.
- E. A supplier can make changes to the invoice after submitting it.
Answer: B,D,E
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 65
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 address override for third-party payments at Manage Invoice options.
- C. Allow the remit-to supplier override for third-party payments at Manage Payment options.
- D. Allow the remit-to supplier override for third-party payments at Manage Invoice options.
Answer: B
Explanation:
Explanation
(Optional) Setting the Remit-to Supplier Override Option
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1470346AN14ECB.htm
NEW QUESTION 66
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