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

• Question 111:

  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

  Correct Answer: ADE

  The types of exceptions reported are:

  References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DE8D32BDBE0FBA DE040D30A688146CA

• Question 112:

  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.

  Correct Answer: AC

• Question 113:

  You created a paymentand 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

  Correct Answer: B

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

• Question 114:

  You have created your first implementation project. You have assigned the Application Implementation Consultant role to your user. However, you are unable to create and add rolesto users in Oracle Identity Management (OIM).

  This issue is caused because you did not assign the ________.

  A. Superuser role to your user

  B. IT Security Manager role to your user

  C. Application Implementation Manager role to your user

  D. Line Manager role to your user

  Correct Answer: C

  For an implementation to begin, at least one user must be provisioned with the Application Implementation Manager role, and another or the same user must be provisioned with the ApplicationImplementation Consultantrole. The Application Implementation Consultant has broad access to set up all enterprise structures.

• Question 115:

  After you submitted a Payment Process Request, you noticed errors. You want to void the payments.

  Identify two statements that indicate when it is not possible to void a payment.

  (Choose two.)

  A. A payment that pays a prepayment that has been applied to an invoice.

  B. A payment that has already cleared the bank.

  C. A payment that has been accounted and posted to General Ledger.

  D. A payment with the status of Issued.

  E. A payment for an invoice with an associated Withholding Tax invoice.

  Correct Answer: AB

  A: You can't: Void a payment for aprepayment that's applied. You must first unapply the prepayment, then void the payment.

  D: If the payment is cleared in cash management then it hasto be uncleared first before you can void the payment.

  References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.ht m

• Question 116:

  What is the result of voiding a payment?

  A. A stop payment request has been initiated to the bank.

  B. A bills payable payment wascreated but is not yet matured.

  C. The payment is reconciled to the bank statement.

  D. The payment is no longer valid.

  Correct Answer: D

• Question 117:

  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.

  Correct Answer: DE

  Payment holds are released in the following ways:

  References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN120 4B.htm

• Question 118:

  What is the difference between subject areas that append the word "Real Time" and those that do not?

  A. The "Real Time" subject areas are based on real-time transactions and those that are not, are based on historical data.

  B. The "Real Time" subject areas are based on real-time transactions in the applications, and those that are not, are based on data stored in the Oracle Business Intelligence Applications data warehouse.

  C. There is no difference.

  D. The "Real Time" subject areas are based on subledger transactions and the ones that are not are based on general ledger balances.

  Correct Answer: B

  In Oracle Fusion applications, there are two types of subject areas:

  Subject areas whose names usually end with Real Time and access real-time (transactional) data.

  Subject areas whose names usually do notend with Real Time andaccess data warehouse data.

  References: https://docs.oracle.com/cloud/farel8/common/OATBI/postinstallation.htm

• Question 119:

  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 ifpreviously 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.

  Correct Answer: ABD

  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 isreset 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 PayablesOptions page. References: Oracle Payables User's Guide, Voiding Payments Using the Payments Window

• Question 120:

  A company has a requirement todefault the disbursement bank account when submitting a Payment Process Request.

  Which two actions will accomplish this? (Choose two.)

  A. Define the Disbursement Bank Account in the Payment tab at the supplier site level.

  B. Create a Payment Process Request template that includes the Disbursement Bank Account.

  C. Assign the Disbursement Bank Account to users to have the payment process default the bank account.

  D. Define the Disbursement Bank Account at the business unit level to have the payment processderive the bank account.

  E. Define the Disbursement Bank Account to the Payment Method in payment default rules.

  Correct Answer: BD