oracle 1z0-1055-21 practice test

Oracle Financials Cloud: Payables 2021 Implementation Essentials Exam

Last exam update: Jun 18 ,2024
Page 1 out of 10. Viewing questions 1-15 out of 140

Question 1

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 the profile option ORA_EXM_ORACLE_MAPS to yes at the site level.
  • B. Set Enable Oracle Maps to yes in the expense mileage policies.
  • C. Set Enable Oracle Maps to yes in the expense report template.
  • D. Set Enable Oracle Maps to yes in the expenses system options.
Mark Question:
Answer:

B

User Votes:
A
50%
B
50%
C 1 votes
50%
D 4 votes
50%

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.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faiex/implementing-expenses.pdf

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Swathi
1 month, 1 week ago

Set Enable Oracle Maps to yes in the expenses system options.


Question 2

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. The audit selection rule has not been assigned to the legal entity
  • C. Auditing has not been enabled in the system options page
  • D. An expenses template and type rule has not been setup
  • E. The audit selection rule has not been assigned to the business unit
Mark Question:
Answer:

E

User Votes:
A
50%
B
50%
C
50%
D
50%
E 2 votes
50%

Explanation:
Assign audit rules to business units.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faiex/expense-policies-and-rules.html#FAIEX654018

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Question 3

Which three options are available to filter data when you submit the Prepare Payables to Ledger
Reconciliation report? (Choose three.)

  • A. Ledger Set
  • B. Supplier
  • C. Balancing Segment Value
  • D. Business Unit
  • E. Natural Account
  • F. Legal Entity
Mark Question:
Answer:

A, C, D

User Votes:
A 2 votes
50%
B
50%
C
50%
D 2 votes
50%
E 2 votes
50%
F
50%

Explanation:
Typically General Ledger users are secured by data access sets. Data access sets use primary
balancing segment values to secure access to ledgers, ledger sets, and portions of ledgers. Payables
users
are
secured
by business units.
For the Payables to General Ledger Reconciliation report:
General Ledger users can see general ledger data for the balancing segment values in their data
access set. General Ledger users can also see the Payables or Oracle Fusion Subledger Accounting
data
for
all
business units linked to the ledger.
Payables users can see the Payables and Subledger Accounting data for business units in their
security definition. Payables users can also see general ledger data for all balancing segment values
in the ledger.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/ocuar/oracle-fusion-payables-reports.html#OCUAR444681

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Question 4

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 original Source
  • B. The Output types
  • C. The layout-template
  • D. The Data Model
  • E. The Style-Template
Mark Question:
Answer:

C, E

User Votes:
A
50%
B
50%
C 1 votes
50%
D 1 votes
50%
E
50%

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
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faiex/expenses-configuration.html#FAIEX2657210

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Question 5

You are testing the Payables to General Ledger Reconciliation report at the ledger level for your UK
Ledger, you have run and selected the extract for the report but the request returned the message no
data to display.
What is the reason for this?

  • A. You did not specify the range of liability accounts to include in the extract.
  • B. The reconciliation flag has not been enabled for your liability accounts.
  • C. The financial category of Accounts Payable is not assigned to the liability accounts.
  • D. You did not select the business units associated to the UK Ledger.
Mark Question:
Answer:

C

User Votes:
A
50%
B
50%
C 2 votes
50%
D
50%
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Question 6

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

  • A. Define the Disbursement Bank Account in the Payment tab at the supplier site level.
  • B. Create a Payment Process Request template that includes the Disbursement Bank Account.
  • C. Assign the Disbursement Bank Account to users to have the payment process default the bank account.
  • D. Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.
  • E. Define the Disbursement Bank Account to the Payment Method in payment default rules.
Mark Question:
Answer:

B, D

User Votes:
A 1 votes
50%
B 1 votes
50%
C 1 votes
50%
D
50%
E
50%
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Question 7

A Payables supervisor wants to apply a prepayment to an invoice.
Which combination of invoice and payment currencies allow the application of a prepayment to an
invoice?
A.
Standard Invoice: Invoice Currency USD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD
B.
Standard Invoice: Invoice Currency USD, Payment Currency USD
Prepayment: Invoice Currency CAD, Payment Currency CAD
C.
Standard Invoice: Invoice Currency CAD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD
D.
Standard Invoice: Invoice Currency USD, Payment Currency CAD
Prepayment: Invoice Currency CAD, Payment Currency CAD

Mark Question:
Answer:

A

User Votes:

Explanation:
You can pay a prepayment in a currency that's different from the invoice currency. To apply that
prepayment to an invoice, the invoice must have the same invoice currency as the invoice currency of
the prepayment.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/21a/fappp/invoices.html#FAPPP421516

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Question 8

Which data is visible to a Payables user in the Payables to General Ledger Reconciliation report?

