oracle 1Z0-1055-21 Exam Questions

Questions for the 1Z0-1055-21 were updated on : Jul 16 ,2024

Page 1 out of 10. Viewing questions 1-15 out of 140

Question 1

What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier
Portal?

  • A. 1 = H, 2 = G, 3 = E, 4 = F
  • A. Standard Invoice
  • B. 1 = E, 2 = G, 3 = H, 4 = F
  • B. Standard invoice request
  • C. 1 = H, 2 = F, 3 = E, 4 = G
  • C. Credit Memo
  • D. 1 = H, 2 = E, 3 = G, 4 = F
  • D. Supplier payment request
  • E. Lists all transactions for a specific bank account, that have been remitted to the bank but have not been cleared.
  • E. iSupplier Invoice
  • F. Displays the bank statements that are used to analyze balances and transaction details.
  • G. Displays balance and transaction information for specific bank statements.
  • H. Lists bank statement transactions that are accounted in GL but are not reconciled in Cash Management.
Answer:

B

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Explanation:
Standard invoice request: An invoice submitted without a purchase order by a supplier through
Oracle Fusion Supplier Portal thatis pending review and approval by the appropriate persons within
the deploying company.
References:https://docs.oracle.com/cd/E37583_01/doc.1116/e22897/F431919AN100ED.htm

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Question 2

You want your expense auditors to audit only expense reports for specific business units. How do you
do this?

  • A. Customer Refunds initiated from Receivables
  • A. Create a custom duty role and assign the data roles to each auditor.
  • B. Evaluated Receipt Settlement (ERS) Invoices
  • B. Create your own audit extension rules that correspond to the business unit.
  • C. Invoices created using Integrated Imaging
  • C. Make auditors the managers of the corresponding business unit to route expense reports properly.
  • D. Expense Reports transferred from Expenses
  • D. Assign the expense auditors job role and business unit security context and value to the user.
  • E. Debit Memos created by the Return to Supplier feature
  • F. Invoices entered through the Supplier Portal
Answer:

D

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Question 3

Which invoice types can be included in the Create Payment flow?

  • A. Supplier Portal Invoices which are rejected and resubmitted for approval
  • A. Standard, Credit Memo and Debit Memo
  • B. Scanned Invoices with incomplete or missing information
  • B. Standard, Credit Memo and Customer Refund
  • C. Scanned Invoices which are rejected during import
  • C. Standard, Credit Memo, and Invoice Request
  • D. Prepayment Invoices which are fully paid but not applied against any invoice
  • D. Standard, Debit Memo and Customer Refund
  • E. Supplier Portal Invoices which are saved but not yet submitted
Answer:

A

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Question 4

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

  • A. Approval by Cost Centre owners in parallel or serial mode
  • A. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
  • B. Approval by supervisor based on expenses type amount
  • B. Define the Disbursement Bank Account to the Payment Method in payment default rules.
  • C. Approval by Project Manages in parallel or serial mode
  • C. Define the Disbursement Bank Account to every supplier.
  • D. Approval by supervisor based on report amount
  • D. Create a Payment Process Request template that includes the Disbursement Bank Account.
  • E. Approval by a Group based on report amount in parallel or serial mode
  • E. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
Answer:

D, E

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Explanation:
D: You can assign thedisbursement bank account and the payment process profile to all documents
payable in the payment process request during the Submit Payment Process Request process. If you
use a payment process request template, a disbursement bank account and a payment process
profile default from the template.
DE:The following options affect payment processing:
References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm

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Question 5

Certain suppliers that your customer regularly deals with are exempt from tax. How would you
configure tax for this?

  • A. Customers ask suppliers to send electronic invoices.
  • A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
  • B. Customers ask their suppliers to scan and email the invoice.
  • B. Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.
  • C. Customers scan and store the invoice images on-premise and attach them during invoice entry.
  • C. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
  • D. Customers scan the invoice on-premise and email the images.
  • D. Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.
  • E. Customers cannot use invoice imaging in the Cloud.
Answer:

D

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Question 6

A company makes the payment in a currency different from the invoice and ledger currency. What
setup options are required to make the cross currency rate type the default?

  • A. You did not specify the range of liability accounts to include in the extract.
  • A. Manage Invoice Options and Manage common options for Payables and Procurement
  • B. The reconciliation flag has not been enabled for your liability accounts.
  • B. Manage Payable Options and Manage Invoice Options
  • C. The financial category of Accounts Payable is not assigned to the liability accounts.
  • C. Manage Invoice Options and Manage Procurement agents
  • D. You did not select the business units associated to the UK Ledger.
  • D. Manage common options for Payables and Procurement and Manage Procurement agents
  • E. Manage Payment Options and Manage common options for Payables and Procurement
Answer:

B

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Explanation:
You can change the conversion rate type at invoice entry or payment creation time.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIPP/FAIPP1470345.htm

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Question 7

Which method can you use to route payment approval rules?

  • A. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
  • A. Approval Groups
  • B. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
  • B. Sequential
  • C. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
  • C. Both Parallel and Sequential
  • D. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
  • D. Parallel
  • E. Serial and FYI (For Your Information)
Answer:

B

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Question 8

You need to enter a last-minute invoice during the close process. What is the quickest way to enter
and post the invoice to general ledger?

