Oracle 1Z0-1055-22 Online Practice Questions and Exam Preparation

Oracle 1Z0-1055-22 Online Questions & Answers

• Question 101:

  While processing an expense report, the system placed a payment hold on the expense report. What are two ways to release payment holds? (Choose two.)

  A. The employee can manually release the hold.
  B. Payables Manager canrelease payment holds in Payables.
  C. The employee's supervisor can manually release the hold.
  D. The expense auditor can manually release the payment hold at his discretion.
  E. Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.
  D. The expense auditor can manually release the payment hold at his discretion.
  E. Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.

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  Explanation/Reference:

  Payment holds are released in the following ways: References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN120 4B.htm

• Question 102:

  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
  A. three procurement business units

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  Explanation/Reference:

  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 103:

  When reviewing installments, what setup is required to override the supplier site on an invoice?

  A. Allow the remit-to supplier override for third-party payments at Manage Invoice options.
  B. Allow the remit-to supplier address override for third-party payments at Manage Invoice options.
  C. Allow payee to override for third-party payments while Manage Invoice options.
  D. Allow the remit-to supplier override forthird-party payments at Manage Payment options.
  B. Allow the remit-to supplier address override for third-party payments at Manage Invoice options.

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  Explanation/Reference:

  (Optional) Setting the Remit-to Supplier Override Option References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1470346AN14EC B.htm

• Question 104:

  You have enabled Payment Approval for your payment process requests (PPR). At what stage of the PPR is the payment approval process automatically triggered?

  A. Review Proposed Payments
  B. Review Installments
  C. Create Payment Files
  D. Build Payments
  A. Review Proposed Payments

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  Explanation/Reference:

  Reference: https://support.oracle.com/knowledge/Oracle%20Cloud/2614860_1.html

• Question 105:

  You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?

  A. Cancel the invoice, which debits the liability and credits the expense.
  B. Issue a credit memo, which will debit the liability and credit the expense.
  C. Void the payment, which debits cashand credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
  D. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
  D. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

• Question 106:

  You use corporate cards with expenses and have implemented the Company Pay payment option. An employee incurred the following expenses. What is the resulting payment amount made to the employee for these expenses?

  

  A. 1449
  B. 201
  C. 949
  D. 500
  B. 201

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  Explanation/Reference:

• Question 107:

  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
  E. by using Tax Simulator to test

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  Explanation/Reference:

  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

• Question 108:

  A company has a requirementto default the disbursement bank account when submitting a Payment Process Request. Which actions will accomplish this? (Choose two.)

  A. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
  B. Define the Disbursement Bank Account to the Payment Method in payment default rules.
  C. Define the Disbursement Bank Account to every supplier.
  D. Create a Payment Process Request template that includes the Disbursement Bank Account.
  E. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
  A. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
  D. Create a Payment Process Request template that includes the Disbursement Bank Account.

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  Explanation/Reference:

• Question 109:

  Youapplied 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 newinvoice 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 newinvoice 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).

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  Explanation/Reference:

  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 anegative 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 amountapplied. The tax calculated on the prepayment is retained.

  *

  Prorated:Etc. References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242E E.htm

• Question 110:

  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 therelated 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 therelated documents are available for future selection.

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  Explanation/Reference:

  If the payment file has been terminated and the documents payable have been returned to the source product, then the status ofthe 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/F1011879AN1739 3.htm