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Free online Oracle 1Z0-1055-20 practice test

QUESTION 1
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: AB
A: Account Rules by Segment Define segment rules to derive a specific segment of the general ledger account. For
example, a particular segment like the company segment can be determined from the distribution account. Another
segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater
flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a
purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising
expense on an invoice to four advertising departments. References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm

QUESTION 2
How will system evaluate the tolerances for expense reports?
A. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
B. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
C. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
D. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
E. System will use absolute amount tolerance setup to do validations.
Correct Answer: C
Error: A percentage is used to calculate an error. The error tolerance amount is calculated as follows: Policy Rate *
(1+Error Tolerance/100)
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm

QUESTION 3
When creating a check payment, from where is the payment document defaulted?
A. Legal Entity
B. Bank
C. Business Unit
D. Bank Account
E. Supplier
Correct Answer: D
Create Check
This step shows how to create a check to pay the customer for theclaim. The customer will be paid with the
designated amount in Oracle Payables.
Navigation: Actions > Pay in Full.
Notes:
Bank Account: Select BofA.
Document: Select Check.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e16295/T544851T544993.htm

QUESTION 4
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
A. Invoices that are automatically created when the supplier creates an ASN for drop shipments
B. B2B XML invoices
C. Non purchase order matched invoices
D. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
E. Purchase order matched invoices
Correct Answer: BDE

QUESTION 5
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
A. Prepayments were applied to the invoice.
B. An accounting entry has been created for the invoice.
C. The invoice is validated.
D. The invoice is fully or partially paid.
E. The invoice was adjusted by a credit or a debit memo.
Correct Answer: ADE
Why can\\’t I cancel an invoice?
The invoice is:
Additional reasons thatyou can\\’t cancel an invoice are as follows:
You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments
or posting holds.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm#FAPPP1011878

QUESTION 6
While entering an expense report for your corporate card transactions, you notice that the conversion rate
defined in the Manage Conversion Rates and Policies page is not used.
What is the reason?
A. You did not define conversion rates for your business unit.
B. You did not specify a default expense template.
C. Only cash transactions use those settings.
D. You did not define conversion rates in the General Ledger Cloud.
Correct Answer: C
Conversion rate behavior applies only to cash expenses, not to corporate card expenses.
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm

QUESTION 7
Your client company has two business units and requires the Payables Specialist to process invoice
transactions for both business units.
What setup is required to achieve this?
A. a Self-Service Service Provider Model
B. a Dedicated Service Provider model
C. Business Unit Security
D. a Dedicated and Self-Service Service Provider Model
Correct Answer: C

QUESTION 8
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 change to February 28, 2018, the last day of the next period.
C. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2018.
D. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next
period.
Correct Answer: D
Run the Payables Unaccounted Transactions Sweep program to transfer unaccounted transactions from one
accounting period to another. If your accounting practices permit it, use this program to change the accounting date of
the transactions to the next open period. The program transfers unaccounted transactions to the period you specify by
updating the accounting dates to the first day of the new period.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htm

QUESTION 9
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. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the
payment amount below zero.
B. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
C. 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.
D. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
Correct Answer: C
When you submit a “payment process request”, you can enable the Apply credits up to zero amount payment option.
Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below
zero. The following scenario illustrate the impact of this option. Credit Amount Greater Than Invoice Amount An invoice
for 200 USD and a credit memo for 225 USD are due for payment. The following tabledescribes the payment processing
that occurs based on the setting for the Apply credits up to zero amount payment option. Assume that the “Apply Credits
Up to Zero Amount” option is enabled. Payment processing applies 200 USD of the credit memo to the invoice and
creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30 A68816F77

QUESTION 10
A Bill Payable document was paid but has not yet matured. What is the status of the payment?
A. In Transit
B. Cleared
C. Negotiable
D. Issued
Correct Answer: D

QUESTION 11
Which job role has full access to perform all Functional Setup Manager related activities?
A. Application System Administrator
B. Any Functional User
C. Functional Setup Manager Superuser
D. IT Security Manager
E. Application Implementation Consultant
Correct Answer: E

QUESTION 12
You are using the Payable\\’s Deferred Expense feature (also known as Multiperiod Accounting). You have entered an
invoice for a three-month lease that is entered on Jan 10th. The total expense is $12,000 and it covers the rental period
from Jan 1st to Mar 31st. Assuming that the rental expenses are split evenly per month and a monthly accounting
calendar is used, what would the accounting entry be?
A. On Jan 10th, Debit Prepaid Expense for 12,000 and Credit Liability 12,000
B. On Jan 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental
Expense for 4,000 and Credit Prepared Expense for 4,000
C. On Jan 10th, Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and thenOn Jan 31st, Debit Rental
Expense for 4,000 and Credit Prepared Expense for 4,000On Feb 28th, Debit Rental Expense for 4,000 and Credit
Prepared Expense for 4,000On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
D. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000On Jan 10th, Debit Rental
Expense for 12,000 and Credit Cash for 12,000
Correct Answer: C

QUESTION 13
Which dashboard or workarea displays the Scanned Invoices region for invoices processed through the Payables
Integrated Imaging solution?
A. Manage Invoices page
B. C-level executives
C. Invoices Workarea only
D. Payables Dashboard only
E. Payables Dashboard and Invoices Workarea
Correct Answer: C
Accounts payable specialists can view the list of scanned images for invoice entry, along with the additional routing
attributes, in the Scanned Invoices region of the Invoices work area. References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm

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