1Z1-1055 by Oracle Actual Free Exam Q&As

Question 1

Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)

A. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables. B. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables. C. Supplier site primary pay flag and customer account bill to primary flag should be enabled. D. Manual Approvals should be allowed for the transaction type.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm E. Schedule create accounting for the intercompany process. F. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.

Discussion 0

Correct Answer: A,C Vote an answer

Question 2

How will system evaluate the tolerances for expense reports?

A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100). B. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100). C. System will use absolute amount tolerance setup to do validations. D. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision. E. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.

Discussion 0

Correct Answer: B Vote an answer

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Question 3

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 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 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 for 12,000 and Credit Liability 12,000 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

Discussion 0

Correct Answer: A Vote an answer

Question 4

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 due date is after the Pay Through Date. C. The installment is selected and a discount of $50 USD is applied. D. The installment is selected and no discount is applied. E. The installment is not selected because the discount dates are before the Pay Through Date.

Discussion 0

Correct Answer: B Vote an answer

Question 5

An installment for $1,000 USD is due for payment on January 10, 2019. The installment has two discounts: the first discount date is December 5, 2018 for $150 USD and the second discount date is December 20, 2018 for $50 USD. The Pay Date Basis on the supplier site is Discount.
You submit a Payment Process Request with the following criteria:
Payment Date = December 5, 2018
Pay Through Date = December 25, 2018
Date Basis = Pay Date
Always Take Discount option is enabled
What will be the resulting status of the installment and discount?

A. The installment is selected and a discount of $150 USD is applied because the Always Take Discount option was enabled. B. The installment is not selected because the first discount date is before the Pay Through Date. C. The installment is selected but no discount is applied because the payment date is after the discount dates. D. The installment is selected and a discount of $200 USD ($150 + $50) is applied. E. The installment is selected and a discount of $50 USD (the second discount) is applied.

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Correct Answer: A Vote an answer

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Question 6

An installment meets all the selection criteria of a Payment Process Request, but it still does not get selected for payment processing.
What are the two possible reasons for this? (Choose two.)

A. The invoice has not been accounted. B. The invoice needs re-validation. C. The pay-through date is in a future period. D. The pay-through date is in a closed Payables period. E. The invoice requires approval.

Discussion 0

Correct Answer: B,E Vote an answer

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