Oracle Financials Cloud: Payables 2021 Implementation Essentials (1Z0-1055-21) Free Practice Test

Question 1

Your company policy requires that receipts be attached to expense report items before reimbursement can be made.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)

A. Expenses do not create payment requests for expense reports that have missing or overdue receipts.

B. An expense report may require original, imaged, or both types of receipts.

C. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.

D. Receipts are not required if the expense item falls within Per Diem Rates.

Correct Answer: A,B

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Question 2

Which statement is true about selecting a bank account on the Create Payment page?

A. LE on the bank account should be equal to LE on the invoice.

B. Users can pick any bank account as long as the bank account is tried to the business unit.

C. Bank account must match the supplier's bank account.

D. LE on the bank account should be different from the LE on the invoice.

E. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.

Correct Answer: A

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 3

An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)

A. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.

B. Neither the invoice nor the credit memo is included in the Payment Process Request.

C. Both the invoice and the credit memo are included in the Payment Process Request.

D. Both the invoice and the credit memo are fully paid.

Correct Answer: A,C

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 4

You have three procurement business units, four requisition business units and five sold-to business units. For which will the supplier registration flows be deployed?

A. four requisition business units

B. five sold-to business units

C. three procurement business units

D. twelve business units per supplier

E. one business unit per supplier

Correct Answer: C

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 5

Your client wants the subledger journal entry description to be transferred to general ledger.
Which two could be used to enable this? (Choose two.)

A. Set the General Ledger Journal Entry Summarization option to Summarize by general ledger date

B. Set the General Ledger Journal Entry Summarization option to Summarize by general ledger period

C. Set the General Ledger Journal Entry Summarization option to Group by general ledger date

D. Set the General Ledger Journal Entry Summarization option to Group by general ledger period

Correct Answer: A,B

Question 6

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 is routed back to the approvers.

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 status remains Pending Payables Approval.

Correct Answer: A,D

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 7

You need to route invoices to three different approvers at the same time, and only one approver needs to approve the invoice.
Which approval ruleset should you use?

A. ParallelTypeParticipantInParallelModeRuleSet

B. InvoiceApprovalRuleSet

C. SingleTypeParticipantInParallelModeRuleSet

D. FyiTypeParticipantInParallelModeRuleSet

Correct Answer: A

Question 8

You are using both Procurement and Financials. You want the system to automatically accrue uninvoiced receipts. Select two true statements. (Choose two.)

A. For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

B. For period end accruals, the invoice accounting debits the expense account and credits the liability account.

C. For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.

D. For period end accruals, accounting is created at material receipt or at delivery to a final destination.

Correct Answer: A,B

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Oracle Financials Cloud: Payables 2021 Implementation Essentials (1Z0-1055-21) Free Practice Test