1z0-1055-20 Dumps To Pass Oracle Financials Cloud Exam in One Day (Updated 114 Questions)
1z0-1055-20 Exam Brain Dumps - Study Notes and Theory
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NEW QUESTION 21
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. Cancel the invoice, which debits the liability and credits the expense.
- B. Issue a credit memo, which will debit the liability and credit the expense.
- C. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits 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: C
NEW QUESTION 22
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. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.
- B. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
- C. Schedule create accounting for the intercompany process.
- D. Manual Approvals should be allowed for the transaction type.
- E. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.
- F. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
Answer: A,B
Explanation:
Explanation
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm
NEW QUESTION 23
Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)
- A. Business units must be granted access to the bank account.
- B. Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.
- C. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.
- D. Do not assign bank accounts to business units.
- E. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.
Answer: A,C
Explanation:
Explanation
Account Access
Payables and Receivables account access is secured by business unit. In addition to selecting theappropriate application use or uses, one or more business units must be granted access before the bank account can be used by Payables and Receivables. Only business units that use the same ledger as the bank accounts owning legal entity can be assigned access.
NEW QUESTION 24
When creating a check payment, from where is the payment document defaulted?
- A. Supplier
- B. Business Unit
- C. Bank
- D. Bank Account
- E. Legal Entity
Answer: D
Explanation:
Explanation
Create Check
This step shows how to create a check to pay the customer for theclaim. The customer will be paid with the designated amount in Oracle Payables.
Navigation: Actions > Pay in Full.
Notes:
Bank Account: Select BofA.
Document: Select Check.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e16295/T544851T544993.htm
NEW QUESTION 25
You want your expense auditors to audit only expense reports for specific business units. How do you do this?
- A. Make auditors the managers of the corresponding business unit to route expense reports properly.
- B. Create a custom duty role and assign the data roles to each auditor.
- C. Create your own audit extension rules that correspond to the business unit.
- D. Assign the expense auditors job role and business unit security context and value to the user.
Answer: D
NEW QUESTION 26
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 pays only $200 USD alone.
- B. 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.
- C. 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.
- D. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
Answer: B
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 27
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 28
Which three reports are generated by the export setup data process? (Choose three.)
- A. Exported Business Object Report
- B. Setup Data Report
- C. Process Results Report
- D. Process Results Detail Listing Report
- E. Process Results Summary Report
Answer: B,C,E
NEW QUESTION 29
You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A. Supplier name is a group that repeats on every page.
Which is the correct way to customize the template?
- A. Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag
</<?if:condition?>. - B. Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.
- C. Insert the syntax <?if:'COMPANY A'?> before the Supplier field and then enter the closing tag
</<?if:COMPANY A?> after the invoices table. - D. Insert the syntax <?if:VENDOR_NAME= 'COMPANY A'?> before the Supplier field on the template.
Then, enter the <?end if?> tag after the invoices table.
Answer: B
Explanation:
Explanation
Use an if statement to define asimple condition; for example, if a data field is a specific value.
Insert the following syntax to designate the beginning of the conditional area.
<?if:condition?>
Insert the following syntax at the end of the conditional area: <?end if?>.
References:https://isu.ifmo.ru/docs/XMLP/help/en_US/htmfiles/B25951_01/T421739T421743.htm
NEW QUESTION 30
Select three reasons why you cannot close your Payables period. (Choose three.)
- A. bills payable requiring maturity
- B. suppliers on payment holds
- C. unaccounted invoices and payments
- D. open intercompany transactions
- E. unapplied prepayments
Answer: A,C,D
Explanation:
Explanation
The types of exceptions reported are:
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30A688146
NEW QUESTION 31
Which three types of payments can you make if you have access to Disbursement Process Management Duty?
(Choose three.)
- A. Ad hoc payments
- B. Customer refunds
- C. Supplier payments
- D. Reimbursement of employee expense reports
- E. Employee advances
Answer: B,C,D
NEW QUESTION 32
You have a high volume of invoices to enter that have similar lines and do not require extensive validation.
What must you do if you want to group multiple invoices in a batch during spreadsheet entry?
