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Oracle 1z0-1055-20 Exam Syllabus Topics:
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NEW QUESTION 48
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. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
- C. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
- D. Issue a credit memo, which will debit the liability and credit the expense.
Answer: B
NEW QUESTION 49
Which statement is true about selecting a bank account on the Create Payment page?
- A. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
- B. Bank account must match the supplier's bank account.
- C. LE on the bank account should be equal to LE on the invoice.
- D. Users can pick any bank account as long as the bank account is tried to the business unit.
- E. LE on the bank account should be different from the LE on the invoice.
Answer: C
Explanation:
Explanation
Note: LE = legal entity
NEW QUESTION 50
What is the recommendation when setting up Reconciliation Rule Sets?
- A. Many to Many rules should always be used first in the sequence.
- B. Many to Many rules should always be used last in the sequence.
- C. One to One rules should be sequenced above rules of other types.
- D. One to One rules should be sequenced below rules of other types.
Answer: C
NEW QUESTION 51
Which three are supported image formats for the Integrated Imaging solution? (Choose three.)
- A. JPEG
- B. PNG
- C. RTF
- D. XLS
- E. TIFF
Answer: A,B,E
NEW QUESTION 52
Which component is not included in the security architecture for credit card data and bank account data encryption?
- A. Payments subkeys
- B. Supplier master encryption key
- C. Sensitive data encryption and storage
- D. Payments master encryption key
- E. Oracle Wallet
Answer: B
NEW QUESTION 53
An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)
- A. Both the invoice and the credit memo are included in the Payment Process Request.
- B. Both the invoice and the credit memo are fully paid.
- C. Neither the invoice nor the credit memo is included in the Payment Process Request.
- D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.
Answer: A,D
Explanation:
Explanation
When yousubmit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustratethe impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.
The following table describes the payment processing that occurs based on the setting for the Apply credits upto zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing 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_9F438E13CC89BA0CE040D30A68816F7
NEW QUESTION 54
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. The pay-through date is in a future period.
- B. The pay-through date is in a closed Payables period.
- C. The invoice needs re-validation.
- D. The invoice requires approval.
- E. The invoice has not been accounted.
Answer: C,D
NEW QUESTION 55
You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?
- A. Imported
- B. Needs Revalidation
- C. Validated
- D. Not Validated
- E. Not Required
Answer: A
Explanation:
Explanation
After the import process builds the invoices, the invoices can be viewed, modified, and validated on the Manage Invoices page.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_A149B7BD08207B6DE040D30A6881633
NEW QUESTION 56
Which three types of payments can you make if you have access to Disbursement Process Management Duty?
(Choose three.)
- A. Ad hoc payments
- B. Reimbursement of employee expense reports
- C. Customer refunds
- D. Employee advances
- E. Supplier payments
Answer: B,C,E
NEW QUESTION 57
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, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.
- B. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.
- C. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.
- D. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.
Answer: B
NEW QUESTION 58
You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?
- A. Generate a 1096 form and submit it instead.
- B. Run and submit your 1099s because it will automatically reflect any changes.
- C. Manually enter the 1099s for the State and submit.
- D. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
Answer: D
NEW QUESTION 59
Identify three statements that indicate the purpose of Functional Setup Manager.
- A. It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.
- B. It automatically marks the completion status of tasks as Completed once they have been completed.
- C. It allows you to centrally manage the close processes across subledgers and ledgers.
- D. it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.
- E. It provides a central place to access and perform all of the setup steps across the applications.
Answer: A,B,E
Explanation:
Explanation
With Oracle Fusion Functional Setup Manager you can:
References:https://docs.oracle.com/cd/E56614_01/common_op/OAFSM/F1166427AN1007E.htm
NEW QUESTION 60
When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data.
What should you check?
- A. Make sure you specified a Business Unit in the parameters when running the extract.
- B. Make sure you enabled the Reconciliation flag to all of your liability natural account values.
- C. Make sure you assign an Account parameter when running the extract to include liability accounts.
- D. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.
Answer: D
Explanation:
Explanation
You must assign a Financial Category of Accounts payable to all your liability natural account values. This is a required setup step for Payables to General Ledger reconciliation.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htmc
NEW QUESTION 61
An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.
- A. The invoices need revalidation.
- B. The pay-through date is in a future period.
- C. The pay-through date is in a closed Payables period.
- D. The installment was manually removed.
- E. The invoice has not been accounted.
Answer: A,C
Explanation:
Explanation
An installment can meet the selection criteria of a payment process request, yet not get selected for payment for one or more reasons.
You can review installments that were not selected for payment, along with the reasons they were not selected, on the Not Selected tab of the Review Installments page.
The reasons are as follows:
References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm
NEW QUESTION 62
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. Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.
- B. Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledger's Manage Journals page and post the associated invoice journal entry.
- C. Enter and post a manual journal entry directly into the general ledger.
- D. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.
Answer: D
NEW QUESTION 63
Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?
- A. The payment term of the invoice overrides the purchase order payment term.
