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

• Question 81:

  A Payablessupervisor wants to apply a prepayment to an invoice.

  Which combination of invoice and payment currencies allow the application of a prepayment to an invoice?

  A. Standard Invoice: Invoice Currency USD, Payment Currency GBP Prepayment: Invoice CurrencyUSD, Payment Currency AUD

  B. Standard Invoice: Invoice Currency USD, Payment Currency USD Prepayment: Invoice Currency CAD, Payment Currency CAD

  C. Standard Invoice: Invoice Currency CAD, Payment Currency GBP Prepayment: Invoice Currency USD, Payment Currency AUD

  D. Standard Invoice: Invoice Currency USD, Payment Currency CAD Prepayment: Invoice Currency CAD, Payment Currency CAD

  Correct Answer: A

  You can pay a prepayment in a currency that's different from the invoice currency. To apply that prepayment to an invoice, the invoice must have the same invoice currency as the invoice currency of the prepayment. Reference: https://docs.oracle.com/en/cloud/saas/financials/21a/fappp/invoices.html#FAPPP421516

• Question 82:

  You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?

  A. allow you to secure data by business unit

  B. allow you to assign multiple business units to users in a shared service center

  C. allow you to maintain sets of related data in a Data Dictionary

  D. allow you to share reference data, such as payment terms,across multiple business units to avoid redundant setup

  Correct Answer: D

  Reference Data Sets You begin this part of your implementation by creating and assigning reference data to sets. Make changes carefully as changes to a particular set affect all business units or application components using that set. You can assign a separate set to each business unit for the typeofobject that is being shared. For example, assign separate sets for payment terms, transaction types, and sales methods to your business units.

  Your enterprise can determine that certain aspects of your corporate policy can affect all business units. The remaining aspects are at the discretion of the business unit manager to implement. This allows your enterprise to balance autonomy and control for each business unit. For example, your enterprise holds business unit managers accountable for their profitand loss, but manages working capital requirements at a corporate level. In such a case, you can let managers define their own sales methods, but define payment terms centrally. In this example: Each business unit has its own reference data set for salesmethods. One central reference data set for payment terms is assigned to all business units.

  References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm #FAIGL94314

• Question 83:

  The expense auditor has chosen to Request More Information for an expense report. Select two ways the system processes this action. (Choose two.)

  A. The expense report status remains Pending Payables Approval.

  B. Theexpense report is routed back to the approvers.

  C. The audit can be completed before the requested information is received from the employee.

  D. The employee must resubmit the expense report.

  Correct Answer: AC

• Question 84:

  Your client wants the subledger journal entry description to be transferred to general ledger.

  Which two could be used to enable this? (Choosetwo.)

  A. Set the General Ledger Journal Entry Summarization option to Summarize by general ledger period

  B. Set the General Ledger Journal Entry Summarization option to Group by general ledger period

  C. Set the General Ledger Journal Entry Summarizationoption to Group by general ledger date

  D. Set the General Ledger Journal Entry Summarization option to Summarize by general ledger date

  Correct Answer: AD

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faisl/subledger- accountingsetup.html#FAISL1025380

• Question 85:

  Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)

  A. You must run the prepare Intercompany Reconciliation Reporting Information process.

  B. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.

  C. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

  D. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the secondbalancing segment or the third balancing segment is out of balance.

  E. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.

  Correct Answer: AC

• Question 86:

  You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements. (Choose two.)

  A. For period end accruals, accounting is created at material receipt or at delivery to a final destination.

  B. For period end accruals, the invoice accounting debits the expense account and credits the liability account.

  C. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

  D. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.

  Correct Answer: BC

• Question 87:

  Identify what Oracle considers two best practices when setting up Payables and Receivablesaccount access for bank reconciliation. (Choose two.)

  A. Do not assign bank accounts to business units.

  B. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book- tobank reconciliation.

  C. Business units must be grantedaccess to the bank account.

  D. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.

  E. Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.

  Correct Answer: CD

  Account Access Payables and Receivables account access is secured by business unit. In addition to selecting theappropriate application use or uses, one or more business units must be granted access before the bank account can be used by Payables and Receivables. Only business units that use the same ledger as the bank accounts owning legal entity can be assigned access.

• Question 88:

  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.

  Correct Answer: D

• Question 89:

  Identify three scenarios where you are not allowed to cancel an invoice. (Choosethree.)

  A. Prepayments were applied to the invoice.

  B. An accounting entry has been created for the invoice.

  C. The invoice is validated.

  D. The invoice is fully or partially paid.

  E. The invoice was adjusted by a credit or a debit memo.

  Correct Answer: ADE

  Why can't I cancel an invoice? The invoice is:

  Additional reasons thatyou can't cancel an invoice are as follows:

  You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments or posting holds.

  References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.ht m#FAPPP1011878

• Question 90:

  Which three reports are generated by the export setup data process? (Choose three.)

  A. Exported Business Object Report

  B. Process Results Report

  C. Process Results Summary Report

  D. Process Results Detail Listing Report

  E. Setup DataReport

  Correct Answer: BCE