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Oracle 1Z0-1055-24 Examinations Actual Questions - Best 1Z0-1055-24 Study Material

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Oracle 1Z0-1055-24 Exam Syllabus Topics:

Topic
Details

Topic 1

Configuring Payables and Payments: This section assesses the skills of Implementation Consultants in configuring payables and payments within Oracle Financials Cloud156. It covers managing withholding and transaction taxes, configuring payables and payments, managing business units, managing sub-ledger accounting, and managing invoice and payment approvals1. These skills are vital for setting up and customizing the system to meet specific business requirements.

Topic 2

Processing Expenses: This section evaluates the capabilities of Auditors in managing expense-related tasks156. It covers entering expense reports, managing expense approvals, processing expense reimbursements, managing corporate cards, auditing expense reports, and setting up expenses within the system. These skills ensure compliance with expense policies and accurate reimbursement processes.

Topic 3

Using AI Capabilities in Payables: This section measures the skills of AI Implementation Specialists in leveraging AI within Oracle Payables1. It covers understanding how to leverage Oracle’s pervasive AI approach in Oracle Cloud Applications, describing the integration and application of AI within the Oracle ERP ecosystem, and using AI to automate intelligent account combination defaulting1. These skills ensure the effective utilization of AI to improve efficiency and accuracy in payables processes.

Topic 4

Processing Payments: This section assesses the skills of Process Owners and focuses on creating and processing payments, along with explaining bank reconciliations within Oracle Financials Cloud156. Proficiency in these areas ensures accurate and timely payment processing, along with reconciliation for financial accuracy.

Topic 5

Using Reporting and Managing Period Close: This section measures the understanding of Financial Analysts in utilizing reporting tools and managing period-end activities1. It includes explaining Oracle Transactional Business Intelligence (OTBI), using Business Intelligence Publisher (BIP) Reports, using the Payables to Ledger Reconciliation Report, and explaining the close process1. These skills are essential for monitoring financial performance and ensuring accurate period-end closing.

Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q53-Q58):

NEW QUESTION # 53
During an expense audit, the auditor marks an expense item, which is missing a receipt, to be Short Paid. The auditor chooses to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what are the two valid results of the auditor's action?

A. A new expense report containing disallowed expense items is immediately created.
B. A new expense report containing disallowed expense items is not created until the manager approves the short payment.
C. The approved part of the expense report is eligible for expense reimbursement.
D. The approved part of the expense report is not eligible for expense reimbursement.

Answer: A,C

NEW QUESTION # 54
Adaptive Intelligence (AI), integrated with Oracle Payables Cloud, supports sophisticated data science that drives early payment discount offers.
Which of these is NOT a feature of early payment discounts?

A. Eligible discounts decrease on a sliding scale based on the supplier's discretion.
B. Variable annual percentage rate (APR), based on "days paid early," is used to determine the discount amount.
C. The earlier the payment, the greater the discount.

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation:
Oracle Payables Cloud, enhanced with Adaptive Intelligence (AI), offers a feature known as Early Payment Discounts. This functionality enables organizations to optimize their cash flow by taking advantage of discounts offered for early invoice payments.
Key Features of Early Payment Discounts:
* Variable Annual Percentage Rate (APR) Based on "Days Paid Early" (Option B):
* Explanation: The discount amount is calculated using a variable APR, which is determined based on the number of days the payment is made ahead of the due date. The earlier the payment is made, the higher the discount percentage applied.
Reference: Early Payment Discount Offers
The Earlier the Payment, the Greater the Discount (Option C):
Explanation: This principle aligns with the time value of money, where paying invoices earlier results in greater discounts. The discount decreases as the payment date approaches the invoice due date.
Reference: Early Payment Discount Offers
Clarification of Option A:
Eligible Discounts Decrease on a Sliding Scale Based on the Supplier's Discretion:
Explanation: While the discount offered decreases over time, this scaling is typically predefined in the payment terms agreed upon between the buyer and the supplier, rather than being adjusted at the supplier's discretion on a case-by-case basis. The terms are set during the establishment of the early payment discount program and are systematically applied, ensuring consistency and predictability in discount calculations.
Therefore, Option A is not a feature of the early payment discounts as implemented in Oracle Payables Cloud with Adaptive Intelligence.
References:
Early Payment Discounts
Early Payment Discount Offers
Once enrolled, a supplier discount is set and applies to all payments indefinitely, until supplier unsubscribes.

NEW QUESTION # 55
You are testing the Payables to General Ledger Reconciliation report at the ledger level for your UK Ledger.
You have run and selected the extract for the report but the request returned the message: "No data to display".
What is the reason for this?

A. You did not select the business units associated to the UK Ledger.
B. The financial category of Accounts Payable is not assigned to the liability accounts.
C. You did not specify the range of liability accounts to include in the extract.
D. The reconciliation flag has not been enabled for your liability accounts.

Answer: B

NEW QUESTION # 56
As a Workflow Administrator, you are tasked with configuring certain invoice approval rules to align with your company's policy. You decide to make use of the purchase order additional attributes and descriptive flexfields to appropriately configure invoice approval rules and route workflow notifications to approvers.
Which two are NOT purchase order additional attributes that workflow administrators can use to configure invoice approval workflow rules?

A. Purchase Order Pending Fulfillment
B. Purchase Order Destination Type Lookup Code
C. Purchase Basis
D. Freight Terms
E. Purchase Order Schedule

Answer: A,E

NEW QUESTION # 57
A company has assigned a withholding tax classification to an invoice line to withhold two taxes, each tax withheld at different rates and remitted to different tax authorities.
Tax A has a withholding tax rate of 5% with compounding precedence of 1 Tax B has a withholding tax rate of 10% with compounding precedence of 2 What are the withholding tax amounts computed for the two taxes when the withholding taxable amount is
100$?

A. Tax A:5%, Tax B:$9.5
B. Tax A:5%, Tax B:$10.5
C. Tax A:5%, Tax B:$10
D. Tax A:4.5%, Tax B:$10

Answer: A

NEW QUESTION # 58
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