Oracle 1Z0-1055-21 Online Practice Questions and Exam Preparation

Oracle 1Z0-1055-21 Online Questions & Answers

• Question 21:

  Which attributes on the payables invoice can be used during approval rule creation?

  A. company segment, cost center segment, supplier, and Attribute 1 on the invoice line
  B. company and cost center segment only
  C. supplier only
  D. cost center segment and supplier only
  A. company segment, cost center segment, supplier, and Attribute 1 on the invoice line

• Question 22:

  Which job role has full access to perform all Functional Setup Manager related activities?

  A. Application System Administrator
  B. Any Functional User
  C. Functional Setup Manager Superuser
  D. IT Security Manager
  E. Application Implementation Consultant
  E. Application Implementation Consultant

• Question 23:

  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 24:

  Which three reports are generated by the export setup data process? (Choose three.)

  A. Exported Business Object Report
  B. Process Results Report
  C. Process Results Summary Report
  D. Process Results Detail Listing Report
  E. Setup Data Report
  B. Process Results Report
  C. Process Results Summary Report
  E. Setup Data Report

• Question 25:

  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 26:

  You have an invoice with a payment term that has the following settings: Day of Month = 15 Cut off Day = 11 Months Ahead = 0 Terms Date on Invoice = January 12th

  What will the resulting due date for the invoice installment be?

  A. March 15th
  B. January 15th
  C. April 15th
  D. February 15th
  D. February 15th

• Question 27:

  You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to

  Recalculate Taxes for the Applied Amount Handling option.

  How will the resulting tax be calculated?

  A. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% * 10,000-5000).
  B. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
  C. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
  D. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
  B. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).

  ---

  When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated. For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD. At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:

  *

  Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.

  *

  Prorated:Etc. References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm

• Question 28:

  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.
  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.

• Question 29:

  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.
  E. LE on the bank account should be equal to LE on the invoice.

  ---

  Note: LE = legal entity

• Question 30:

  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.