1Z0-1055-21 by Oracle Actual Free Exam Q&As

Question 1

A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation report?

A. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing. B. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level. C. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level. D. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.

Discussion 0

Correct Answer: C Vote an answer

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Question 2

You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you notice the invoice is not cancelled but has an Invoice Cancel hold on it.
What is reason for this?

A. The invoice is already on hold. B. The invoice accounting date is not in the current open period. C. The invoice date is not in the current open period. D. The invoice has been partially paid by another payment.

Discussion 0

Correct Answer: D Vote an answer

Question 3

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

Discussion 0

Correct Answer: B Vote an answer

Question 4

You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?

A. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense. B. Cancel the invoice, which debits the liability and credits the expense. C. Issue a credit memo, which will debit the liability and credit the expense. D. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.

Discussion 0

Correct Answer: D Vote an answer

Question 5

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

A. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed. B. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations. C. A supplier can make changes to 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 validate the invoice after submitting it.

Discussion 0

Correct Answer: A,C,E Vote an answer

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Question 6

What two job roles are required to access information within Functional Setup Manager? (Choose two.)

A. Application Implementation Manager B. Any Functional User C. Functional Setup Manager Superuser D. Application Implementation Consultant E. IT Security Manager

Discussion 0

Correct Answer: A,D Vote an answer

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Question 7

There are four key reports in Cash Management.
What is the correct match for each report and its description?
Report
1. Cash to General Ledger Reconciliation Report
2. Bank Statement Report
3. Cash in Transit Report
4. Bank Statement Analysis Report
Description
1. Lists all transactions for a specific bank account, that have been remitted to the bank but have not been cleared.
2. Displays the bank statements that are used to analyze balances and transaction details.
3. Displays balance and transaction information for specific bank statements.
4. Lists bank statement transactions that are accounted in GL but are not reconciled in Cash Management.

A. 1 = H, 2 = E, 3 = G, 4 = F B. 1 = H, 2 = F, 3 = E, 4 = G C. 1 = E, 2 = G, 3 = H, 4 = F D. 1 = H, 2 = G, 3 = E, 4 = F

Discussion 0

Correct Answer: B Vote an answer

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