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1Z0-1056-21 Real Exam Questions

Oracle Financials Cloud: Receivables 2021 Implementation Essentials

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Question 1 Multiple choice

Which two Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose two.)

  1. A

    Debit Memo

  2. B

    Deposit

  3. C

    Charge Back

  4. D

    Credit Memo

  5. E

    Guarantee

Show answer and explanation

Correct answers: A, D

Question 2 Single choice

Identify the dunning letter template set provided by an application.

  1. A

    Soft, Regular, Hard

  2. B

    Regular, Medium, Hard

  3. C

    Final Demand, Soft, Medium

  4. D

    Regular, Final Demand, Medium

Show answer and explanation

Correct answer: C

Question 3 Multiple choice

Which two are rules applicable to issue of refunds? (Choose two.)

  1. A

    You cannot refund more than either the original receipt amount or the remaining unapplied amount.

  2. B

    You can refund receipts that were either remitted or cleared.

  3. C

    You can issue a credit card refund to a customer who has made a cash payment.

  4. D

    You can refund receipts that are factored.

Show answer and explanation

Correct answers: A, B

Question 4 Multiple choice

Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)

  1. A

    Import Payables Invoices Duty

  2. B

    Receipt Creation Duty

  3. C

    Trading Community Hierarchy Management Duty

  4. D

    Payment Settlement Management Duty

Show answer and explanation

Correct answers: A, D

Question 5 Multiple choice

Which two statements are true about configuring Collection Strategies?

  1. A

    You need to create Scoring Formulae (or use predefined Scoring Formulas).

  2. B

    You need to define an Aging Method that meets the requirements of your organization.

  3. C

    You need to SGI the (Collections Method to Strategies for the relevant business unit.

  4. D

    You need to create Strategy Tasks of the type "Automatic" only.

Show answer and explanation

Correct answers: A, D

Question 6 Multiple choice

Which two setups are required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices? (Choose two.)

  1. A

    Intercompany system options enable use of the same tax rate code for the payable and receivable invoices.

  2. B

    The payable options and the receivable system options should have the same tax application options.

  3. C

    Tax for intercompany is loaded by using Create Taxable Transactions in Spreadsheet.

  4. D

    First enter a payable transaction to calculate tax and then enter the receivable transaction.

  5. E

    Ensure if any tax-specific rules that are defined should cover both the sales_transaction and
    purchase_transaction business category.

  6. F

    Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.

Show answer and explanation

Correct answers: B, F

Question 7 Single choice

A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.

How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?

  1. A

    by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute

  2. B

    by defining a grouping rule on the customer class

  3. C

    by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute

  4. D

    by defining an item group and assigning that to the rule

  5. E

    by defining an exclusion rule to exclude customer classes that are "Retail"

Show answer and explanation

Correct answer: A

Question 8 Multiple choice

Identify two values that default from Customer Profile Classes. (Choose two.)

  1. A

    Business Purpose

  2. B

    Statement Cycle

  3. C

    Legal Entity

  4. D

    Tax

  5. E

    Payment Terms

Show answer and explanation

Correct answers: D, E

Question 9 Single choice

Your client processes many customer refunds on a regular basis and would like to have information about recent refunds (including their status) for analytical purposes.

What should you do to meet this requirement in an efficient manner?

  1. A

    Create an Oracle Transactional Business Intelligence (OTBI) analysis.

  2. B

    Search in the Receivables "Manage Credit Memo Applications" page, then export results to Excel.

  3. C

    Run the predefined Transaction Details Report.

  4. D

    Search in the Payables "Manage Payments" page, then export results to Excel.

Show answer and explanation

Correct answer: A

Question 10 Multiple choice

Which three receipts can be automatically applied by a system? (Choose three.)

  1. A

    receipts that are unapplied

  2. B

    receipts created in a spreadsheet and uploaded

  3. C

    miscellaneous receipts

  4. D

    receipts that are manually created

  5. E

    receipts created in a lockbox and uploaded

Show answer and explanation

Correct answers: C, D, E