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

Oracle 1Z0-1055-21 Online Questions & Answers

• Question 81:

  An installment meets all the selection criteria of a Payment Process Request, but it still does not get selected for payment processing. What are the two possible reasons for this? (Choose two.)

  A. The pay-through date is in a closed Payables period.
  B. The invoice has not been accounted.
  C. The invoice requires approval.
  D. The pay-through date is in a future period.
  E. The invoice needs re-validation.
  C. The invoice requires approval.
  E. The invoice needs re-validation.

• Question 82:

  The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)

  A. All related interest invoices are reversed if previously created.
  B. Any previous accounting and payment records for an invoice are reversed.
  C. All related withholding tax invoices are automatically voided.
  D. Any realized gain or loss previously calculated is reversed.
  E. Voiding the payment automatically places an invoice on hold.
  A. All related interest invoices are reversed if previously created.
  B. Any previous accounting and payment records for an invoice are reversed.
  D. Any realized gain or loss previously calculated is reversed.

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  D: When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.

  B: If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page. References: Oracle Payables User's Guide, Voiding Payments Using the Payments Window

• Question 83:

  An installment for $2,000 USD is due for payment on July 31, 2018. The installment has two discounts: the first discount date is June 15, 2018 for $150 USD and the second discount date is June 30, 2018 for $50 USD.

  You submit a Payment Process Request with the following criteria:

  Payment Date = June 20, 2018

  Pay Through Date = July 30, 2018

  Date Basis = Due Date

  What will be the resulting status of the installment and discount?

  A. The installment is not selected because the discount dates are before the Pay Through Date.
  B. The installment is selected and no discount is applied.
  C. The installment is not selected because the due date is after the Pay Through Date.
  D. The installment is selected and a discount of $50 USD is applied.
  E. The installment is selected and a discount of $150 USD is applied.
  C. The installment is not selected because the due date is after the Pay Through Date.

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  References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm#FAPPP1 011879

• Question 84:

  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 85:

  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.

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  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 86:

  You created a payment and before it is cashed by the supplier you mistakenly submitted a request to stop payment. Later you canceled the request to stop payment. What is the resulting payment status?

  A. Voided
  B. Negotiable
  C. Stop initiated
  D. Available
  E. Canceled
  F. Cleared
  B. Negotiable

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  To release a stop on a payment: References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/adjpmt04.htm

• Question 87:

  You need to create a payment for a supplier before the next payment run. The invoice you wish to pay is not available for selection in the Create Payment page. Which two are possible reasons for this? (Choose two.)

  A. The payment supplier site is different to the supplier site on the invoice.
  B. The invoice is not yet due.
  C. The invoice is not validated.
  D. The payment method for the invoice is Electronic.
  E. The invoice is not accounted.
  B. The invoice is not yet due.
  D. The payment method for the invoice is Electronic.

• Question 88:

  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 89:

  When submitting the Payables to General Ledger Reconciliation report, the extract did not select any dat

  A. What should you check?
  B. Make sure you assign an Account parameter when running the extract to include liability accounts.
  C. Make sure you specified a Business Unit in the parameters when running the extract.
  D. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
  E. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
  D. Make sure you enabled the Reconciliation flag to all of your liability natural account values.

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  You must assign a Financial Category of Accounts payable to all your liability natural account values. This is a required setup step for Payables to General Ledger reconciliation. References:https://docs.oracle.com/cloud/farel8/ financialscs_gs/FAPPP/F1011880AN1B948.htmc

• Question 90:

  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