Oracle 1Z0-1107-2 Online Practice Questions and Exam Preparation

Oracle 1Z0-1107-2 Online Questions & Answers

• Question 41:

  Your organization has a requirement to ensure that the expense reports are reviewed on a regular basis to comply with its reimbursement policies. Which job role would you recommend for a person who is authorized to review and identify the compliance issues with the submitted expense reports? (Choose the best Answer.)

  A. Procurement Agent
  B. Expense Manager
  C. Accounts Payables Specialist
  D. Expense Auditor
  D. Expense Auditor

  ---

  Explanation

  Expense Auditor is the job role that would be recommended for a person who is authorized to review and identify the compliance issues with the submitted expense reports. Expense Auditor is responsible for auditing expense reports for policy violations, duplicate expenses, missing receipts, and other errors. Expense Auditor can also approve, reject, or return expense reports for correction2.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1

• Question 42:

  Which four statements are true about an effective subledger period close? (Choose four.)

  A. Projects must be closed before Fixed Assets.
  B. Payable must be closed before closing Fixed Assets.
  C. Payable must be closed before Projects.
  D. Fixed Assets must be closed before Payables.
  E. Fixed Assets must be closed before Receivables.
  A. Projects must be closed before Fixed Assets.
  C. Payable must be closed before Projects.
  D. Fixed Assets must be closed before Payables.
  E. Fixed Assets must be closed before Receivables.

  ---

  Explanation

  These are four true statements about an effective subledger period close. A subledger period close is a process that ensures that all transactions and adjustments in a subledger application, such as Projects, Payables, Fixed Assets, or Receivables, are accounted and transferred to General Ledger for a given period. To perform an effective subledger period close, you need to follow a recommended sequence of steps and dependencies among different subledger applications1. Some of these steps and dependencies are: Projects must be closed before Fixed Assets, which means that you need to ensure that all project-related transactions and adjustments are accounted and transferred to General Ledger before creating or adjusting any assets from projects in Fixed Assets. Payable must be closed before Projects, which means that you need to ensure that all supplier invoice and payment transactions and adjustments are accounted and transferred to General Ledger before creating or adjusting any project expenditures from Payables in Projects. Fixed Assets must be closed before Payables, which means that you need to ensure that all asset addition, depreciation, adjustment, and retirement transactions and adjustments are accounted and transferred to General Ledger before creating or adjusting any supplier invoices from assets in Payables. Fixed Assets must be closed before Receivables, which means that you need to ensure that all asset-related transactions and adjustments are accounted and transferred to General Ledger before creating or adjusting any customer invoices from assets in Receivables.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1

• Question 43:

  Your organization has decided to apply late charges against overdue customer transactions as well as delayed payments. Your manager has requested you to evaluate the various methods that can be used to calculate late charges. Which three are valid options for calculating late charges? (Choose three.)

  A. Fortnightly Balance
  B. Overdue Transactions Only
  C. Late Payments Only
  D. Average Quarterly Balance
  E. Overdue Transactions and Late Payments
  B. Overdue Transactions Only
  C. Late Payments Only
  E. Overdue Transactions and Late Payments

  ---

  Explanation

  These are three valid options for calculating late charges for overdue customer transactions and delayed payments. Late charges are fees that are applied to customers who fail to pay their invoices on time or make partial payments. You can calculate late charges based on various methods, such as overdue transactions only, late payments only, overdue transactions and late payments, or balance forward billing1.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1

• Question 44:

  Ganesh is trying to import a journal from an external system and he has encountered an error. Which are three reasons for the error? (Choose three.)

  A. Accounting Period is Closed.
  B. Accounting Date is in a Closed Period.
  C. Accounting Date is in an Open Period.
  D. Journal Source for the external system has not been defined.
  E. Accounting Date is in a Future Period.
  A. Accounting Period is Closed.
  B. Accounting Date is in a Closed Period.
  E. Accounting Date is in a Future Period.

  ---

  Explanation

  These are three possible reasons for the error when importing a journal from an external system. If the accounting period or the accounting date is closed, you cannot import journals for that period or date. If the accounting date is in a future period, you cannot import journals until the period is opened4.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1

• Question 45:

  Which two statements are true about running the financial statements that are designed using Financial Reporting Web Studio? (Choose two.)

  A. Financial statements can be generated using different hierarchies to represent the data from different perspectives.
  B. Financial statements can be generated only in HTML format.
  C. Financial statements are generated using the data directly from the transactional tables.
  D. Business users can easily slice and dice the data across dimensions, and drill up, down, and sideways at any parent level.
  A. Financial statements can be generated using different hierarchies to represent the data from different perspectives.
  D. Business users can easily slice and dice the data across dimensions, and drill up, down, and sideways at any parent level.

  ---

  Explanation

  These are two true statements about running the financial statements that are designed using Financial Reporting Web Studio. Financial Reporting Web Studio is a tool that enables users to create and manage financial reports using data from various sources, such as General Ledger or Essbase Cubes. Users can generate financial statements using different hierarchies to represent the data from different perspectives, such as legal entity, business unit, segment, or account. Users can also easily slice and dice the data across dimensions, and drill up, down, and sideways at any parent level to analyze the details behind the numbers2.

  References: Oracle Financials Business Process Foundations Associate Rel 2

• Question 46:

  John is working as a Cash Manager for Glenn Systems and regularly uses the Unreconciled infolet to review the unreconciled Bank Statement Lines and System Transactions. He is not able to find the details of some transactions on this infolet because there is a limitation for the number of days for which the data appears on this infolet. Identify the number of days for which data appears on this infolet.? (Choose the best Answer.)

  A. last 55 days
  B. last 50 days
  C. last 65 days
  D. last 45 days
  D. last 45 days

  ---

  Explanation

  The Unreconciled infolet displays data for the last 45 days by default. The Unreconciled infolet is an infolet that shows the unreconciled bank statement lines and system transactions for your bank accounts. You can use it to monitor and reconcile your cash transactions with your bank statements. You can also change the number of days for which data appears on this infolet by using the filter option1.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1

• Question 47:

  Invoice Number TRS11212 for USD 10000 was recorded for the customer Easy Solutions and it became due last week. The customer had made a payment for USD 8000 on the due date and requested for an additional 7 days' time to pay the remaining amount. You have decided to close the original invoice and create another debit item for the remaining amount of USD 2000. Which type of transaction would you create to record the debit item for USD 2000? (Choose the best Answer.)

  A. Chargeback
  B. Write Off
  C. Invoice
  D. Debit Memo
  D. Debit Memo

  ---

  Explanation

  Debit Memo is the type of transaction that you would create to record the debit item for USD 2000. A debit memo is a transaction that increases the amount owed by a customer, such as a partial payment, a penalty, or a price adjustment. You can create a debit memo to close the original invoice and generate a new invoice for the remaining amount1.

  References: Oracle Financials Business Process Certified Foundations Associate Rel 1