Free Access Oracle.1Z0-1055-21.v2022-02-01.q51 Practice Test (Page 5)

Question 16

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

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

B.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.

C.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.

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

Question 17

After you submitted a Payment Process Request, you noticed errors. You want to void the payments. Identify two statements that indicate when it is not possible to void a payment. (Choose two.)

A.A payment that pays a prepayment that has been applied to an invoice.

B.A payment that has already cleared the bank.

C.A payment that has been accounted and posted to General Ledger.

D.A payment with the status of Issued.

E.A payment for an invoice with an associated Withholding Tax invoice.

Question 18

You need to enter a last-minute invoice during the close process. What is the quickest way to enter and post the invoice to general ledger?

A.Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.

B.Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.

C.Enter and post a manual journal entry directly into the general ledger.

D.Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledger's Manage Journals page and post the associated invoice journal entry.

Question 19

Your company policy requires imaged receipts for expense reports.
Which two statements are true about the association of a receipt to an expense report? (Choose two.)

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

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

C.Employees are not reimbursed for expense report expenditures until missing or overdue imaged receipts are submitted.

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

Question 20

The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)

A.All related interest invoices are reversed if previously created.

B.Any previous accounting and payment records for an invoice are reversed.

C.All related withholding tax invoices are automatically voided.

D.Any realized gain or loss previously calculated is reversed.

E.Voiding the payment automatically places an invoice on hold.

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Question 16

Question 17

Question 18

Question 19

Question 20

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