Oracle 1Z0-1056-20 Online Practice Questions and Exam Preparation

Oracle 1Z0-1056-20 Online Questions & Answers

• Question 1:

  A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be

  credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.

  How can you meet this requirement?

  A. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
  B. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
  C. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
  D. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
  C. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

• Question 2:

  Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

  A. drilldown to see reconciliation details and to make reconciling corrections
  B. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
  C. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
  D. drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
  E. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel
  B. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
  C. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
  E. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel

• Question 3:

  Which two statements are true regarding the Promise to Pay feature in the Collections application?

  A. Mass promise to pay amounts automatically become partial payments.
  B. You cannot cancel a promise made in error if it is before the promise due date.
  C. Promise information is updated by scheduling the Promise Reconciliation process.
  D. You can cancel a promise made in error if it is before the promise due date.
  A. Mass promise to pay amounts automatically become partial payments.

• Question 4:

  You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned

  an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.

  Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?

  A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
  B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
  C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
  D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
  E. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
  F. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
  D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.

• Question 5:

  You are the Billing Manager and you are responsible for reviewing adjustments and approving them. Which two tabs are available in the Adjustments Overview Region on the Billing Work Area page? (Choose two.)

  A. Pending My Research
  B. Pending Approval From Managers
  C. Pending Approval
  D. Pending My Approval
  E. Approved
  A. Pending My Research
  D. Pending My Approval

• Question 6:

  Your client performs many customer refunds and would like to search for real-time Receivables Refunds Status easily. What should you do to meet this requirement?

  A. Create a Business Intelligence Publisher Report because you cannot create an OTBI Report for refunds.
  B. Create an Oracle Business Intelligence Applications (OBIA) Report.
  C. Query each customer refund and verify the Refund Status.
  D. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).
  D. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).

• Question 7:

  What is required to register an external user to Bill Management?

  A. a customer account contact with the responsibility types bill to and ship-to
  B. a customer account contact with a valid mailing address
  C. a customer account contact with a valid mobile number
  D. a customer account contact with a valid email address
  A. a customer account contact with the responsibility types bill to and ship-to

• Question 8:

  A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit. What is the status of the adjustment?

  A. Pending Approval
  B. Forwarded for Approval
  C. Pending Research
  D. Approval Required
  A. Pending Approval

• Question 9:

  What are the three drilldown options available in the task pane for Receipt Remittance? (Choose three.)

  A. Lockbox Transmission History
  B. Create Automatic Receipts
  C. Correct Funds Transfer Errors
  D. Create Receipt Remittance Batch
  E. Manage Receipt Remittance Batches
  B. Create Automatic Receipts
  D. Create Receipt Remittance Batch
  E. Manage Receipt Remittance Batches

• Question 10:

  Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.

  A. The invoice is not closed.
  B. The transaction is partially paid.
  C. The transaction type is not associated with a credit memo type.
  D. The transaction date falls in a closed period.
  E. The transaction is an invoice.
  C. The transaction type is not associated with a credit memo type.