[Dec-2021] 1Z0-1055-21 Pre-Exam Practice Tests | Exam Questions and Answers for Oracle Cloud Study Guide
Oracle Financials Cloud: Payables 2021 Implementation Essentials Certification Sample Questions
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NEW QUESTION 64
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
- A. Purchase order matched invoices
- B. B2B XML invoices
- C. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
- D. Invoices that are automatically created when the supplier creates an ASN for drop shipments
- E. Non purchase order matched invoices
Answer: A,B,C
NEW QUESTION 65
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 for 12,000 and Credit Liability 12,000
- 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 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 - D. 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
Answer: C
NEW QUESTION 66
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. Enter the payment terms at the supplier site level so they default onto the invoice.
- B. Enter the payment terms at the Supplier level so they default onto the invoice.
- C. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
- D. Enter the payment terms in the Manage Invoice Options page so they default onto the invoice.
- E. Manually override the payment terms that have defaulted from the purchase order for those suppliers.
Answer: E
NEW QUESTION 67
A company has three legal entities each with a corresponding business unit all within the same country. All organizations buy and sell the same products. You are configuring the tax setup.
What is the minimum number of Tax Regimes you need to configure for this company?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: A
Explanation:
Explanation
You must set up a separate tax registration to represent each distinct registration requirement for a first party legal reporting unit.
NEW QUESTION 68
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation report? (Choose three.)
- A. Natural Account
- B. Balancing Segment Value
- C. Business Unit
- D. Supplier
- E. Ledger Set
- F. Legal Entity
Answer: B,C,E
Explanation:
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 69
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. Assign the Expense Auditor job roles to each auditor.
- B. Assign the Expense Auditor Vision Operations and Expense Auditor Vision Services data roles to each Expense Auditor.
- C. Assign the Expense Auditor as the owner of each business unit.
- D. Use segment valuesecurity rules to secure access to business units.
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 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 70
Which three are attributes that are recognized by Invoice Imaging? (Choose three.)
- A. Invoice Date
- B. Invoice Number
- C. Terms Date
- D. Payment Method
- E. PO Number
Answer: A,B,E
NEW QUESTION 71
What data can you find in an Oracle Transactional Business Intelligence subject area attribute column?
- A. information about a business object with values that are dates, Ids or text
- B. data that is metric and can be added up or aggregated
- C. data that provides a measure of something
- D. values that are organized into parent-child relationships
Answer: A
NEW QUESTION 72
Which two are true for Payables Payment Terms? (Choose two.)
- A. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice plus those associated with the common set.
- B. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice but not those associated with the common set.
- C. You must assign the predefined payment term Immediate to the reference data set that is assigned to the business unit before you can define common options for Payables and Procurement.
- D. Each payment term can only be assigned to one reference data set.
Answer: A,C
Explanation:
Explanation
Assigning a reference data set to a business unit: When you define a business unit, assign the business unit a reference data set for the Payables Payment Terms reference group.
Before you define common options for Payables and Procurement, you must assign the Immediate payment term to the reference data set for the business unit.
NEW QUESTION 73
You have assigned additional roles to an existing user. However, the new roles are not appearing for the user in their Navigator menu. What should you check?
- A. Make sure you can query the user using Oracle Identity Manager (OIM) and the roles are assigned.
- B. Make sure the user logs out and logs back in.
- C. Make sure you can query the user from the Manage Users page and verify the roles assigned.
- D. Make sure you ran the Retrieve Latest LDAP Changes program.
Answer: D
Explanation:
Explanation
Oracle Identity Management maintains Lightweight Directory Access Protocol (LDAP) user accounts for users of Oracle Fusion Applications. Oracle Identity Management also stores the definitions of abstract, job, and data roles, and holds information about roles provisioned to users.
Most changes to user and role information are shared automatically by Oracle Applications Cloud and Oracle Identity Management. No action is necessary to make this exchange of information happen.
However, you must run the processes Send Pending LDAP Requests and Retrieve Latest LDAP Changes to manage some types of information exchange between Oracle Applications Cloud and Oracle Identity Management.
References:https://docs.oracle.com/cd/E60665_01/common/FASER/FASER1345802.htm
NEW QUESTION 74
You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?
- A. allow you to maintain sets of related data in a Data Dictionary
- B. allow you to share reference data, such as payment terms, across multiple business units to avoid redundant setup
- C. allow you to secure data by business unit
- D. allow you to assign multiple business units to users in a shared service center
Answer: B
Explanation:
Explanation
Reference Data Sets
You begin this part of your implementation by creating and assigning reference data to sets. Make changes carefully as changes to a particular set affect all business units or application components using that set. You can assign a separate set to each business unit for the typeofobject that is being shared. For example, assign separate sets for payment terms, transaction types, and sales methods to your business units.
