Oracle Oracle Financials Cloud 1Z0-1055-22 Questions & Answers

• Question 91:

  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

  Correct Answer: D

• Question 92:

  A company has a requirement to pay small suppliers outside ofPayables, but it does not want to manually record each payment.

  Which solution should you implement?

  A. Create payments by using the Check Payment method for those suppliers and then destroy those checks.

  B. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.

  C. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.

  D. Create a payment by using a wire payment method for those suppliers.

  Correct Answer: D

  When you create a payment outside of Payables, for example, using a typed check or wire transfer, within Payables you can record the payment and update the invoices that you paid.

• Question 93:

  You have three procurement business units, four requisition business units and five sold-to business units. For which will the supplier registration flows be deployed?

  A. three procurement business units

  B. one business unit per supplier

  C. five sold-to business units

  D. four requisition business units

  E. twelve business units per supplier

  Correct Answer: A

  A supplier is modeled as a global entity, meaning it is not created within a business unit or any other organizational context. A procurement business unit establishes a relationship with asupplier through the creation of a site which maintainsinternal controls for how procure to pay transactions are executed with the supplier. The other entities of the supplier profile capture mostly external information that is provided by the supplier, such as taxidentifiers, addresses, contact information,and so on.

  References:https://docs.oracle.com/cd/E51367_01/procurementop_gs/OAPRC/F1007476A N106E5.htm

• Question 94:

  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

  Correct Answer: A

  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 95:

  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

  Correct Answer: ABD

• Question 96:

  You have created an approval rule as follows:

  Rule 1: If the invoice amount > $1000, route it to User 1.

  Rule 2: If the invoice amount < $1000, auto approve it.

  Now, the user creates an invoice for $1000 and routes it for approval. What will happen?

  A. Invoicewill not be processed.

  B. The system will issue an error message after the approval has been initiated.

  C. Invoice will be sent to User 1 for approval.

  D. Invoice will be auto-approved.

  Correct Answer: A

• Question 97:

  When working with reference data sets in Payables, what reference data sharing method can you use for Payables Payment Terms?

  A. Assignment to one set only; no common values allowed

  B. Assignment to one setonly with common values

  C. Assignment to multiple sets with common values allowed

  D. Assignment to multiple sets; no common values allowed

  Correct Answer: D

  Assignment to multiple sets, no common values allowed. The method of sharing reference datathat allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method. Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faigl/reference-datasharing.html#FAIGL462453

• Question 98:

  You are using the Payable'sDeferred 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 for4,000On Jan 10th, Debit Rental Expense for 12,000 and Credit Cash for 12,000

  Correct Answer: C

• Question 99:

  You need to enter a high volume of users into the system. What is Oracle's recommendation to do this?

  A. Use the Enter a Supplier user interface and enter each user manually.

  B. Use the Hire an Employee user interface and enter each user manually.

  C. Use the spreadsheet templates available in Oracle Enterprise Repository (OER) and then import users into Cloud Applications.

  D. use the spreadsheet ofOracle Identity Manager (OIM) to import users.

  Correct Answer: C

  If you have batch of users that have to be created, the Oracle team can bulk load the users into the OIM Application. References:http://docs.oracle.com/cd/E79623_01/rms/pdf/160C/html/admin_guide/tasks.htm

• Question 100:

  Your client wants to retrieve values for the account code based on the invoice line description. For example, Invoice Line Description = Laptop then Account Code = 5670.

  Which Subledger Accounting option would you use to achieve this?

  A. Mapping Set

  B. Description Rule

  C. Supporting References

  D. EventClass Settings

  E. Transaction References

  Correct Answer: B

  If you're matching to a purchase order and don't enter a value, the import process uses the item description from the purchase order line. Reference:https://docs.oracle.com/en/cloud/saas/financials/21a/fappp/invoices.html#FAPP P592120