Oracle 1Z0-1056-22 Online Practice Questions and Exam Preparation

Oracle 1Z0-1056-22 Online Questions & Answers

• Question 81:

  You need to make decisions about how an application should behave, such as date ranges and defaults.

  What should you consider before defining Collections Preferences?

  A. scheduled processes
  B. system privileges
  C. user application privileges
  D. the employees who are involved with the collections process and how the collectors will be assigned
  E. customer contact information
  D. the employees who are involved with the collections process and how the collectors will be assigned

• Question 82:

  When a customer opts to make a payment by a creditcard, this receipt is identified as a(n) _______________.

  A. miscellaneous receipt
  B. quick cash receipt
  C. manual receipt
  D. automatic receipt
  E. AutoLockbox receipt
  D. automatic receipt

• Question 83:

  You are configuring tax for Receivables to cash transactions.

  Which two additional Party types can be selected only in the Tax engine for Receivables Transactions to identify the place of supply? (Choose two.)

  A. Ship-to party
  B. Ship-from party
  C. Point of origin party
  D. Point of acceptance party
  E. Bill-to party
  B. Ship-from party
  C. Point of origin party

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faitx/tax-configuration.html#FAITX247797

• Question 84:

  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
  E. Pending remittance

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  Explanation/Reference:

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

• Question 85:

  What are three functions of the Create AutomaticReceipt Write-offs program? (Choose three.)

  A. creating write-offs for specific currencies and customers
  B. limiting write-offs by a percentage of the original receipt amount
  C. scheduling periodic write-offs as receipt adjustments for small remaining balances
  D. scheduling periodic write-offs as receipt adjustments for old remaining balances
  E. scheduling periodic write-offs to occur in future periods
  A. creating write-offs for specific currencies and customers
  B. limiting write-offs by a percentage of the original receipt amount
  C. scheduling periodic write-offs as receipt adjustments for small remaining balances

• Question 86:

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

  A. Deposit
  B. Guarantee
  C. Debit Memo
  D. Credit Memo
  E. Charge Back
  A. Deposit
  B. Guarantee
  C. Debit Memo

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  Explanation/Reference:

• Question 87:

  After creating Receivable Activities using the General Ledger Rapid Implementation workbook upload process, a Receivable Manager wants to review and make changes if required, to the account assignments created for these Receivable Activities.

  Which two Receivable Activities do not have account assignments to review and change? (Choose two.)

  A. Unearned Discounts
  B. Earned Discounts
  C. Debit Memo Reversal
  D. Miscellaneous Receipt
  E. Adjustment Activities
  D. Miscellaneous Receipt
  E. Adjustment Activities

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-common-accounts-receivable-configuration.html#FAIRP239561

• Question 88:

  When importing Receivabletransactions into Fusion Receivables, the Autoinvoice log gives the error message "Error: Item validation org not set up for the BU."

  What action should you take to solve the issue?

  A. Set up Item validation organization in Inventory Item.
  B. Validate the Item validation organization in inventory Org.
  C. Set up Item validation organization in Inventory Org.
  D. Set up Item validation organization in Receivables System Options.
  D. Set up Item validation organization in Receivables System Options.

• Question 89:

  Which reporting tool is primarily used by users to create ad hoc analysis from real-time Receivables data?

  A. Smart View
  B. Oracle Transaction Business Intelligence
  C. ADFdi Spreadsheets
  D. XML Publisher
  E. Financial Reporting Web Studio
  B. Oracle Transaction Business Intelligence

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  Explanation/Reference:

  Reference: https://docs.oracle.com/cd/E51367_01/fa_lcm_gs/BIFAD/BIFAD.pdf

• Question 90:

  You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days.

  Which actions are true? (Choose two.)

  A. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.
  B. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.
  C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.
  D. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to PendingRemittance.
  E. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.
  C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.
  D. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to PendingRemittance.

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  Explanation/Reference:

  For bills receivable factored with recourse, receipts are applied to short term debt before the bill maturitydate plus risk elimination days. For receipts applied to short term debt, use the Recall action to recall the bill receivable and reverse these receipt applications.