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

Oracle 1Z0-1055-21 Online Questions & Answers

• Question 31:

  You need to have an invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage. Select two methods to achieve this. (Choose two.)

  A. Configure Subledger Accounting rules to allocate costs.
  B. Define a distribution set and assign it manually to the invoice.
  C. Choose the `All Lines' option from the Allocate menu in the invoice line area.
  D. Define a distribution set and assign it to the supplier.
  A. Configure Subledger Accounting rules to allocate costs.
  B. Define a distribution set and assign it manually to the invoice.

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  A: Account Rules by Segment Define segment rules to derive a specific segment of the general ledger account. For example, a particular segment like the company segment can be determined from the distribution account. Another segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater flexibility, but also requires more setup.

  C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments. References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm

• Question 32:

  You have a high volume of invoices to enter that have similar lines and do not require extensive validation. What must you do if you want to group multiple invoices in a batch during spreadsheet entry?

  A. Make sure the Invoice Number is the same.
  B. Make sure all the invoice dates are the same.
  C. Assign the same Invoice Header Identifier to multiple invoices you want to group.
  D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
  E. Enter a value in the Invoice Group field to group similar invoices into a batch.
  D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.

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  What's an invoice group?

  A collection of invoices that is used as a parameter for the Validate Payables Invoice process, a selection criteria for submitting a payment process request, and a parameter in some reports. If you enable the invoice option Require invoice

  grouping, you must associate each invoice with an invoice group.

  References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm

• Question 33:

  Select three reasons why you cannot close your Payables period. (Choose three.)

  A. open intercompany transactions
  B. unapplied prepayments
  C. suppliers on payment holds
  D. bills payable requiring maturity
  E. unaccounted invoices and payments
  A. open intercompany transactions
  D. bills payable requiring maturity
  E. unaccounted invoices and payments

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  The types of exceptions reported are: References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBADE040D30 A688146CA

• Question 34:

  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 flag and 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.
  C. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
  E. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.

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

• Question 35:

  How will system evaluate the tolerances for expense reports?

  A. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
  B. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
  C. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
  D. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
  E. System will use absolute amount tolerance setup to do validations.
  C. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).

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  Error: A percentage is used to calculate an error. The error tolerance amount is calculated as follows: Policy Rate * (1+Error Tolerance/100) References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm

• Question 36:

  Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?

  A. You cannot update the minimum transaction currency when intercompany currency is entered.
  B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.
  C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.
  D. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.
  E. Set the intercompany system option minimum transaction amount to $2,999.99 USD.
  B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.
  C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.

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  Define intercompany system options to set up intercompany processing rules at the enterprise level, based on your specific business needs. Minimum Transaction Amount The minimum transaction amount represents a minimum threshold intercompany transaction amount, and prevents the submission of immaterial transactions for small amounts, which are non- value added. In order to implement this rule, you must select a minimum transaction currency for processing intercompany transactions. These two system options must be related to ensure that when comparing a transaction amount to the minimum transaction amount, the two numbers are entered in the same currency, allowing for an accurate comparison. References:https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110451AN99BEF.ht m

• Question 37:

  A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated. Which two statements are true? (Choose two.)

  A. The invoices are placed on payment hold.
  B. The status of each payment in the payment file is Terminated.
  C. The status of the payment file is Terminated.
  D. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.
  E. The status of the payment file is Cancelled.
  C. The status of the payment file is Terminated.
  D. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.

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  If the payment file has been terminated and the documents payable have been returned to the source product, then the status of the Printed Payment File is Terminated. Oracle Fusion Paymentsinforms the source product of the terminated documents payable. Then for each payment in the payment file, Payments sets the status to Canceled. References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm

• Question 38:

  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 39:

  Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)

  A. Invoices that are automatically created when the supplier creates an ASN for drop shipments
  B. B2B XML invoices
  C. Non purchase order matched invoices
  D. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
  E. Purchase order matched invoices
  B. B2B XML invoices
  D. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
  E. Purchase order matched invoices

• Question 40:

  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