1Z0-1055 by Oracle Actual Free Exam Questions And Answers

Question 1

Your customer has requested a modification to the payment file to meet the acceptable bank standards. The changes were based on a format of a seeded payment process profile which is already in use. The only changes made are to the field positions. What two steps can make these changes work?

A. Keep the payment process profile and leave the format programs unchanged.

B. Oracle Data Integrator or Golden Gate can be used to map the fields as required.

C. Create a newpayment process profile and a new format program.

D. Copy and modify the existing template to alter the positions as requested by the bank.

E. Create a new template to make changes as requested by the bank.

F. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.

Discussion 0

Correct Answer: D,E Vote an answer

Question 2

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, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.

B. For period end accruals, accounting is created at material receipt or at delivery to a final destination.

C. For period end accruals, the invoice accounting debits the expense account and credits the liability account.

D. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

Discussion 0

Correct Answer: C,D Vote an answer

Question 3

Identify three statements that indicate the purpose of Functional Setup Manager.

A. it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.

B. It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.

C. It automatically marks the completion status of tasks as Completed once they have been completed.

D. It allows you to centrally manage the close processes across subledgers and ledgers.

E. It provides a central place to access and perform all of the setup steps across the applications.

Discussion 0

Correct Answer: B,C,E Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 4

How will system evaluate the tolerances for expense reports?

A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.

B. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.

C. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).

D. System will use absolute amount tolerance setup to do validations.

E. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 5

Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?

A. The purchase order payment term cannot be overridden.

B. The payment term of the purchase order overrides the invoice payment term.

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 invoice overrides the purchase order payment term.

E. The user needs to specify which payment term to use.

Discussion 0

Correct Answer: D Vote an answer

Question 6

Before you can configure payment approval rules, your company must define a payment approval policy. Which three are done by the payment approval policy? (Choose three.)

A. It allows approvers to review payments and decide whether or not to approve a payment.

B. It defines when to initiate the payment approval process.

C. It determines which payments must go through the payment approval process.

D. It defines a list of approvers who review payments and make final payment decisions.

E. It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.

Discussion 0

Correct Answer: B,D,E Vote an answer

Question 7

You want to route invoices to three different approvers at the same time and only one approver needs to approve the invoice. Which approval ruleset should you use?

A. InvoiceApproversSingleParticipantInParallelMode

B. Invoice Approvers

C. InvoiceApproversParallelParticipantInParallelMode

D. InvoiceApproversFYIParticipantInParallelMode

Discussion 0

Correct Answer: C Vote an answer

Question 8

A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated.
Which two statements are true? (Choose two.)

A. The status of each payment in the payment file is Terminated.

B. The status of the payment file is Cancelled.

C. The invoices are placed on payment hold.

D. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.

E. The status of the payment file is Terminated.

Discussion 0

Correct Answer: D,E Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 9

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. Invoice will be sent to User 1 for approval.

C. The system will issue an error message after the approval has been initiated.

D. Invoice will not be processed.

Discussion 0

Correct Answer: D Vote an answer

Oracle Financials Cloud: Payables 2019 Implementation Essentials - 1Z0-1055 Exam Practice Test

Contact Us

Useful Links

Latest Updated