1Z1-1055 by Oracle Valid Free Exam Practice Test

Question 1

Which two statements about the submission of invoices by suppliers using Supplier Portal are true? (Choose two.)

A. A supplier can make changes to the invoice after submitting it. B. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed. C. A supplier can validate the invoice after submitting it. D. A supplier can submit a single invoice against multiple purchase orders, provided the currency and organization for all the invoice items are the same as those on the purchase orders. E. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.

Correct Answer: A,B,C

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Question 2

An installment for $2,000 USD is due for payment on July 31, 2018. The installment has two discounts: the first discount date is June 15, 2018 for $150 USD and the second discount date is June 30, 2018 for $50 USD.
You submit a Payment Process Request with the following criteria:
Payment Date = June 20, 2018
Pay Through Date = July 30, 2018
Date Basis = Due Date
What will be the resulting status of the installment and discount?

A. The installment is selected and a discount of $150 USD is applied.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm#FAPPP1011879 B. The installment is not selected because the discount dates are before the Pay Through Date. C. The installment is selected and no discount is applied. D. The installment is not selected because the due date is after the Pay Through Date. E. The installment is selected and a discount of $50 USD is applied.

Correct Answer: D

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 provides a central place to access and perform all of the setup steps across the applications. 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 automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.

Correct Answer: B,C,E

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Question 4

You need 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. (Choose two.)

A. Configure Subledger Accounting rules to allocate costs. B. Define a distribution set and assign it manually to the invoice. C. Choose the 'All Lines' option from the Allocate menu in the invoice line area. D. Define a distribution set and assign it to the supplier.

Correct Answer: A,B

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Question 5

The expense auditor has chosen to Request More Information for an expense report. Select two ways the system processes this action. (Choose two.)

A. The expense report status remains Pending Payables Approval. B. The audit can be completed before the requested information is received from the employee. C. The employee must resubmit the expense report. D. The expense report is routed back to the approvers.

Correct Answer: A,D

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Question 6

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

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Question 7

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

A. The payment term of the invoice overrides the purchase order payment term. B. The purchase order payment term cannot be overridden. C. The payment term of the purchase order overrides the invoice payment term. D. The user needs to manually change the payment term on the invoice to match the purchase order payment term. E. The user needs to specify which payment term to use.

Correct Answer: A

Oracle Financials Cloud: Payables 2019 Implementation Essentials - 1Z1-1055 Exam Practice Test