Oracle Enterprise Resource Planning (ERP) 1Z0-1056-21 Questions & Answers

• Question 21:

  Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?

  A. Intercompany invoicing must be enabled in Payables Invoice Options.

  B. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.

  C. Intercompany invoicing must be enabled in Receivables System Options.

  D. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.

  Correct Answer: D

• Question 22:

  Which two initial tasks need to be completed in the Customer Account Profile page in order to generate and deliver XML invoices under the OAGIS (Open Applications Group Integration Specification) 10.1 format?

  A. Select the Enable OAGIS 10.1 XML Format Check Box

  B. Set Preferred Delivery Method to XML

  C. Set Preferred Delivery Methods to Email

  D. Set Preferred Contact Method to XML E. Select the Enable XML Invoicing Check Box for Relevant Transaction Classes

  Correct Answer: DE

• Question 23:

  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.

  Correct Answer: C

• Question 24:

  You are explaining the benefits of using Bill Management as a self-service electronic bill presentment

  solution to an existing customer.

  Which feature is not supported in Bill Management?

  A. Making payments by using a credit card or the bank account

  B. Managing unapplied payments

  C. Managing credit memos

  D. Reviewing customer account balances

  E. Managing disputes

  Correct Answer: A

• Question 25:

  One of the customers pays its bills electronically from their bank account (Direct debit). Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account?

  A. Clear Receipts Automatically Process

  B. Remittance Process

  C. Automatic Receipt Process

  D. Lockbox Process

  Correct Answer: B

• Question 26:

  You are trying to migrate the Subledger Accounting setup by using the Export and Import functionality in the Setup and Maintenance work are

  A. The import process, however, returns errors. Identify two reasons for the import failure.

  B. an inactive Journal Line Type

  C. an inactive Accounting Method

  D. an inactive Mapping Set

  E. an inactive Journal Entry Rule Set

  Correct Answer: C

• Question 27:

  Which two statements are true about configuring Collection Strategies?

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

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

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

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

  Correct Answer: AD

• Question 28:

  Your company wants to generate Intercompany transactions only if the amount Involved is equal to or

  greater than $3,000 USD.

  How should you configure Intercompany System Option*; to meet this requirement?

  A. Set "Minimum Transaction Amount" to 3,000 and "Minimum entered Currency" to USD.

  B. Set "Minimum Transaction Amount" to 2,999.99 and "Minimum Entered Currency" to ALL

  C. Define intercompany approval rule, to automatically reject intercompany transactions that do not meet the minimum amount requirement.

  D. Set "Minimum Invoice Amount" to 3,000 and "Invoice Currency" to USD in Payables Invoice Options and Receivables System Options.

  Correct Answer: D

• Question 29:

  After a customer bankruptcy is approved, what happens in the Collections application?

  A. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.

  B. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.

  C. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.

  D. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.

  Correct Answer: A

• Question 30:

  Your customer upload batch completes with an error and you identify the error as being due to incorrect

  payment method.

  Which action should you take the resolve the Issue?

  A. Use the Customer Data Exceptions spreadsheet.

  B. Use the Customer Payment Method Exceptions spreadsheet.

  C. Troubleshoot In the Manage Customers page.

  D. Correct error and resubmit the batch.

  Correct Answer: B