Free 1Z0-1055-22 Exam Dumps PDF Preview

Question 1

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 2

Single choice

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 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.

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Correct answerB

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. Paymentprocessing 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_9F438E13CC89BA0C
E040D30A68816F77

Question 3

Multiple choice

You need to create a recurring expense for one of your regular expenses.

Which three are frequencies that you can choose for these types of expenses? (Choose three.)

A
Weekly
B
Monthly
C
Bimonthly
D
Biweekly
E
Annually

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Correct answersA, B, D

Question 4

Multiple choice

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
For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.
B
Schedule create accounting for the intercompany process.
C
Supplier site primary pay flagand customer account bill to primary flag should be enabled.
D
Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
E
Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.
F
Manual Approvals should be allowed for the transaction type.

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Correct answersC, E

Explanation

References:
https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.ht
m

Question 5

Multiple choice

Your client wants the subledger journal entry description to be transferred to general ledger.

Which two could be used to enable this? (Choosetwo.)

A
Set the General Ledger Journal Entry Summarization option to Summarize by general ledger period
B
Set the General Ledger Journal Entry Summarization option to Group by general ledger period
C
Set the General Ledger Journal Entry Summarizationoption to Group by general ledger date
D
Set the General Ledger Journal Entry Summarization option to Summarize by general ledger date

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Correct answersA, D

Explanation

References:
https://docs.oracle.com/en/cloud/saas/financials/20b/faisl/subledger-accounting-setup.html#FAISL1025380

Question 6

Single choice

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 secure data by business unit
B
allow you to assign multiple business units to users in a shared service center
C
allow you to maintain sets of related data in a Data Dictionary
D
allow you to share reference data, such as payment terms,across multiple business units to avoid redundant setup

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Correct answerD

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

Question 7

Single choice

While entering an expense report foryour corporate card transactions, you notice that the conversion rate defined in the Manage Conversion Rates and Policies page is not used.

What is the reason?

A
You did not define conversion rates for your business unit.
B
You did not specify a defaultexpense template.
C
Only cash transactions use those settings.
D
You did not define conversion rates in the General Ledger Cloud.

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Correct answerC

Explanation

Conversion rate behavior applies only to cash expenses, not to corporate card expenses.

References:
https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN12
5F2.htm

Question 8

Single choice

You are voiding apayment 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 has been partially paid by another payment.
B
The invoice date is not in the current open period.
C
The invoice is already on hold.
D
The invoice accounting date is not in the current open period.

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Correct answerA

Question 9

Single choice

You want your expense auditors to audit only expenses reports for specific business units.

How do you do this?

A
Create your ownaudit extension rules that correspond to the business unit.
B
Assign the auditors' specific data roles for the corresponding business units.
C
Create a custom duty role and assign the data roles to each auditor.
D
Make auditors the managersof the corresponding business unit to route expense reports properly.

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Correct answerB

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 to audit 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/F1005004AN120
4B.htm

Question 10

Single choice

There are four key reports in Cash Management.

What is the correct match for each report and its description?

Report

1. Cash to General Ledger Reconciliation Report
2. Bank Statement Report

3. Cash in Transit Report

4. Bank Statement Analysis Report

Description

1. Lists all transactions for a specific bank account, that have been remitted to the bank but have not been cleared.

2. Displays the bank statements that are used to analyze balances and transaction details.

3. Displays balance and transaction information forspecific bank statements.

4. Lists bank statement transactions that are accounted in GL but are not reconciled in Cash Management.

A
1 = H, 2 = G, 3 = E, 4 = F
B
1 = E, 2 = G, 3 = H, 4 = F
C
1 = H, 2 = F, 3 = E, 4 = G
D
1 = H, 2 = E, 3 = G, 4 = F

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Correct answerC

Explanation

References:
https://docs.oracle.com/en/cloud/saas/financials/20b/ocuar/oracle-fusion-cash-management-reports.html#OCUAR1440972

Question 11

Single choice

You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A. Supplier nameis a group that repeats on every page.

Which is the correct way to customize the template?

A
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.
B
Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag </<?
if:condition?>.
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
Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.

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Correct answerA

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 answerC

Question 13

Single choice

You created a paymentand 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 14

Multiple choice

You are resolving payment validation errors during the payment build process.

Which two actions can you perform to resolve these errors?

A
Run the createaccounting program.
B
Run the invoice validation program.
C
Remove the documents or payments causing the error and resume the payment process.
D
Correct the setup errors for remittance bank accounts, third party payees, payment methods, or payment formats and submit resume payment process.
E
Terminate the payment process request.

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Correct answersD, E

Question 15

Single choice

Which component is not included in the security architecture for creditcard data and bank account data encryption?

A
Oracle Wallet
B
Supplier master encryption key
C
Sensitive data encryption and storage
D
Payments subkeys
E
Payments master encryption key

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Correct answerB

Question 16

Single choice

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
SingleTypeParticipantInParallelModeRuleSet
B
FyiTypeParticipantInParallelModeRuleSet
C
InvoiceApprovalRuleSet
D
ParallelTypeParticipantInParallelModeRuleSet

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Correct answerD

Question 17

Multiple choice

Which three are subject area subfolders that report Payables reconciliation differences to General Ledger? (Choose three.)

A
Reconciliation Payment Details
B
Reconciliation Prepayment Application Details
C
Reconciliation Invoice Details
D
Reconciliation Invoice Hold Details
E
Reconciliation Invoice Request Details

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Correct answersA, B, C

Question 18

Multiple choice

An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.

A
The pay-through date is in aclosed Payables period.
B
The pay-through date is in a future period.
C
The invoices need revalidation.
D
The invoice has not been accounted.
E
The installment was manually removed.

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Correct answersC, E

Question 19

Multiple choice

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
Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.
B
Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
C
Receipts are not required if the expense item falls within Per Diem Rates.
D
An expense report may require original, imaged, or both types of receipts.

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Correct answersA, D

Question 20

Single choice

A company makes the payment in a currency different from the invoice and ledger currency.

What setup options are required to makethe cross currency rate type the default?

A
Manage Invoice Options and Manage common options for Payables and Procurement
B
Manage Payable Options and Manage common options for Payables and Procurement
C
Manage Invoice Options and Manage Procurement agents
D
Manage common options for Payables and Procurement and Manage Procurement agents
E
Manage Payment Options and Manage common options for Payables and Procurement

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Correct answerB

Question 21

Single choice

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 you can query the user from the Manage Users page and verify the roles assigned.
C
Make sure you ran the Retrieve Latest LDAP Changesprogram.
D
Make sure the user logs out and logs back in.

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Correct answerC

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

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Oracle Financials Cloud: Payables 2022 Implementation Professional

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