Top 5 Tips to Crack 1Z0-1055-21 Oracle Financials Cloud Payables 2021 Implementation Essentials Exam

Top 5 Tips to Crack 1Z0-1055-21

Oracle Financials Cloud Payables 2021 Implementation Essentials Exam

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For Oracle 1Z0-1055-21 Exam

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2. Identify the key configuration, workflow and data flow.

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1Z0-1055-21 Certification Detail Exam Code

1Z0-1055-21

Full Exam Name

Oracle Financials Cloud Payables 2021 Implementation Essentials

Number of Questions

55

Practice Exams

1Z0-1055-21 Online Practice Exam

Passing Score

60%

Time Limit

90 minutes

Recommended Training

Oracle Financials Cloud: Payables 2021 Certified Implementation Specialist Oracle Financials Cloud Learning Subscription

Syllabus Topics for Oracle 1Z0-1055-21 Exam Topic Name Payables Invoices Payments

Expenses Configure Payables and Payments Reporting and Period Close

Oracle 1Z0-1055-21 Exam Questions

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

Option a) For period end accruals, accounting is created at material receipt or at delivery to a final destination. b) For period end accruals, the invoice accounting debits the expense account and credits the liability account. c) For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account. d) For period end accruals, the invoice accounting for inventory items debits receipt inventory and credits the uninvoiced receipts.

ANSWER b) For period end accruals, the invoice accounting debits the expense account and credits the liability account. c) For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

02. You want 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.

Option

a) Customize the Subledger Accounting rules to allocate costs. b) Define a distribution set andassign it manually to the invoice. c) Enter the invoice in Payables and then use general ledger’s Calculation Manager to allocate the costs. d) Define a distribution set and assign it to the supplier.

ANSWER a) Customize the Subledger Accounting rules to allocate costs. b) Define a distribution set andassign it manually to the invoice.

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

Option a) Bank account must match thesupplier’s bank account.

b) There is not relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system. c) LE on the bank account should be different from the LE on the invoice. d) LE on the bank account should be equal to LE on the invoice.

ANSWER d) LE on the bank account should be equal to LE on the invoice.

04. Identify two ways the invoice imaging solution works in the Cloud.

Option a) Customers scan the invoice on-premise and email the images.

b) Customers cannot use invoice imaging in the Cloud. c) Customers scan and store the invoice images on-premise and attach them during invoice entry.

d) Customers ask their suppliers to scan and email the invoice. e) Customers ask suppliers tosend electronic invoices.

ANSWER a) Customers scan the invoice on-premise and email the images. d) Customers ask their suppliers to scan and email the invoice.

05. 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?

Option a) Users can maintain scanned receipts in a central repository and provide a reference number in the expense report. b) An expense report may require original, imaged, or both types or receipts. c) Expenses do not create payment requests for expense reports that have missing or overdue receipts. d) Receipts are not required if the expense item falls within Per Diem Rates.

ANSWER a) Users can maintain scanned receipts in a central repository and provide a reference number in the expense report. b) An expense report may require original, imaged, or both types or receipts.

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