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

Oracle 1Z0-1055-20 Online Questions & Answers

• Question 51:

  While entering an expense report for your 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 default expense template.
  C. Only cash transactions use those settings.
  D. You did not define conversion rates in the General Ledger Cloud.
  C. Only cash transactions use those settings.

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  Conversion rate behavior applies only to cash expenses, not to corporate card expenses. References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm

• Question 52:

  Which two statements are true related to configuration package? (Choose two.)

  A. You can export and import the custom roles from Oracle Identity Manager.
  B. You can export and import the allocation rules from the allocation manager.
  C. You can export and import the approval rules from the approval management engine.
  D. You can export and import selected business units.
  E. You can export and import selected business object services.
  A. You can export and import the custom roles from Oracle Identity Manager.
  E. You can export and import selected business object services.

• Question 53:

  You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have entered an invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period from Jan 1st to Mar 31st. Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used, what would the accounting entry be?

  A. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
  B. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
  C. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
  D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000
  C. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000

• Question 54:

  What is the recommendation when setting up Reconciliation Rule Sets?

  A. One to One rules should be sequenced below rules of other types.
  B. Many to Many rules should always be used last in the sequence.
  C. One to One rules should be sequenced above rules of other types.
  D. Many to Many rules should always be used first in the sequence.
  C. One to One rules should be sequenced above rules of other types.

• Question 55:

  What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?

  A. Standard Invoice
  B. Standard invoice request
  C. Credit Memo
  D. Supplier payment request
  E. iSupplier Invoice
  B. Standard invoice request

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  Standard invoice request: An invoice submitted without a purchase order by a supplier through Oracle Fusion Supplier Portal thatis pending review and approval by the appropriate persons within the deploying company. References:https://docs.oracle.com/cd/E37583_01/doc.1116/e22897/F431919AN100ED.htm

• Question 56:

  A Bill Payable document was paid but has not yet matured. What is the status of the payment?

  A. In Transit
  B. Cleared
  C. Negotiable
  D. Issued
  D. Issued

• Question 57:

  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. Payable's Automatic Offset
  B. Intercompany Balancing
  C. Subledger Accounting's Account Rules
  D. Suspense Accounts
  E. Payables' Allow Reconciliation Accounting
  B. Intercompany Balancing

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  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

• Question 58:

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

• Question 59:

  You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?

  A. Needs Revalidation
  B. Not Validated
  C. Not Required
  D. Imported
  E. Validated
  D. Imported

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  After the import process builds the invoices, the invoices can be viewed, modified, and validated on the Manage Invoices page. References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_A149B7BD08207B6DE040D30 A68816335

• Question 60:

  You have successfully processed the expense reports for reimbursement and have transferred the information to Payables. What is the next step before you can pay them?

  A. Transfer the data to General Ledger.
  B. Validate the invoice in Payables.
  C. Create a payment process request in Payments.
  D. Create Accounting for the invoice in Payables.
  C. Create a payment process request in Payments.

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  Oracle Fusion Expenses provides reimbursement functionality that ensures corporate card issuers and employees are reimbursed for business expenses. Expenses uses Oracle Fusion Payables to process expense reports for reimbursement. To reimburse card issuers and employees, the expense auditor runs the Process Expense Reimbursement process and the corporate card administrator runs the process, Create Corporate Card Issuer Payment Requests. After payment requests are created in Payables, corporate card issuers and employees are paid by Oracle Fusion Payments. Thisfigure shows the flow of data when the expense auditor runs the Process Expense Reimbursement program.