1Z0-1055-21 Online Practice Questions and Answers

A company makes the payment in a currency different from the invoice and ledger currency. What setup options are required to make the cross currency rate type the default?

A. Manage Invoice Options and Manage common options for Payables and Procurement

B. Manage Payable Options and Manage Invoice Options

C. Manage Invoice Options and Manage Procurement agents

D. Manage common options for Payables and Procurement and Manage Procurement agents

E. Manage Payment Options and Manage common options for Payables and Procurement

If you accidentally paid an invoice using Create Payment flow, can you undo the operation?

A. yes, by canceling the payment process from the process monitor

B. Cancel the invoice and create a new one.

C. yes, by voiding the payment created

D. yes, by creating a credit memo to offset the payment

E. no

Which two statements are true about the Invoice Validation process? (Choose two.)

A. opens the relevant accounting period

B. validates project information

C. updates supplier balances

D. creates tax lines and distributions

E. creates accounting entries in draft

An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)

A. Both the invoice and the credit memo are included in the Payment Process Request.

B. Neither the invoice nor the credit memo is included in the Payment Process Request.

C. Both the invoice and the credit memo are fully paid.

D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.

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.

You have an invoice for a three-month lease and wish to recognize the expense monthly for the duration of

the lease.

What must be entered on the invoice in order to do this?

A. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.

B. You must provide a start date, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.

C. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.

D. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.

You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you

notice the invoice is not cancelled but has an Invoice Cancel hold on it.

What is reason for this?

A. The invoice has been partially paid by another payment.

B. The invoice date is not in the current open period.

C. The invoice is already on hold.

D. The invoice accounting date is not in the current open period.

Which three are Invoice Header attributes that can be used during invoice approval rule creation? (Choose three.)

A. Business Unit Name

B. Pay Group Lookup Code

C. Statistical Amount

D. Requester Name

E. Accounting Date

You have an invoice with a payment term that has the following settings: Day of Month = 15 Cut off Day = 11 Months Ahead = 0 Terms Date on Invoice = January 12th What will the resulting due date for the invoice installment be?

A. March 15th

B. January 15th

C. April 15th

D. February 15th

Your customer has an electronic payment format program in use and wants all the documents to use the pay group "Domestic". What should you do to achieve this?

A. Define a user validation at the format program to include: Field "Document pay group", condition "Equal to String", value "Domestic", and Field "Document pay group", condition "Required" and value ?not applicable.

B. Define a user validation at the format program to include: Field "Document pay group", condition "Equal to String", and value "Domestic".

C. Modify your template to hard code the value "Domestic" for the pay group position.

D. Define a user validation at the formatprogram to include: Field "Document pay group", condition "Equal to String", value "Domestic", and Field "Format Program Code", condition "Equal to String" and value ? as desired.