1Z0-1055-21 Online Practice Questions and Answers

You have invoices with distributions across primary balancing segments that represent different

companies.

What feature should you use if you want the system to automatically balance your invoice's liability amount

across the same balancing segments on the invoice distributions?

A. Payable's Automatic Offset

B. Intercompany Balancing

C. Subledger Accounting's Account Rules

D. Suspense Accounts

E. Payables' Allow Reconciliation Accounting

Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)

A. You must run the prepare Intercompany Reconciliation Reporting Information process.

B. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.

C. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

D. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.

E. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.

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

A. Do not assign bank accounts to business units.

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

C. Business units must be granted access to the bank account.

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

E. 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.

You have an invoice for $200 USD and a credit memo for $225 USD. In other words, the credit amount exceeds the invoice amount. If you enable the option to apply credits up to zero amount payment, then how will the invoice and credit memo be paid?

A. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.

B. Both the invoice and the credit memo are paid and a refund of $25 USD is created.

C. Both the invoice and credit memo are included in the payment process request for a payment amount of $0 USD. The credit memo is partially paid with a remaining credit of $25 USD.

D. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.

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

A. A supplier can make changes to the invoice after submitting it.

B. A supplier can submit a single invoice against multiple purchase orders across different currencies and organizations.

C. 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.

D. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are not fully billed.

E. A supplier can validate the invoice after submitting it.

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. Generate a 1096 form and submit it instead.

C. Run and submit your 1099s because it will automatically reflect any changes.

D. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.

What data can you find in an Oracle Transactional Business Intelligence subject area attribute column?

A. values that are organized into parent-child relationships

B. data that is metric and can be added up or aggregated

C. information about a business object with values that are dates, Ids or text

D. data that provides a measure of something

Which three are valid reasons why you cannot close your Payables period? (Choose three.)

A. Bills payable requiring maturity

B. Unaccounted invoices and payments

C. Suppliers on payment holds

D. Unapplied prepayments

E. Incomplete payment files

Your client company has two business units and requires the Payables Specialist to process invoice

transactions for both business units.

What setup is required to achieve this?

A. a Self-Service Service Provider Model

B. a Dedicated Service Provider model

C. Business Unit Security

D. a Dedicated and Self-Service Service Provider Model

Your company wants to generate intercompany transactions in USD but only if the amount involved is $3,000 USD or more. Which two intercompany system options are valid?

A. You cannot update the minimum transaction currency when intercompany currency is entered.

B. Intercompany invoices will be generated for the minimum accountable amount set at the payable invoice options and receivable system options.

C. Set the intercompany system option minimum transaction amount to $ 3,000 USD.

D. Approval rules need to set the allow of the intercompany transactions to be routed to the receiver or provider.

E. Set the intercompany system option minimum transaction amount to $2,999.99 USD.