  • A. Data for all business units and one balancing segment in the ledger
  • B. Data for authorized business units only; no GL data is visible
  • C. Data for all business units and all balancing segments in the ledger
  • D. Data for authorized business units and GL data for all balancing segments in the ledger (unless restricted)
Mark Question:
Answer:

A

User Votes:
A
50%
B
50%
C
50%
D 1 votes
50%

Explanation:
Payables users can also see general ledger data for all balancing segment values in the ledger.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/ocuar/oracle-fusion-payables-reports.html#OCUAR444681

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Question 9

Which two are true for Payables Payment Terms? (Choose two.)

  • A. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice plus those associated with the common set.
  • B. You must assign the predefined payment term Immediate to the reference data set that is assigned to the business unit before you can define common options for Payables and Procurement.
  • C. When entering an Invoice, you will see Payment Terms assigned to the reference data set associated with the Business unit on the invoice but not those associated with the common set.
  • D. Each payment term can only be assigned to one reference data set.
Mark Question:
Answer:

A, B

User Votes:
A
50%
B
50%
C 1 votes
50%
D
50%

Explanation:
Assigning a reference data set to a business unit: When you define a business unit, assign the
business unit a reference data set for thePayables Payment Termsreference group.
Before you define common options for Payables and Procurement, you must assign
theImmediatepayment term to the reference data set for the business unit.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faipp/payables-configuration.html#FAIPP772430

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Question 10

A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation
report?

  • A. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
  • B. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
  • C. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
  • D. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
Mark Question:
Answer:

B

User Votes:
A
50%
B
50%
C
50%
D 1 votes
50%

Explanation:
Business unit if you implemented centralized payment processing using theservice provider model.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fappp/accounts-payable-balances.html#FAPPP444518

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Question 11

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 workflow will fail once approval is initiated.
  • C. The initiate option is greyed out for the invoice.
  • D. Invoice will be sent to User 1 for approval.
Mark Question:
Answer:

B

User Votes:
A
50%
B 1 votes
50%
C 1 votes
50%
D
50%
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Question 12

A company has three legal entities each with a corresponding business unit all within the same
country. All organizations buy and sell the same products. You are configuring the tax setup.
What is the minimum number of Tax Regimes you need to configure for this company?

  • A. 2
  • B. 6
  • C. 1
  • D. 3
Mark Question:
Answer:

D

User Votes:
A
50%
B
50%
C 1 votes
50%
D
50%

Explanation:
You must set up a separate tax registration to represent each distinct registration requirement for a
first party legal reporting unit.
Reference:
https://docs.oracle.com/cd/E25178_01/fusionapps.1111/e20375/F527690AN1AA76.htm

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Question 13

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
  • B. Setup a new tax rate
  • C. Setup a new recovery rate
  • D. Setup a new tax rule
  • E. Setup Determining Factor and Condition Sets
  • F. Setup a new status
Mark Question:
Answer:

B, D, F

User Votes:
A 1 votes
50%
B 1 votes
50%
C
50%
D
50%
E 1 votes
50%
F
50%

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
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faitx/tax-configuration.html#FAITX1843284

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Question 14

During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid.
They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid
results of the auditor action? (Choose two.)

  • A. New expense report containing disallowed expense items is immediately created.
  • B. Approved part of the expense report is not eligible for expense reimbursement.
  • C. The approved part of the expense report is eligible for expense reimbursement.
  • D. New expense report containing disallowed expense items is not created until manager approves the short payment.
Mark Question:
Answer:

A, B

User Votes:
A
50%
B
50%
C
50%
D
50%

Explanation:
New expense report containing disallowed expense items is immediately created.
Expense report isn't eligible for expense reimbursement.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fawde/expense-report-audit.html#FAWDE1119039

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Question 15

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 Party Tax Profile of the Third Party Site
  • B. From the Manage Tax Reporting and Withholding Tax Options
  • C. From the Income Tax region of the Supplier
  • D. From the Site Assignments of the Supplier Site
Mark Question:
Answer:

B

User Votes:
A
50%
B
50%
C
50%
D
50%

Explanation:
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on
the supplier setup.
Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faipp/payables-tax-and-withholding.html#FAIPP206035

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