- B. The purchase order payment term cannot be overridden.
- C. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
- D. The payment term of the purchase order overrides the invoice payment term.
- E. The user needs to specify which payment term to use.
Answer: A
NEW QUESTION 64
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger?
(Choose three.)
- A. Reconciliation Invoice Details
- B. Reconciliation Invoice Request Details
- C. Reconciliation Payment Details
- D. Reconciliation Invoice Hold Details
- E. Reconciliation Prepayment Application Details
Answer: A,C,E
NEW QUESTION 65
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 roles to users in Oracle Identity Management (OIM).
This issue is caused because you did not assign the ________.
- A. IT Security Manager role to your user
- B. Line Manager role to your user
- C. Superuser role to your user
- D. Application Implementation Manager role to your user
Answer: D
Explanation:
Explanation
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 Consultant role. The Application Implementation Consultant has broad access to set up all enterprise structures.
NEW QUESTION 66
You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling option.
How will the resulting tax be calculated?
- A. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
- B. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000).
Answer: A
Explanation:
Explanation
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD.
At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm
NEW QUESTION 67
What two job roles are required to access information within Functional Setup Manager? (Choose two.)
- A. Any Functional User
- B. IT Security Manager
- C. Functional Setup Manager Superuser
- D. Application Implementation Manager
- E. Application Implementation Consultant
Answer: D,E
Explanation:
Explanation
Provision the implementation user with the Application Implementation Manager job role or the Application Implementation Consultant job role by usingthe Security Console Users tab.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FACSF/FACSF1004385.htm
NEW QUESTION 68
You have assigned additional roles to an existing user. However, the new roles are not appearing for the user in their Navigator menu. What should you check?
- A. Make sure you can query the user using Oracle Identity Manager (OIM) and the roles are assigned.
- B. Make sure the user logs out and logs back in.
- C. Make sure you can query the user from the Manage Users page and verify the roles assigned.
- D. Make sure you ran the Retrieve Latest LDAP Changes program.
Answer: D
Explanation:
Explanation
Oracle Identity Management maintains Lightweight Directory Access Protocol (LDAP) user accounts for users of Oracle Fusion Applications. Oracle Identity Management also stores the definitions of abstract, job, and data roles, and holds information about roles provisioned to users.
Most changes to user and role information are shared automatically by Oracle Applications Cloud and Oracle Identity Management. No action is necessary to make this exchange of information happen.
However, you must run the processes Send Pending LDAP Requests and Retrieve Latest LDAP Changes to manage some types of information exchange between Oracle Applications Cloud and Oracle Identity Management.
References:https://docs.oracle.com/cd/E60665_01/common/FASER/FASER1345802.htm
NEW QUESTION 69
Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?
- A. Set the intercompany system option minimum transaction amount to $2,999.99 USD.
- B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.
- C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.
- D. You cannot update the minimum transaction currency when intercompany currency is entered.
- E. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.
Answer: B,C
Explanation:
Explanation
Define intercompany system options to set up intercompany processing rules at the enterprise level, based on your specific business needs.
Minimum Transaction Amount
The minimum transaction amount represents a minimum threshold intercompany transaction amount, and prevents the submission of immaterial transactions for small amounts, which are non-value added. In order to implement this rule, you must select a minimum transaction currency for processing intercompany transactions. These two system options must be related to ensure that when comparing a transaction amount to the minimum transaction amount, the two numbers are entered in the same currency, allowing for an accurate comparison.
References:https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110451AN99BEF.htm
NEW QUESTION 70
You need to enter a high volume of users into the system. What is Oracle's recommendation to do this?
- A. Use the spreadsheet templates available in Oracle Enterprise Repository (OER) and then import users into Cloud Applications.
- B. Use the Hire an Employee user interface and enter each user manually.
- C. Use the Enter a Supplier user interface and enter each user manually.
- D. use the spreadsheet of Oracle Identity Manager (OIM) to import users.
Answer: A
Explanation:
Explanation
If you have batch of users that have to be created, the Oracle team can bulk load the users into the OIM Application.
References:http://docs.oracle.com/cd/E79623_01/rms/pdf/160C/html/admin_guide/tasks.htm
NEW QUESTION 71
Which three are Invoice Header attributes that can be used during invoice approval rule creation? (Choose three.)
- A. Statistical Amount
- B. Business Unit Name
- C. Accounting Date
- D. Requester Name
- E. Pay Group Lookup Code
Answer: B,C,E
NEW QUESTION 72
Your company policy requires that receipts be attached to expense report items before reimbursement can be made.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. Receipts are not required if the expense item falls within Per Diem Rates.
- B. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- C. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
- D. An expense report may require original, imaged, or both types of receipts.
Answer: C,D
Explanation:
Explanation
Your company periodically schedules and runs the Generate Overdue and Missing Receipts Notification process that generates overdue receipt notifications.
If receipts are overdue and setup requires that the individual be notified, then Expenses automatically sends a notification to the individual to inform him that receipts are overdue.
An expense report may require original, imaged, or both types of receipts.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 73
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