Free 1Z0-1055-20 Exam Dumps PDF Preview

Question 1

Single choice

Which statement is true about selecting a bank account on the Create Payment page?

A
LE on the bank account should be different from the LE on the invoice.
B
Bank account must match the supplier's bank account.
C
Users can pick any bank account as long as the bank account is tried to the business unit.
D
There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
E
LE on the bank account should be equal to LE on the invoice.

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Correct answerE

Explanation

Note: LE = legal entity

Question 2

Single choice

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 Self-Service Service Provider Model
B
a Dedicated Service Provider model
C
Business Unit Security
D
a Dedicated and Self-Service Service Provider Model

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Correct answerC

Question 3

Multiple choice

While processing an expense report, the system placed a payment hold on the expense report.

What are two ways to release payment holds? (Choose two.)

A
The employee can manually release the hold.
B
Payables Manager can release payment holds in Payables.
C
The employee's supervisor can manually release the hold.
D
The expense auditor can manually release the payment hold at his discretion.
E
Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.

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Correct answersD, E

Explanation

Payment holds are released in the following ways:
References:
https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm

Question 4

Single choice

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 issue a credit memo, which debits the liability and credits the expense.
D
Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

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Correct answerD

Question 5

Single choice

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 creating accounting in draft mode
B
by changing the tax status to test and then entering a payables invoice
C
by creating a payable invoice, and by validating and reviewing the tax application
D
Oracle Transactional Business Intelligence (OTBI)
E
by using Tax Simulator to test

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Correct answerE

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

Question 6

Single choice

Which invoice types can be included in the Create Payment flow?

A
Standard, Credit Memo and Debit Memo
B
Standard, Credit Memo and Customer Refund
C
Standard, Credit Memo, and Invoice Request
D
Standard, Debit Memo and Customer Refund

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Correct answerA

Question 7

Single choice

What is the result of voiding a payment?

A
A stop payment request has been initiated to the bank.
B
A bills payable payment was created but is not yet matured.
C
The payment is reconciled to the bank statement.
D
The payment is no longer valid.

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Correct answerD

Question 8

Multiple choice

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 submit a single invoice against multiple purchase orders across different currencies and organizations.
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 submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.
E
A supplier can validate the invoice after submitting it.

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Correct answersA, D, E

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

Question 9

Multiple choice

Which three are valid reasons why you cannot close your Payables period? (Choose three.)

A
Bills payable requiring maturity
B
Unaccounted invoices and payments
C
Suppliers on payment holds
D
Unapplied prepayments
E
Incomplete payment files

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Correct answersC, D, E

Question 10

Multiple choice

What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)

A
identification of errors with clear error messages at the invoice header and line levels
B
ability to enter a high volume of invoices via a spreadsheet
C
ability to correct errors and re-import invoices directly from a spreadsheet
D
identification of errors with clear error messages at the invoice header level only
E
ability to correct errors within the spreadsheet and send invoice corrections for approval

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Correct answersB, C

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

Question 11

Multiple choice

You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced
receipts. Select two true statements. (Choose two.)

A
For period end accruals, accounting is created at material receipt or at delivery to a final destination.
B
For period end accruals, the invoice accounting debits the expense account and credits the liability account.
C
For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.
D
For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.

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Correct answersB, C

Question 12

Single choice

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
Cancel the invoice and create a new one.
C
yes, by voiding the payment created
D
yes, by creating a credit memo to offset the payment
E
no

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Correct answerE

Explanation

You cannot terminate a Payment Instruction:
References:
https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm

Question 13

Single choice

What data can you find in an Oracle Transactional Business Intelligence subject area attribute column?

A
values that are organized into parent-child relationships
B
data that is metric and can be added up or aggregated
C
information about a business object with values that are dates, Ids or text
D
data that provides a measure of something

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Correct answerC

Question 14

Multiple choice

Which three are attributes that are recognized by Invoice Imaging? (Choose three.)

A
Terms Date
B
Payment Method
C
Invoice Date
D
PO Number
E
Invoice Number

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Correct answersC, D, E

Question 15

Single choice

Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?

A
Payables to Ledger Reconciliation report
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 Trial Balance and General Ledger Trial Balance reports

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Correct answerD

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-financials-training/1131-fusion-payables-how-to-generate-trial-balance-report

Question 16

Single choice

You created a payment and before it is cashed by the supplier you mistakenly submitted a request to stop payment. Later you canceled the request to stop payment.

What is the resulting payment status?

A
Voided
B
Negotiable
C
Stop initiated
D
Available
E
Canceled
F
Cleared

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Correct answerB

Explanation

To release a stop on a payment:
References:
https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/adjpmt04.htm

Question 17

Single choice

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 Match to Receipt.
B
Enter the Invoice manually and add the freight line.
C
Choose to Match to Receipt Charges.
D
Choose to Match to Invoice Lines.
E
Choose to Match in full to the Purchase Order.

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Correct answerC

Free 1Z0-1055-20 Exam Dumps Preview

Oracle Financials Cloud: Payables 2020 Implementation Essentials

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