1Z0-1055-23 by Oracle Valid Free Exam Practice Test

Question 1

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 and GL data for all balancing segments in the ledger (unless restricted) C. Data for all business units and all balancing segments in the ledger D. Data for authorized business units only; no GL data is visible

Correct Answer: C

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Question 2

You want 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.
Response:

A. Enter the invoice in Payables and then use general ledger's Calculation Manager to allocate the costs. B. Define a distribution set andassign it manually to the invoice. C. Define a distribution set and assign it to the supplier. D. Customize the Subledger Accounting rules to allocate costs.

Correct Answer: A,C

Question 3

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 not be processed. B. The system will issue an error message after the approval has been initiated. C. Invoice will be auto-approved. D. Invoice will be sent to User 1 for approval.

Correct Answer: A

Question 4

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: D

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Question 5

You are evaluating the predefined expense report approval rules within your test environment to see if they meet current business requirements.
Which three rule sets are part of the predefined setup? (Choose three.)

A. Approval by Cost Centre owners in parallel or serial mode B. Approval by Project Manages in parallel or serial mode C. Approval by a Group based on report amount in parallel or serial mode D. Approval by supervisor based on report amount E. Approval by supervisor based on expenses type amount

Correct Answer: B,D,E

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Question 6

What is the recommendation when setting up Reconciliation Rule Sets?

A. Many to Many rules should always be used last in the sequence. B. One to One rules should be sequenced above rules of other types. C. Many to Many rules should always be used first in the sequence. D. One to One rules should be sequenced below rules of other types.

Correct Answer: A

Question 7

You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?

A. Generate a 1096 form and submit it instead. B. Run and submit your 1099s because it will automatically reflect any changes. C. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report. D. Manually enter the 1099s for the State and submit.

Correct Answer: C

Question 8

You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?

A. Needs Revalidation B. Not Required C. Not Validated D. Imported E. Validated

Correct Answer: C

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Question 9

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

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

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Oracle Financials Cloud: Payables 2023 Implementation Professional - 1Z0-1055-23 Exam Practice Test