  • A. Standard Invoice: Invoice Currency USD, Payment Currency GBP Prepayment: Invoice Currency USD, Payment Currency AUD
  • A. Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledgers Manage Journals page and post the associated invoice journal entry.
  • B. Standard Invoice: Invoice Currency USD, Payment Currency USD Prepayment: Invoice Currency CAD, Payment Currency CAD
  • B. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.
  • C. Standard Invoice: Invoice Currency CAD, Payment Currency GBP Prepayment: Invoice Currency USD, Payment Currency AUD
  • C. Enter and post a manual journal entry directly into the general ledger.
  • D. Standard Invoice: Invoice Currency USD, Payment Currency CAD Prepayment: Invoice Currency CAD, Payment Currency CAD
  • D. Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.
Answer:

A

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Question 9

You have invoices with distributions across primary balancing segments that represent different
companies.
What feature should you use if you want the system to automatically balance your invoices liability
amount across the same balancing segments on the invoice distributions?

  • A. The payment method for the invoice is Electronic.
  • A. Payable’s Automatic Offset
  • B. The invoice is not yet due.
  • B. Intercompany Balancing
  • C. The invoice is not validated.
  • C. Subledger Accounting’s Account Rules
  • D. The payment supplier site is different to the supplier site on the invoice.
  • D. Suspense Accounts
  • E. The invoice is not accounted.
  • E. Payables’ Allow Reconciliation Accounting
Answer:

A

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Explanation:
If you do not enable Automatic Offsets, Payables records the invoice liability using the liability
account on the invoice, which defaults from the supplier site. When you distribute invoice
distributions across multiple balancing segments, the invoice will not balance by balancing segment.
However, General Ledger can automatically create intercompany balancing entries when you post
the invoice if you have enabled the Balance Intercompany Journals option for your set of books.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/autoff01.htm

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Question 10

When creating a check payment, from where is the payment document defaulted?

  • A. Payments master encryption key
  • A. Legal Entity
  • B. Payments subkeys
  • B. Bank
  • C. Supplier master encryption key
  • C. Business Unit
  • D. Sensitive data encryption and storage
  • D. Bank Account
  • E. Oracle Wallet
  • E. Supplier
Answer:

D

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Explanation:
Create Check
This step shows how to create a check to pay the customer for theclaim. The customer will be paid
with the designated amount in Oracle Payables.
Navigation: Actions > Pay in Full.
Notes:
Bank Account: Select BofA.
Document: Select Check.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e16295/T544851T544993.htm

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Question 11

You want to route invoices to three different approvers at the same time and only one approver
needs to approve the invoice. Which approval ruleset should you use?

  • A. Set the profile option ORA_EXM_ORACLE_MAPS to yes at the site level.
  • A. InvoiceApproversFYIParticipantInParallelMode
  • B. Set Enable Oracle Maps to yes in the expense mileage policies.
  • B. InvoiceApproversSingleParticipantInParallelMode
  • C. Set Enable Oracle Maps to yes in the expense report template.
  • C. InvoiceApproversParallelParticipantInParallelMode
  • D. Set Enable Oracle Maps to yes in the expenses system options.
  • D. Invoice Approvers
Answer:

C

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Question 12

If you accidentally paid an invoice using Create Payment flow, can you undo the operation?

  • A. Ledger Set
  • A. yes, by canceling the payment process from the process monitor
  • B. Supplier
  • B. Cancel the invoice and create a new one.
  • C. Balancing Segment Value
  • C. yes, by voiding the payment created
  • D. Business Unit
  • D. yes, by creating a credit memo to offset the payment
  • E. Natural Account
  • E. no
  • F. Legal Entity
Answer:

E

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Explanation:
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm

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Question 13

An installment meets all the selection criteria of a Payment Process Request, but it still does not get
selected for payment processing.
What are the two possible reasons for this? (Choose two.)

  • A. Report Developer
  • A. The pay-through date is in a closed Payables period.
  • B. BI Composer
  • B. The invoice has not been accounted.
  • C. Template Builder for Word
  • C. The invoice requires approval.
  • D. Layout Editor
  • D. The pay-through date is in a future period.
  • E. BI Answers
  • E. The invoice needs re-validation.
Answer:

C,E

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Question 14

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

  • A. Mapping Set
  • A. Allow the remit-to supplier override for third-party payments at Manage Invoice options.
  • B. Description Rule
  • B. Allow the remit-to supplier address override for third-party payments at Manage Invoice options.
  • C. Supporting References
  • C. Allow payee to override for third-party payments while Manage Invoice options.
  • D. Event Class Settings
  • D. Allow the remit-to supplier override for third-party payments at Manage Payment options.
  • E. Transaction References
Answer:

B

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Explanation:
(Optional) Setting the Remit-to Supplier Override Option
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1470346AN14ECB.htm

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Question 15

Which statement is correct if the payment terms entered in the invoice differ from the payment
terms on the purchase order?

  • A. 1449
  • A. The user needs to specify which payment term to use.
  • B. 201
  • B. The payment term of the purchase order overrides the invoice payment term.
  • C. 949
  • C. The payment term of the invoice overrides the purchase order payment term.
  • D. 500
  • D. The purchase order payment term cannot be overridden.
  • E. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
Answer:

C

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