- A. Assign the same Invoice Header Identifier to multiple invoices you want to group.
- B. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
- C. Make sure the Invoice Number is the same.
- D. Make sure all the invoice dates are the same.
- E. Enter a value in the Invoice Group field to group similar invoices into a batch.
Answer: B
Explanation:
Explanation
What's an invoice group?
A collection of invoices that is used as a parameter for the Validate Payables Invoice process, a selection criteria for submitting a payment process request, and a parameter in some reports. If you enable the invoice option Require invoice grouping, you must associate each invoice with an invoice group.
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 33
You need to route invoices to three different approvers at the same time, and only one approver needs to approve the invoice.
Which approval ruleset should you use?
- A. InvoiceApprovalRuleSet
- B. ParallelTypeParticipantInParallelModeRuleSet
- C. SingleTypeParticipantInParallelModeRuleSet
- D. FyiTypeParticipantInParallelModeRuleSet
Answer: B
NEW QUESTION 34
An installment for $1,000 USD is due for payment on January 10, 2019. The installment has two discounts:
the first discount date is December 5, 2018 for $150 USD and the second discount date is December 20, 2018 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
* Payment Date = December 5, 2018
* Pay Through Date = December 25, 2018
* Date Basis = Pay Date
* Always Take Discount option is enabled
What will be the resulting status of the installment and discount?
- A. The installment is not selected because the first discount date is before the Pay Through Date.
- B. The installment is selected and a discount of $200 USD ($150 + $50) is applied.
- C. The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled.
- D. The installment is selected and a discount of $50 USD (the second discount) is applied.
- E. The installment is selected but no discount is applied because the payment date is after the discount dates.
Answer: C
Explanation:
Explanation
Discount Taken Amount is 150 USD. Although the Payment Date is after the discount dates, the first discount is taken because the option Always take discount is enabled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 35
Your client company has two business units and requires the Payables Specialist to process invoice transactions for both business units.
What setup is required to achieve this?
- A. a Dedicated Service Provider model
- B. Business Unit Security
- C. a Self-Service Service Provider Model
- D. a Dedicated and Self-Service Service Provider Model
Answer: B
NEW QUESTION 36
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 share reference data, such as payment terms, across multiple business units to avoid redundant setup
- B. allow you to secure data by business unit
- C. allow you to assign multiple business units to users in a shared service center
- D. allow you to maintain sets of related data in a Data Dictionary
Answer: A
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 37
What is the difference between subject areas that append the word "Real Time" and those that do not?
- A. The "Real Time" subject areas are based on real-time transactions in the applications, and those that are not, are based on data stored in the Oracle Business Intelligence Applications data warehouse.
- B. There is no difference.
- C. The "Real Time" subject areas are based on real-time transactions and those that are not, are based on historical data.
- D. The "Real Time" subject areas are based on subledger transactions and the ones that are not are based on general ledger balances.
Answer: A
Explanation:
Explanation
In Oracle Fusion applications, there are two types of subject areas:
Subject areas whose names usually end with Real Time and access real-time (transactional) data.
Subject areas whose names usually do notend with Real Time and access data warehouse data.
References: https://docs.oracle.com/cloud/farel8/common/OATBI/postinstallation.htm
NEW QUESTION 38
Which three are attributes that are recognized by Invoice Imaging? (Choose three.)
- A. Invoice Number
- B. Invoice Date
- C. Payment Method
- D. PO Number
- E. Terms Date
Answer: A,B,D
NEW QUESTION 39
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 in the Manage Invoice Options page so they default onto the invoice.
- B. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
- C. Enter the payment terms at the supplier site level so they default onto the invoice.
- D. Enter the payment terms at the Supplier level 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 40
How will system evaluate the tolerances for expense reports?
- A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
- B. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
- C. System will use absolute amount tolerance setup to do validations.
- 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: 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 41
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. Intercompany Balancing
- B. Subledger Accounting's Account Rules
- C. Payables' Allow Reconciliation Accounting
- D. Payable's Automatic Offset
- E. Suspense Accounts
Answer: A
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 42
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