1Z0-1055-22 Real Exam Questions and Verified Answers

Question 1 Single choice

You have a high volume ofinvoices 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 datesare 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 theInvoice Group field to group similar invoices into a batch.

Show answer and explanation

Correct answer: D

Explanation

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/F1011878AN100C
4.htm

Question 2 Multiple choice

During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid.
They choose to complete the audit and warn the user.

Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action? (Choose two.)

A
New expense report containing disallowed expense items is immediately created.
B
Approved part of the expense report is not eligible for expense reimbursement.
C
The approved part of the expense report is eligible for expense reimbursement.
D
New expense report containing disallowed expense items is not created until manager approves the short payment.

Show answer and explanation

Correct answers: A, C

Question 3 Multiple choice

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
Thepayment 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.

Show answer and explanation

Correct answers: B, C

Question 4 Multiple choice

An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment.

What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)

A
Both the invoice and the credit memo are included in the Payment Process Request.
B
Neither the invoice nor the credit memo is included in the PaymentProcess Request.
C
Both the invoice and the credit memo are fully paid.
D
Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.

Show answer and explanation

Correct answers: A, D

Explanation

When yousubmit a "payment process request",you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.

The following scenario illustratethe impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.

The following table describes the payment processing that occurs based on the setting for the Apply credits upto zero amount payment option.

Assumethat the "Apply Credits Up to Zero Amount" option is enabled. Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.

References:
https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0C
E040D30A68816F77

Question 5 Multiple choice

An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.

A
The pay-through date is in aclosed Payables period.
B
The pay-through date is in a future period.
C
The invoices need revalidation.
D
The invoice has not been accounted.
E
The installment was manually removed.

Show answer and explanation

Correct answers: C, E

Question 6 Multiple choice

Which two are classified as Self-Billed invoices? (Choose two.)

A
Customer Refunds initiated from Receivables
B
Evaluated Receipt Settlement (ERS) Invoices
C
Invoices created using Integrated Imaging
D
Expense Reports transferred from Expenses
E
Debit Memos created by the Return to Supplier feature
F
Invoices entered through the Supplier Portal

Show answer and explanation

Correct answers: B, E

Question 7 Multiple choice

You need to create a recurring expense for one of your regular expenses.

Which three are frequencies that you can choose for these types of expenses? (Choose three.)

A
Weekly
B
Monthly
C
Bimonthly
D
Biweekly
E
Annually

Show answer and explanation

Correct answers: A, B, D

Question 8 Single choice

You purchased a computer from Company A for 2000 USD. Company B ships you the computer with freight charges of 100 USD. You would like the cost of the computer to include those freight charges.

How can you achieve this?

A
Choose Match to Receipt.
B
Enter the Invoice manually and add the freight line.
C
Choose to Match to Receipt Charges.
D
Choose to Match to Invoice Lines.
E
Choose to Match in full to the Purchase Order.

Show answer and explanation

Correct answer: C

Question 9 Single choice

What are the output formats supported for Electronic and Check format programs?

A
Electronic output format of XML, Check output format of rtf
B
Electronic output format of eText, Check output format of rtf
C
Electronic output format of Text, Check output format of Text
D
Electronic output format of DATA (csv), Checkoutput format of Zipped PDFs
E
Electronic output format of PDF, Check output format of PDF

Show answer and explanation

Correct answer: A

Question 10 Single choice

You have modified your tax setup and want to test the changes on actual Payables transactions.

How do you validate before enabling for transaction?

A
by creating accounting in draft mode
B
by changing the tax status to test and then entering a payables invoice
C
by creating a payable invoice, and by validating and reviewing the tax application
D
Oracle Transactional Business Intelligence (OTBI)
E
by using Tax Simulator to test

Show answer and explanation

Correct answer: E

Explanation

Run taxes from all applicable tax regimes against a sampletransaction to verify that your tax configuration and tax rules were created and applied according to yourrequirements. You can either create a sample transaction within Tax Simulator or copy an existing transaction. The simulated tax calculations do notaffect live data.

Note:The Tax Simulator is a tool for simulating the tax determination process in your tax setup. The Tax Simulator lets you preview the workings of your tax configuration before you perform tax calculations on live transactions in a subledger application. TheTax Simulator also allows you to test new tax configuration in conjunction with existing tax configuration to preview the resulting tax calculation. The Tax Simulator is a useful tool to identify the root cause when tax calculation isnot what is expectedon live data.

References:
https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006654AN226D
8.htm