Latest Jul 08, 2022 1Z0-1055-21 Brain Dump A Study Guide with Tips & Tricks for passing Exam [Q54-Q70]

Rate this post

Latest Jul 08, 2022 1Z0-1055-21 Brain Dump: A Study Guide with Tips & Tricks for passing Exam

1Z0-1055-21 Question Bank: Free PDF Download Recently Updated Questions

Oracle 1Z0-1055-21 Exam Syllabus Topics:

Topic	Details
Topic 1	Explain the Integrated Imaging Solution Manage Subledger Accounting
Topic 2	Explain Oracle Transactional Business Intelligence (OTBI) Use Business Intelligence Publisher (BIP) Reports
Topic 3	Process expense reimbursements Create and Account for invoices
Topic 4	Audit Expense Reports Manage Business Units Enter Expense Reports
Topic 5	Manage Witholding and Transaction Taxes Use the Payables to Ledger Reconciliation Report

Q54. Before you can configure payment approval rules, your company must define a payment approval policy.
Which three are done by the payment approval policy? (Choose three.)

It allows approvers to review payments and decide whether or not to approve a payment.

It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.

It defines a list of approvers who review payments and make final payment decisions.

It defines when to initiate the payment approval process.

It determines which payments must go through the payment approval process.

Q55. A company has a requirement to default the disbursement bank account when submitting a Payment Process Request.
Which actions will accomplish this? (Choose two.)

Define the Disbursement Bank Account at the business unit level to have the payment process derive the bank account.

Define the Disbursement Bank Account to the Payment Method in payment default rules.

Define the Disbursement Bank Account to every supplier.

Create a Payment Process Request template that includes the Disbursement Bank Account.

Assign the Disbursement Bank Account to users to have the payment process default the bank account.

Q56. Your client is concerned that all expense reports are getting automatically approved by the expenses system despite the setup of an Audit Selection Rule.
What is the reason for this?

The audit selection rule has not been assigned in the system options page

The audit selection rule has not been assigned to the legal entity

Auditing has not been enabled in the system options page

An expenses template and type rule has not been setup

The audit selection rule has not been assigned to the business unit

Q57. You have successfully processed the expense reports for reimbursement and have transferred the information to Payables. What is the next step before you can pay them?

Transfer the data to General Ledger.

Validate the invoice in Payables.

Create a payment process request in Payments.

Create Accounting for the invoice in Payables.

Q58. You created a payment and before it is cashed by the supplier you mistakenly submitted a request to stop payment. Later you canceled the request to stop payment. What is the resulting payment status?

Voided

Negotiable

Stop initiated

Available

Canceled

Cleared

Q59. Which method can you use to route payment approval rules?

Approval Groups

Sequential

Both Parallel and Sequential

Parallel

Serial and FYI (For Your Information)

Q60. What two job roles are required to access information within Functional Setup Manager? (Choose two.)

Application Implementation Manager

Any Functional User

Application Implementation Consultant

Functional Setup Manager Superuser

IT Security Manager

Q61. Your client company wants to ensure that the payments they are sending to their financial institution are valid and formatted correctly. They would like to identify any validation failures as early in the process as possible.
Where would you suggest the validations are set?

Supplier Site

Payment Method

Payment Format

Payment Terms

Disbursement Bank Account

Q62. Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)

Do not assign bank accounts to business units.

Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.

Business units must be granted access to the bank account.

Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.

Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.

Q63. Which statement is true about selecting a bank account on the Create Payment page?

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

Bank account must match the supplier’s bank account.

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

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

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

Q64. You have two business units: Vision Operations and Vision Services. How can you enable expense auditors to audit expense reports for specific business units?

Assign the Expense Auditor as the owner of each business unit on the Manage Business Unit Set Assignments page.

Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.

Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the business units.

Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the role.

Q65. During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid. They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action? (Choose two.)

New expense report containing disallowed expense items is immediately created.

Approved part of the expense report is not eligible for expense reimbursement.

The approved part of the expense report is eligible for expense reimbursement.

New expense report containing disallowed expense items is not created until manager approves the short payment.

Q66. Which invoice types can be included in the Create Payment flow?

Standard, Credit Memo and Debit Memo

Standard, Credit Memo and Customer Refund

Standard, Credit Memo, and Invoice Request

Standard, Debit Memo and Customer Refund

Q67. Which component is not included in the security architecture for credit card data and bank account data encryption?

Oracle Wallet

Supplier master encryption key

Sensitive data encryption and storage

Payments subkeys

Payments master encryption key

Q68. You want your expense auditors to audit only expenses reports for specific business units. How do you do this?

Create your own audit extension rules that correspond to the business unit.

Assign the auditors’ specific data roles for the corresponding business units.

Create a custom duty role and assign the data roles to each auditor.

Make auditors the managersof the corresponding business unit to route expense reports properly.

Q69. What are the two advantages of using a spreadsheet for correcting invoice import errors? (Choose two.)

identification of errors with clear error messages at the invoice header and line levels

ability to enter a high volume of invoices via a spreadsheet

ability to correct errors and re-import invoices directly from a spreadsheet

identification of errors with clear error messages at the invoice header level only

ability to correct errors within the spreadsheet and send invoice corrections for approval

Q70. Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.

Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.

Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.

Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.