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100% Pass Your 1Z0-1055-21 Oracle Financials Cloud: Payables 2021 Implementation Essentials at First Attempt with Actual4test
Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 58
The Government has introduced a new reduced tax recovery rate for certain services. You need to amend the configuration for your current tax regime to reflect this change.
Which three setups will you need to complete? (Choose three.)
- A. Setup a new tax rule
- B. Setup a new tax rate
- C. Setup a new status
- D. Setup Determining Factor and Condition Sets
- E. Setup a new tax
- F. Setup a new recovery rate
Answer: A,B,C
Explanation:
Explanation
Set up details for the taxes of a tax regime. Each separate tax in a tax regime includes records that are used to calculate and report on the tax, including:
Tax statuses
Tax rates
Tax rules
NEW QUESTION 59
You have evaluated the use of Oracle Maps Cloud service with Expenses for mileage calculation. The decision is to use this feature.
How do you enable the feature?
- A. Set Enable Oracle Maps to yes in the expense report template.
- B. Set Enable Oracle Maps to yes in the expense mileage policies.
- C. Set the profile option ORA_EXM_ORACLE_MAPS to yes at the site level.
- D. Set Enable Oracle Maps to yes in the expenses system options.
Answer: B
Explanation:
Explanation
Create a mileage policy, optionally include a commute deduction rule, and then assign the mileage policy to an expense type to activate the policy.
NEW QUESTION 60
A Payables user creates a manual invoice and a Withholding Tax Classification Code defaults on the invoice line when the invoice is saved.
Where does this Withholding Tax Classification Code default from?
- A. From the Site Assignments of the Supplier Site
- B. From the Manage Tax Reporting and Withholding Tax Options
- C. From the Party Tax Profile of the Third Party Site
- D. From the Income Tax region of the Supplier
Answer: B
Explanation:
Explanation
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION 61
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. Invoice will be auto-approved.
- B. The initiate option is greyed out for the invoice.
- C. Invoice will be sent to User 1 for approval.
- D. The workflow will fail once approval is initiated.
Answer: D
NEW QUESTION 62
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 distribution set and assign it to the supplier.
- C. Define a distribution set and assign it manually to the invoice.
- D. Define a payment term and assign it to the invoice.
Answer: C,D
NEW QUESTION 63
Which method can you use to route payment approval rules?
- A. Approval Groups
- B. Parallel
- C. Serial and FYI (For Your Information)
- D. Sequential
- E. Both Parallel and Sequential
Answer: D
NEW QUESTION 64
Which two statements are true related to configuration package? (Choose two.)
- A. You can export and import selected business units.
- B. You can export and import the approval rules from the approval management engine.
- C. You can export and import the custom roles from Oracle Identity Manager.
- D. You can export and import the allocation rules from the allocation manager.
- E. You can export and import selected business object services.
Answer: C,E
NEW QUESTION 65
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
- A. Non purchase order matched invoices
- B. Purchase order matched invoices
- C. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
- D. Invoices that are automatically created when the supplier creates an ASN for drop shipments
- E. B2B XML invoices
Answer: B,C,E
NEW QUESTION 66
Your client company has two business units and requires the Payables Specialist to process invoice transactions for both business units.
What setup is required to achieve this?
- A. a Dedicated and Self-Service Service Provider Model
- B. a Self-Service Service Provider Model
- C. Business Unit Security
- D. a Dedicated Service Provider model
Answer: C
NEW QUESTION 67
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. yes, by voiding the payment created
- C. no
- D. yes, by creating a credit memo to offset the payment
- E. Cancel the invoice and create a new one.
Answer: C
Explanation:
Explanation
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm
NEW QUESTION 68
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. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
- 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. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
- D. 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.
Answer: A
Explanation:
Explanation
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
NEW QUESTION 69
Your customer matches their invoices to a purchase order and have noticed that the payment terms are defaulting from the order. For some suppliers, they would like to use the payment terms from the supplier site.
How can the customer achieve this?
- A. Enter the payment terms at the supplier site level so they default onto the invoice.
- B. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
- C. Enter the payment terms at the Supplier level so they default onto the invoice.
- D. Enter the payment terms in the Manage Invoice Options page so they default onto the invoice.
- E. Manually override the payment terms that have defaulted from the purchase order for those suppliers.
Answer: E
NEW QUESTION 70
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. Annually
- D. Bimonthly
- E. Biweekly
Answer: A,B,E
NEW QUESTION 71
You are resolving payment validation errors during the payment build process. Which two actions can you perform to resolve these errors?
- A. Terminate the payment process request.
- B. Remove the documents or payments causing the error and resume the payment process.
- C. Run the create accounting program.
- D. Correct the setup errors for remittance bank accounts, third party payees, payment methods, or payment formats and submit resume payment process.
- E. Run the invoice validation program.
Answer: B,D
Explanation:
Explanation
Using the Resolve Document Validation Errors Page, you may review the errors and takeaction. You may fix related data, such as third party payee information, and submit the documents for revalidation. You may also remove documents from the Payment Process Request, which sends the documents back to the source product with the validation failure reason, just as rejection does.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e13415/T456136T484670.htm
NEW QUESTION 72
When working with reference data sets in Payables, what reference data sharing method can you use for Payables Payment Terms?
- A. Assignment to multiple sets; no common values allowed
- B. Assignment to one set only with common values
- C. Assignment to multiple sets with common values allowed
- D. Assignment to one set only; no common values allowed
Answer: A
Explanation:
Explanation
Assignment to multiple sets, no common values allowed. The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method.
NEW QUESTION 73
Your company policy requires imaged receipts for expense reports.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)
- A. An expense report may require original, imaged, or both types of receipts.
- B. Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.
- C. Receipts are not required if the expense item falls within Per Diem Rates.
- D. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
Answer: A,D
NEW QUESTION 74
An Office supplies company requires an advance payment of $8000 for the office supplies you wish to order.
You enter and pay a prepayment type invoice for $8000. You enter the standard invoice to book the expense which totals $10000 and you apply the prepayment to the standard invoice.
What are the accounting entries for that standard invoice with the prepayment application?
- A. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability 8000 Cr Prepayment Account 8000.
- B. Invoice accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.The prepayment application has no impact on the Invoice.
- C. Invoice accounting - Dr Expense Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr AP Liability Account 2000 Cr Prepayment Account 2000.
- D. Invoice Accounting - Dr Prepayment Account 10000 Cr AP Liability Account 10000.Prepayment application - Dr Expense Account 8000 Cr Prepayment Account 8000.
Answer: B
NEW QUESTION 75
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