1Z0-1055-21 by Oracle Valid Free Exam Practice Test

Question 1

Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)

A. You must run the prepare Intercompany Reconciliation Reporting Information process. B. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction. C. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance. D. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization. E. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

Correct Answer: B

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

Question 2

You use corporate cards with expenses and have implemented the Company Pay payment option. An employee incurred the following expenses.
What is the resulting payment amount made to the employee for these expenses?

A. 201 B. 500 C. 949 D. 1449

Correct Answer: C

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

Question 3

An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)

A. Both the invoice and the credit memo are included in the Payment Process Request. B. Neither the invoice nor the credit memo is included in the Payment Process Request. C. Both the invoice and the credit memo are fully paid. D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.

Correct Answer: A,D

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

Question 4

What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2018 if the invoices with a Hold status have an invoice date of January 20, 2018?

A. The accounting dates of all unaccounted invoices will be changed to February 20,2018, the same day of the next period. B. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2018. C. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next period. D. The accounting dates of all unaccounted invoices will change to February 28, 2018, the last day of the next period.

Correct Answer: C

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

Question 5

Identify two ways the invoice imaging solution works in the Cloud. (Choose two.)

A. Customers ask suppliers to send electronic invoices. B. Customers cannot use invoice imaging in the Cloud. C. Customers ask their suppliers to scan and email the invoice. D. Customers scan and store the invoice images on-premise and attach them during invoice entry. E. Customers scan the invoice on-premise and email the images.

Correct Answer: C,E

Question 6

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. Both the invoice and the credit memo are selected and the Payment Process Request requires attention. B. 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. C. Both the invoice and the credit memo are paid and a refund of $25 USD is created. D. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.

Correct Answer: B

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

Question 7

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

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

Correct Answer: A,E

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

Question 8

You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements. (Choose two.)

A. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account. B. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts. C. For period end accruals, the invoice accounting debits the expense account and credits the liability account. D. For period end accruals, accounting is created at material receipt or at delivery to a final destination.

Correct Answer: A,C

Question 9

You created a payment and before it is cashed by the supplier you mistakenly submitted a request to stop payment. Later you canceled the request to stop payment. What is the resulting payment status?

A. Canceled B. Voided C. Stop initiated D. Cleared E. Available F. Negotiable

Correct Answer: F

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

Question 10

What is the name of the Work Area that is used to access Functional Setup Manager?

A. Customize Setup and Maintenance B. Functional Setup Manager C. Setup and Maintenance D. Customization Manager E. Functional Work Area

Correct Answer: C

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

Oracle Financials Cloud: Payables 2021 Implementation Essentials - 1Z0-1055-21 Exam Practice Test