Your enterprise can determine that certain aspects of your corporate policy can affect all business units. The remaining aspects are at the discretion of the business unit manager to implement. This allows your enterprise to balance autonomy and control for each business unit. For example, your enterprise holds business unit managers accountable for their profitand loss, but manages working capital requirements at a corporate level.
In such a case, you can let managers define their own sales methods, but define payment terms centrally. In this example:
Each business unit has its own reference data set for salesmethods.
One central reference data set for payment terms is assigned to all business units.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm#FAIGL94314
NEW QUESTION 75
Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?
- A. Set the intercompany system option minimum transaction amount to $2,999.99 USD.
- B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.
- C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.
- D. You cannot update the minimum transaction currency when intercompany currency is entered.
- E. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.
Answer: B,C
Explanation:
Explanation
Define intercompany system options to set up intercompany processing rules at the enterprise level, based on your specific business needs.
Minimum Transaction Amount
The minimum transaction amount represents a minimum threshold intercompany transaction amount, and prevents the submission of immaterial transactions for small amounts, which are non-value added. In order to implement this rule, you must select a minimum transaction currency for processing intercompany transactions. These two system options must be related to ensure that when comparing a transaction amount to the minimum transaction amount, the two numbers are entered in the same currency, allowing for an accurate comparison.
References:https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110451AN99BEF.htm
NEW QUESTION 76
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 Address, Supplier Site, Supplier Site Assignments
- D. Supplier, Supplier Site Contacts, Supplier Site, Supplier Site Assignment
Answer: C
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 77
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 included in the Payment Process Request.
- B. Both the invoice and the credit memo are fully paid.
- C. Neither the invoice nor the credit memo is 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: A,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 78
You have successfully processed the expense reports for reimbursement and have transferred the information to Payables. What is the next step before you can pay them?
- A. Validate the invoice in Payables.
- B. Create a payment process request in Payments.
- C. Create Accounting for the invoice in Payables.
- D. Transfer the data to General Ledger.
Answer: A
Explanation:
Explanation
Oracle Fusion Expenses provides reimbursement functionality that ensures corporate card issuers and employees are reimbursed for business expenses. Expenses uses Oracle Fusion Payables to process expense reports for reimbursement. To reimburse card issuers and employees, the expense auditor runs the Process Expense Reimbursement process and the corporate card administrator runs the process, Create Corporate Card Issuer Payment Requests. After payment requests are created in Payables, corporate card issuers and employees are paid by Oracle Fusion Payments.
Thisfigure shows the flow of data when the expense auditor runs the Process Expense Reimbursement program.
NEW QUESTION 79
What does the Place of Supply rule value "Bill to Party" imply in an Oracle Payables Invoice?
- A. Location assigned to the Legal Entity for the transactions
- B. Location assigned to the Supplier Party Site for the transactions
- C. Location assigned to the Business Unit for the transactions
- D. Location assigned to the Legal Entity Reporting Unit for the transactions
Answer: D
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 80
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Invoices entered through the Supplier Portal
- B. Evaluated Receipt Settlement (ERS) Invoices
- C. Debit Memos created by the Return to Supplier feature
- D. Expense Reports transferred from Expenses
- E. Customer Refunds initiated from Receivables
- F. Invoices created using Integrated Imaging
Answer: A,B
Explanation:
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 81
Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables Integrated Imaging solution?
- A. C-level executives
- B. Invoices Workarea only
- C. Payables Dashboard only
- D. Manage Invoices page
- E. Payables Dashboard and Invoices Workarea
Answer: B
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 82
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit card. While entering your expenses, you get a warning that a different conversion rate was applied to the taxi expense by Visa that the one used by your company.
How do you handle this situation?
- A. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion rate settings and you do not violate the allowable limit.
- B. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
- C. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised statement.
- D. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
Answer: D
Explanation:
Explanation
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger Currency amount.
Etc.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm
NEW QUESTION 83
Which job role has full access to perform all Functional Setup Manager related activities?
- A. Any Functional User
- B. IT Security Manager
- C. Functional Setup Manager Superuser
- D. Application Implementation Consultant
- E. Application System Administrator
Answer: D
NEW QUESTION 84
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 Trial Balance and General Ledger Trial Balance reports
- C. Payables Aging reports with the General Ledger Trial Balance report
- D. Payables to Ledger Reconciliation report
Answer: B
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 85
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