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

• Question 31:

  You have an invoice for a three-month lease and wish to recognize the expense monthly for the duration of the lease.

  What must be entered on the invoice in order to do this?

  A. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.

  B. You must provide a start date, an end date, and the accrual account for the prepaid expenses in theinvoice lines or distributions.

  C. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.

  D. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.

  Correct Answer: D

• Question 32:

  Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)

  A. Invoices that are automatically created when the supplier creates an ASN for drop shipments

  B. B2B XML invoices

  C. Nonpurchase order matched invoices

  D. Invoices that are created from the Evaluated Receipt Settlement (ERS) process

  E. Purchase order matched invoices

  Correct Answer: BDE

• Question 33:

  While entering an expense report foryour corporate card transactions, you notice that the conversion rate defined in the Manage Conversion Rates and Policies page is not used.

  What is the reason?

  A. You did not define conversion rates for your business unit.

  B. You did not specify a defaultexpense template.

  C. Only cash transactions use those settings.

  D. You did not define conversion rates in the General Ledger Cloud.

  Correct Answer: C

  Conversion rate behavior applies only to cash expenses, not to corporate card expenses.

  References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN12 5F2.htm

• Question 34:

  An Office supplies company requires an advance payment of $8000 for the office supplies you wish to order. You enter and pay a prepayment type invoice for $8000. You enter the standard invoice to book the expense which totals $10000and you apply the prepayment to the standard invoice.

  What are the accounting entries for that standard invoice with the prepayment application?

  A. Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.

  B. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application

  -Dr AP Liability 8000 Cr Prepayment Account 8000.

  C. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.

  D. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application

  -Dr AP Liability Account 2000 Cr Prepayment Account 2000.

  Correct Answer: A

• Question 35:

  Which three arevalid reasons why you cannot close your Payables period? (Choose three.)

  A. Bills payable requiring maturity

  B. Unaccounted invoices and payments

  C. Suppliers on payment holds

  D. Unapplied prepayments

  E. Incomplete payment files

  Correct Answer: ABE

• Question 36:

  An invoice for $200 USD and a credit memo for $225 USD are due for payment and the "Apply credits up to zero amount" option is enabled for the payment process request. Which statement is correct?

  A. The payment process request pays only $200 USD alone.

  B. The payment process request applies $200 USD of the credit memo to the invoice, leaving a remaining credit of $25 USD, and creates a payment for $0 USD.

  C. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.

  D. The payment process request doesn't select the invoice or credit memo for payment because the credit reduces the payment to - $25 USD, which is below zero.

  Correct Answer: B

  When you submit a "payment process request", you can enable the Apply credits up to zero amount

  payment option. Enablingthe option causes the payment process to apply credits when the credits reduce

  the payment amount below zero.

  The following scenario illustrate the impact of this option.

  Credit Amount Greater Than Invoice Amount

  An invoice for 200 USD and a credit memofor 225 USD are due for payment.

  The following table describes the payment processing that occurs based on the setting for the Apply

  credits up to zero amount payment option.

  Assume that the "Apply Credits Up to Zero Amount" option is enabled. Paymentprocessing 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 37:

  How will system evaluate the tolerances for expense reports?

  A. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.

  B. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.

  C. System will calculate error tolerance as Policy Rate *(1+Warning Tolerance+ Error Tolerance/100).

  D. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).

  E. System will use absolute amount tolerance setup to do validations.

  Correct Answer: D

  Error: A percentage is used tocalculate an error. The error tolerance amount is calculated as follows: Policy Rate * (1+Error Tolerance/100)

  References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN12 5F2.htm

• Question 38:

  Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables Integrated Imaging solution?

  A. ManageInvoices page

  B. C-level executives

  C. Invoices Workarea only

  D. Payables Dashboard only

  E. Payables Dashboard and Invoices Workarea

  Correct Answer: C

  Accounts payable specialists can view the list of scanned images for invoice entry, along with theadditional routing attributes, in the Scanned Invoices region of the Invoices work area.

  References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60 E65.htm

• Question 39:

  Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)

  A. A supplier can make changes to the invoice after submitting it.

  B. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.

  C. A supplier can submit a single invoice against multiple purchase orders, provided the currency and organization for all the invoice items are the same as those on the purchase orders.

  D. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.

  E. A supplier canvalidate the invoice after submitting it.

  Correct Answer: CD

  You can submit an invoice online to the buying company based on the purchase order lines you have fulfilled. You need to only identify those items shipped and enter a quantity. You can invoice against open, approved, standard, or blanket purchase orders that are not fully billed. You can enter a credit memo against a fully billed purchase order (use negative quantity amounts to enter a credit memo), as well as invoice against multiple purchase orders. However, the currency and organization of all items on an invoice must be the same. The organization is the entity within the buyer's company that you are invoicing.

  You can also partially complete an invoice, save it, and submit it later.

  After you submit an invoice, you cannot change the invoice. If you need to make adjustments to a submitted invoice, you can create a credit memo against the same purchase order items to net out the invoice charges. The purchase order will then be available for a new invoice.

• Question 40:

  Which three areattributes that are recognized by Invoice Imaging? (Choose three.)

  A. Terms Date

  B. Payment Method

  C. Invoice Date

  D. PO Number

  E. Invoice Number

  Correct Answer: CDE