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Latest update Oracle 1Z0-1055-20 exam questions and answers online practice test

QUESTION 1
You need to create a recurring expense for one of your regular expenses. Which three are frequencies that you can
choose for these types of expenses? (Choose three.)
A. Weekly
B. Monthly
C. Bimonthly
D. Biweekly
E. Annually
Correct Answer: ABC

 

QUESTION 2
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit
card. While entering your expenses, you get a warning that a different conversion rate was applied to the
taxi expense by Visa that the one used by your company.
How do you handle this situation?
A. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion
rate settings and you do not violate the allowable limit.
B. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised
statement.
C. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different
conversion rate.
D. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
Correct Answer: C
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts
into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User
exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices
window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger
Currency amount. Etc. References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm

 

QUESTION 3
You need to have an 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.
Select two methods to achieve this. (Choose two.)
A. Configure Subledger Accounting rules to allocate costs.
B. Define a distribution set and assign it manually to the invoice.
C. Choose the `All Lines\\’ option from the Allocate menu in the invoice line area.
D. Define a distribution set and assign it to the supplier.
Correct Answer: AB
A: Account Rules by Segment Define segment rules to derive a specific segment of the general ledger account. For
example, a particular segment like the company segment can be determined from the distribution account. Another
segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater
flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a
purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising
expense on an invoice to four advertising departments. References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm

 

QUESTION 4
Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?
A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these
suppliers.
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. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the
Configuration Options tab.
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.
Correct Answer: A

 

QUESTION 5
You have two business units: Vision Operations and Vision Services. How can you enable expense auditors to audit
expense reports for specific business units?
A. Assign the Expense Auditor as the owner of each business unit on the Manage Business Unit Set Assignments
page.
B. Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage
Data Access for Users page.
C. Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the
business units.
D. Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the
role.
Correct Answer: B

 

QUESTION 6
If you accidentally paid an invoice using Create Payment flow, can you undo the operation?
A. yes, by canceling the payment process from the process monitor
B. Cancel the invoice and create a new one.
C. yes, by voiding the payment created
D. yes, by creating a credit memo to offset the payment
E. no
Correct Answer: E
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm

 

QUESTION 7
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
approve it. Now, the user creates an invoice for $1000 and routes it for approval.
What will happen?
A. Invoice will not be processed.
B. The system will issue an error message after the approval has been initiated.
C. Invoice will be sent to User 1 for approval.
D. Invoice will be auto-approved.
Correct Answer: A

 

QUESTION 8
You have a high volume of invoices to enter that have similar lines and do not require extensive validation. What must
you do if you want to group multiple invoices in a batch during spreadsheet entry?
A. Make sure the Invoice Number is the same.
B. Make sure all the invoice dates are the same.
C. Assign the same Invoice Header Identifier to multiple invoices you want to group.
D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the
same spreadsheet.
E. Enter a value in the Invoice Group field to group similar invoices into a batch.
Correct Answer: D
What\\’s an invoice group? A collection of invoices that is used as a parameter for the Validate Payables Invoice
process, a selection criteria for submitting a payment process request, and a parameter in some reports. If you enable
the invoice option Require invoice grouping, you must associate each invoice with an invoice group.
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm

 

QUESTION 9
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 and the generated tax line amount will be $250 USD (5% * 10,000-5000).
B. 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).
C. 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).
D. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
Correct Answer: B
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

 

QUESTION 10
XYZ Supplier has third party relationships defined with ABC Supplier and ACME Corporation. However,
when reviewing the invoice installments for XYZ Supplier the payables specialist is unable to override the
remit-to supplier name and address on the Invoice installments.
What is the reason for this?
A. The option \\’Allow remit-to supplier override for third-party payments\\’ is not checked in the Invoice Options page for the business unit.
B. The option \\’Allow remit-to supplier override for third-party payments\\’ is not checked in the Common Options for
Payables and Procurement page for the business unit.
C. The option \\’Allow remit-to supplier override for third-party payments\\’ is not checked in the Payment Options page
for the business unit.
D. The option \\’Allow remit-to supplier override for third-party payments\\’ is not checked in the Disbursement System
Options page for the business unit.
Correct Answer: A

 

QUESTION 11
Which three are valid reasons why you cannot close your Payables period? (Choose three.)
A. Bills payable requiring maturity
B. Unaccounted invoices and payments
C. Suppliers on payment holds
D. Unapplied prepayments
E. Incomplete payment files
Correct Answer: CDE

 

QUESTION 12
Which attributes on the payables invoice can be used during approval rule creation?
A. company segment, cost center segment, supplier, and Attribute 1 on the invoice line
B. company and cost center segment only
C. supplier only
D. cost center segment and supplier only
Correct Answer: A

 

QUESTION 13
Which three are Invoice Header attributes that can be used during invoice approval rule creation? (Choose three.)
A. Business Unit Name
B. Pay Group Lookup Code
C. Statistical Amount
D. Requester Name
E. Accounting Date
Correct Answer: ABE

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