[Jan-2022 Newly Released] Pass 1Z0-1055-21 Exam - Real Questions and Answers
Pass 1Z0-1055-21 Review Guide, Reliable 1Z0-1055-21 Test Engine
NEW QUESTION 66
You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?
- A. Oracle Transactional Business Intelligence (OTBI)
- B. by creating accounting in draft mode
- C. by changing the tax status to test and then entering a payables invoice
- D. by creating a payable invoice, and by validating and reviewing the tax application
- E. by using Tax Simulator to test
Answer: E
Explanation:
Explanation
Run taxes from all applicable tax regimes against a sample transaction to verify that your tax configuration and tax rules were created and applied according to yourrequirements. You can either create a sample transaction within Tax Simulator or copy an existing transaction. The simulated tax calculations do not affect live data.
Note:The Tax Simulator is a tool for simulating the tax determination process in your tax setup. The Tax Simulator lets you preview the workings of your tax configuration before you perform tax calculations on live transactions in a subledger application. TheTax Simulator also allows you to test new tax configuration in conjunction with existing tax configuration to preview the resulting tax calculation. The Tax Simulator is a useful tool to identify the root cause when tax calculation is not what is expectedon live data.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006654AN226D8.htm
NEW QUESTION 67
When reviewing installments, what setup is required to override the supplier site on an invoice?
- A. Allow the remit-to supplier override for third-party payments at Manage Invoice options.
- B. Allow the remit-to supplier override for third-party payments at Manage Payment options.
- C. Allow payee to override for third-party payments while Manage Invoice options.
- D. Allow the remit-to supplier address override for third-party payments at Manage Invoice options.
Answer: D
Explanation:
Explanation
(Optional) Setting the Remit-to Supplier Override Option
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1470346AN14ECB.htm
NEW QUESTION 68
A company has a requirement to pay small suppliers outside of Payables, but it does not want to manually record each payment.
Which solution should you implement?
- A. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.
- B. Create a payment by using a wire payment method for those suppliers.
- C. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.
- D. Create payments by using the Check Payment method for those suppliers and then destroy those checks.
Answer: B
Explanation:
Explanation
When you create a payment outside of Payables, for example, using a typed check or wire transfer, within Payables you can record the payment and update the invoices that you paid.
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. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.
- B. You cannot update the minimum transaction currency when intercompany currency is entered.
- C. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.
- D. Set the intercompany system option minimum transaction amount to $2,999.99 USD.
- E. Set the intercompany system option minimum transaction amount to $ 3,000 USD.
Answer: A,E
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
Which reporting tool is used to report on real-time data?
- A. Smart View
- B. Oracle Financial Reporting Studio
- C. Oracle Business Intelligence Publisher
- D. Oracle Transactional Business Intelligence (OTBI)
- E. Essbase Cube
Answer: D
NEW QUESTION 71
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 share reference data, such as payment terms, across multiple business units to avoid redundant setup
- B. allow you to secure data by business unit
- C. allow you to maintain sets of related data in a Data Dictionary
- D. allow you to assign multiple business units to users in a shared service center
Answer: A
Explanation:
Explanation
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
NEW QUESTION 72
You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?
- A. Not Validated
- B. Not Required
- C. Imported
- D. Validated
- E. Needs Revalidation
Answer: C
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 73
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 perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.
- C. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.
- D. For period end accruals, the invoice accounting debits the expense account and credits the liability account.
Answer: B,D
NEW QUESTION 74
Your client is concerned that all expense reports are getting automatically approved by the expenses system despite the setup of an Audit Selection Rule.
What is the reason for this?
- A. The audit selection rule has not been assigned in the system options page
- B. Auditing has not been enabled in the system options page
- C. The audit selection rule has not been assigned to the legal entity
- D. An expenses template and type rule has not been setup
- E. The audit selection rule has not been assigned to the business unit
Answer: E
Explanation:
Explanation
Assign audit rules to business units.
NEW QUESTION 75
You have enabled Payment Approval for your payment process requests (PPR).
At what stage of the PPR is the payment approval process automatically triggered?
- A. Review Proposed Payments
- B. Create Payment Files
- C. Review Installments
- D. Build Payments
Answer: B
NEW QUESTION 76
You need to have your invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Which two are valid methods to achieve this? (Choose two.)
- A. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- B. Define a payment term and assign it to the invoice.
- C. Define a distribution set and assign it manually to the invoice.
- D. Define a distribution set and assign it to the supplier.
Answer: B,C
NEW QUESTION 77
In the implementation project, there is a requirement to add new transactional attributes to the Expense Approver Report workflow notification.
Which two Business Intelligence catalog objects should you copy (or customize) and edit? (Choose two.)
- A. The Style-Template
- B. The original Source
- C. The Output types
- D. The layout-template
- E. The Data Model
Answer: A,D
Explanation:
Explanation
Style Template: Provides styles such as the type of lines and fonts to use in tables, or the font type, size, and color to use for headings Report: Contains a layout template that determines:
Which attributes appear in the notification, from the data model used for the report What the notification looks like, leveraging components from the subtemplate and styles from the style template used for the report
NEW QUESTION 78
What is the name of the Work Area that is used to access Functional Setup Manager?
- A. Functional Work Area
- B. Customize Setup and Maintenance
- C. Functional Setup Manager
- D. Customization Manager
- E. Setup and Maintenance
Answer: E
Explanation:
Explanation
All Oracle Functional Setup Manager functionality is available from the Setup and Maintenance work area.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FACSF/FACSF1004385.htm
NEW QUESTION 79
You have an invoice for $200 USD and a credit memo for $225 USD. In other words, the credit amount exceeds the invoice amount. If you enable the option to apply credits up to zero amount payment, then how will the invoice and credit memo be paid?
- A. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.
- B. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
- C. Both the invoice and credit memo are included in the payment process request for a payment amount of
$0 USD. The credit memo is partially paid with a remaining credit of $25 USD. - D. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
Answer: C
Explanation:
Explanation
When you submit 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 illustrate the 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 tabledescribes 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.
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 80
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. Expenses do not create payment requests for expense reports that have missing or overdue receipts.
- B. Receipts are not required if the expense item falls within Per Diem Rates.
- C. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
- D. An expense report may require original, imaged, or both types of receipts.
Answer: A,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 81
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 ran the Retrieve Latest LDAP Changes program.
- 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 can query the user using Oracle Identity Manager (OIM) and the roles are assigned.
Answer: A
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 82
You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval.
What will happen?
- A. The initiate option is greyed out for the invoice.
- B. The workflow will fail once approval is initiated.
- C. Invoice will be auto-approved.
- D. Invoice will be sent to User 1 for approval.
Answer: B
NEW QUESTION 83
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