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

Oracle 1Z0-1055-20 Online Questions & Answers

• Question 31:

  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
  D. Payables Trial Balance and General Ledger Trial Balance reports

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  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 32:

  When creating a check payment, from where is the payment document defaulted?

  A. Legal Entity
  B. Bank
  C. Business Unit
  D. Bank Account
  E. Supplier
  D. Bank Account

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  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

• Question 33:

  Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)

  A. You must run the prepare Intercompany Reconciliation Reporting Information process.
  B. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.
  C. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
  D. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
  E. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
  B. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.

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  A (not C): The Reconciliation Period Summary report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them. D:Ledger balancing lines generated when the primary balancing segmentvalue is in balance but either the second balancing segment or the third balancing segment is out of balance

• Question 34:

  After you submitted a Payment Process Request, you noticed errors. You want to void the payments. Identify two statements that indicate when it is not possible to void a payment. (Choose two.)

  A. A payment that pays a prepayment that has been applied to an invoice.
  B. A payment that has already cleared the bank.
  C. A payment that has been accounted and posted to General Ledger.
  D. A payment with the status of Issued.
  E. A payment for an invoice with an associated Withholding Tax invoice.
  A. A payment that pays a prepayment that has been applied to an invoice.
  B. A payment that has already cleared the bank.

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  A: You can't: Void a payment for aprepayment that's applied. You must first unapply the prepayment, then void the payment.

  D: If the payment is cleared in cash management then it has to be uncleared first before you can void the payment. References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm

• Question 35:

  You have an invoice for a three-month lease and wish to recognize the expense monthly for the duration of the lease. What must be entered on the invoice in order to do this?

  A. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.
  B. You must provide a start date, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.
  C. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.
  D. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.
  D. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.

• Question 36:

  You need to enter a last-minute invoice during the close process. What is the quickest way to enter and post the invoice to general ledger?

  A. Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledger's Manage Journals page and post the associated invoice journal entry.
  B. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.
  C. Enter and post a manual journal entry directly into the general ledger.
  D. Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.
  B. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.

• Question 37:

  Before you can configure payment approval rules, your company must define a payment approval policy. Which three are done by the payment approval policy? (Choose three.)

  A. It allows approvers to review payments and decide whether or not to approve a payment.
  B. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
  C. It defines a list of approvers who review payments and make final payment decisions.
  D. It defines when to initiate the payment approval process.
  E. It determines which payments must go through the payment approval process.
  B. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
  C. It defines a list of approvers who review payments and make final payment decisions.
  D. It defines when to initiate the payment approval process.

• Question 38:

  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.
  A. A supplier can make changes to the invoice after submitting it.
  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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  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 39:

  Your customer has implemented English as base language and French as a local language. The customer's bank needs the payment file to be sent to them in French. What is the relevant step to do this for preparing the payment template?

  A. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with country locale.
  B. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with English locale.
  C. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region. Use English locale and generate the XLIFF file. Then upload the file back under the translated region.
  D. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder, under the templates region. Use English locale and generate the XLIFF file. Then upload the file back under the translated region.
  D. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder, under the templates region. Use English locale and generate the XLIFF file. Then upload the file back under the translated region.

• Question 40:

  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.
  B. 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.