Oracle 1Z0-1055-20 Online Practice Questions and Exam Preparation

Oracle 1Z0-1055-20 Online Questions & Answers

• Question 21:

  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
  E. by using Tax Simulator to test

  ---

  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 22:

  Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)

  A. Prepayments were applied to the invoice.
  B. An accounting entry has been created for the invoice.
  C. The invoice is validated.
  D. The invoice is fully or partially paid.
  E. The invoice was adjusted by a credit or a debit memo.
  A. Prepayments were applied to the invoice.
  D. The invoice is fully or partially paid.
  E. The invoice was adjusted by a credit or a debit memo.

  ---

  Why can't I cancel an invoice?

  The invoice is:

  Additional reasons thatyou can't cancel an invoice are as follows:

  You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments or posting holds.

  References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm#FAPPP1 011878

• Question 23:

  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
  A. Reconciliation Payment Details
  B. Reconciliation Prepayment Application Details
  C. Reconciliation Invoice Details

• Question 24:

  You have created your first implementation project. You have assigned the Application Implementation Consultant role to your user. However, you are unable to create and add roles to users in Oracle Identity Management (OIM). This issue is caused because you did not assign the ________.

  A. Superuser role to your user
  B. IT Security Manager role to your user
  C. Application Implementation Manager role to your user
  D. Line Manager role to your user
  C. Application Implementation Manager role to your user

  ---

  For an implementation to begin, at least one user must be provisioned with the Application Implementation Manager role, and another or the same user must be provisioned with the ApplicationImplementation Consultant role. The Application Implementation Consultant has broad access to set up all enterprise structures.

• Question 25:

  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. Manually enter the 1099s for the State and submit.
  B. Generate a 1096 form and submit it instead.
  C. Run and submit your 1099s because it will automatically reflect any changes.
  D. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
  D. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.

• Question 26:

  XYZ Supplier has third party relationships defined with ABC Supplier and ACME Corporation. However, when reviewing the invoice installments for XYZ Supplier the payables specialist is unable to override the remit-to supplier name and

  address on the Invoice installments.

  What is the reason for this?

  A. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Invoice Options page for the business unit.
  B. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Common Options for Payables and Procurement page for the business unit.
  C. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Payment Options page for the business unit.
  D. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Disbursement System Options page for the business unit.
  A. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Invoice Options page for the business unit.

• Question 27:

  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 as the owner of each business unit on the Manage Business Unit Set Assignments page.
  B. Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.
  C. Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the business units.
  D. Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the role.
  B. Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.

• Question 28:

  Which three are Invoice Header attributes that can be used during invoice approval rule creation? (Choose three.)

  A. Business Unit Name
  B. Pay Group Lookup Code
  C. Statistical Amount
  D. Requester Name
  E. Accounting Date
  A. Business Unit Name
  B. Pay Group Lookup Code
  E. Accounting Date

• Question 29:

  Which two statements are true about processing corporate card expenses? (Choose two.)

  A. Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
  B. Usage policy for expense category tolerances does not apply to credit card expenses.
  C. Card transactions will be paid directly from Expenses Cloud.
  D. You can process payment for credit card using Electronic funds transfer, check, or wire.
  E. Conversion rate defaults are applicable to corporate card expenses, just as they are applicable to cash expenses.
  A. Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
  B. Usage policy for expense category tolerances does not apply to credit card expenses.

  ---

  Conversion rate behavior applies only to cash expenses, not to corporate card expenses. To enable your company to pay a corporate card issuer, you enter a default payment method, whether check, EFT (Electronic funds transfer), or wire,

  in the Address Payment Information region of the Edit Corporate Card Issuer page, as well as bank account information.

  References:

  https://docs.oracle.com/cloud/latest/financialscs_gs/FAIEX/FAIEX1456644.htm https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110434AN7B1F9.htm

• Question 30:

  Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

  A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
  B. Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.
  C. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
  D. Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.
  A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.