Oracle Oracle Financials Cloud 1Z0-1056-22 Questions & Answers

• Question 21:

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

  A. Import Payables Invoices Duty

  B. Receipt Creation Duty

  C. Trading Community Hierarchy Management Duty

  D. Payment Settlement Management Duty

  Correct Answer: AD

• Question 22:

  A client rents equipment for special events. They havethe following invoicing requirements:

  1.

  invoice must De entered and be due either immediately, or 20 or 10 days before the event.

  2.

  The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking.

  3.

  After the events occur, theclient 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 23:

  You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%.The customer has made a payment of $500 USD and you are required to process the cash application to apply the $500 USD to the item

  line and $0 USD to tax.

  How would you achieve this?

  A. Set the credit classification revenue recognition policy to look for Line First and Tax Later.

  B. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.

  C. Set Application Rule Set to Line First--Tax After at the transaction type level and/or a default value at system options.

  D. Set Application Rule Set to Line First--Tax After at the transaction source level and/or a default value at the receipt method.

  E. Set the payment terms revenue recognition policy to look for Line First and Tax Later.

  Correct Answer: C

• Question 24:

  The Billing Manager has navigated to the Billing work area to complete a transaction. The Incomplete Transactions Overview Region on the Billing Work Area page has a drilldown option through a column to complete the transaction.

  Identifythe column.

  A. Transaction Class

  B. Transaction Number

  C. Transaction Source

  D. Transaction Date

  Correct Answer: B

• Question 25:

  Which configuration step is required for processing Collections disputes?

  A. Define Aging Method to be used with disputed transactions.

  B. Define Dispute Thresholds in Collections Preferences.

  C. Set "Send Dispute Notice" Option to "Yes" in Collections Preferences.

  D. Define a "Collections" Approval Group as well as a "Billing" Approval Group in the BMP Worklist.

  Correct Answer: B

• Question 26:

  Identify three activities that you can perform from the Collections Dashboard. (Choose three.)

  A. Verify Customer Payments.

  B. Assign a Collector to a delinquent customer.

  C. View the Total Amount Due for delinquent customers.

  D. Record an activity to createa task or tasks to follow up on a delinquent customer.

  E. Update the work status of a work item for a delinquent customer.

  Correct Answer: BDE

• Question 27:

  What are the two places where Receivables can look for the "Match Receipts By" setting when applying manual customer receipts? (Choose two.)

  A. Receipt Method

  B. Profile option

  C. Customer

  D. AutoMatch Rule

  E. System Options

  Correct Answer: AE

• Question 28:

  You entered an invoice of $12500 in the receivable and created a receipt with the amount $15000 received from the customer.

  How will the system react if over applicationis enabled in transaction type while receipt is applied to the invoice?

  A. Invoice balance is displayed as 0.

  B. Invoice balance is displayed as 2500.

  C. Invoice balance is displayed as 0 and Miscellaneous receipt is created with 2500.

  D. Invoice balanceis played as 0 and On account receipt is created with 2500.

  Correct Answer: B

• Question 29:

  What is the initial status of a newly created bill receivable?

  A. Pending posting

  B. Awaiting approval

  C. New

  D. Awaiting submission

  E. Pending remittance

  Correct Answer: E

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faofc/manage-bills-receivable.html#FAOFC1479958

• Question 30:

  You have created two transactions with a 30-daypayment 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 asJanuary 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.

  Correct Answer: D