Oracle 1Z0-1056-23 Online Practice Questions and Exam Preparation

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 1:

  Manage Balance Forward Billing Cycles and Payment Terms

  Scenario

  You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.

  Task:

  Define Balance Forward Payment Terms, where:

  1.

  Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)

  2.

  Payment terms are accessible to all business units

  3.

  Discounts are applicable to the full invoice amount

  4.

  Discounts are applicable even when the customer does not send a full payment

  5.

  Payment terms are effective as of January 1. 2023

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Payment Terms icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Payment Terms window, enter the following information:

  5.

  Click on the Save button.

  The new balance forward payment terms will be created.

  To make the payment terms accessible to all business units:

  1.

  Click on the Business Units tab.

  2.

  Select the check box next to All Business Units.

  3.

  Click on the Save button.

  The payment terms will now be accessible to all business units.

• Question 2:

  CORRECT TEXT-(Topic 2)

  Manage Receipt Classes and Methods

  Scenario

  Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

  Task:

  Create a manual Receipt Class, where:

  1.

  Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)

  2.

  Receipts using this new receipt class will not be remitted

  3.

  Organization will use Cash Management to clear their receipts

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Receipt Classes icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Receipt Class window, enter the following information:

  5.

  Click on the Save button.

  The new manual receipt class will be created.

  To make sure that receipts using this receipt class will not be remitted:

  1.

  Click on the Remittance Methods tab.

  2.

  Select the check box next to No Remittance.

  3.

  Click on the Save button.

  The receipts using this receipt class will now not be remitted.

• Question 3:

  CORRECT TEXT-(Topic 2)

  Manage Balance Forward Billing Cycles and Payment Terms

  Scenario

  You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.

  Task:

  Create Balance Forward Billing Cycle, where:

  1.

  Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)

  2.

  Bills are generated every day

  3.

  Cycle is effective as Of January 1,2023

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Balance Forward Billing icon in the Receivables work area.

  3.

  Click on the Cycles tab.

  4.

  Click on the Create button.

  5.

  In the Balance Forward Billing Cycle window, enter the following information:

  6.

  Click on the Save button.

  The new balance forward billing cycle will be created. To create a Balance Forward Billing Payment Term:

  1.

  Click on the Payment Terms tab.

  2.

  Click on the Create button.

  3.

  In the Balance Forward Billing Payment Term window, enter the following information:

  4.

  Click on the Save button.

  The new balance forward billing payment term will be created.

• Question 4:

  Manage Collectors

  Scenario:

  You are responsible for defining a new collector. who will perform collection activities across multiple business units.

  Task:

  Create a new Collector. where:

  1.

  Name of the collector is (Replace XX with 03. which is your allocated User ID.)

  2.

  Collector must be available to all business units.

  3.

  Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Collectors icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Collector window, enter the following information:

  5.

  Click on the Save button. The new collector will be created.

• Question 5:

  CORRECT TEXT-(Topic 2)

  Manage Aging Methods

  Scenario

  Your organization needs to create their own a-bucket aging method for reporting purposes.

  Task

  Create a new 4-bucket Aging Method in the Collections application, where:

  1.

  Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)

  2.

  Aging method is accessible to all business units

  3.

  Aging buckets are 45 days apart

  4.

  Last bucket is 91 days

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Aging Methods icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Aging Method window, enter the following information:

  5.

  Click on the Save button. The new aging method will be created.

• Question 6:

  Manage Receipt Classes and Methods

  Scenario

  Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

  Task:

  Create Receipt Method. where:

  1.

  Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)

  2.

  Receipt method must be effective as of January 1. 2023

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Receipt Methods icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Receipt Method window, enter the following information:

  5.

  Click on the Save button. The new receipt method will be created.

• Question 7:

  Manage Transaction Types

  Scenario

  A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.

  Task:

  Define a new Transaction Type for the class invoice, where:

  1.

  Name of the transaction type is XXinvoice (Replace XX with 03.which is your allocated User ID.)

  2.

  Customer bills assigned to this transaction type must be printed Transaction type is meant for billing transactions With open balances Balances need to be maintained for invoices associated with this transaction type

  3.

  Freight charges must be allowed

  4.

  Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due

  5.

  Invoices associated with this transaction type must be accounted for in the General Ledger application.

  6.

  Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Transaction Types icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Transaction Type window, enter the following information:

  5.

  Click on the Save button.

  The new transaction type will be created and the customer bills associated with this transaction type will be printed. The balances will also be maintained for invoices associated with this transaction type. Freight charges will be allowed and cash applications to invoices assigned to this transaction type must not exceed the invoice balance due. The invoices associated with this transaction type will be accounted for in the General Ledger application. The revenue GL account 41000 will be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness. Steps to confirm the Oracle Applications Cloud version:

  1.

  Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.

  2.

  Click on About This Application in the Settings and Actions menu. Copy the complete version number from the About this Application pop-up in the Oracle Application Cloud window.

  3.

  Paste the version number in the box below.

  4.

  Click Confirm.

  Version Number: 21A

• Question 8:

  Manage Receipt Classes and Methods

  Scenario

  Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

  Task:

  Define Remittance Bank Account where:

  1.

  Bank Account is associated with Receipt Method

  2.

  Primary bank account is linked the Denver branch of Bank of America Bank account number ends with 2870

  3.

  Remittance bank account is effective as of January 1, 2023

  4.

  GL Accounts section must contain the values below for company segment 120 Supremo Fitness

  

  A. See the explanation below for solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the explanation below for solution.

  ---

  explanation:

  Explanation/Reference:

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Remittance Bank Accounts icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Remittance Bank Account window, enter the following information:

  5.

  Click on the Save button.

  The new remittance bank account will be created.

• Question 9:

  When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?

  A. First Review Date
  B. Credit Review Cycle
  C. Order line Credit Limit
  D. Credit Limit
  A. First Review Date
  B. Credit Review Cycle

  ---

  explanation:

  Explanation/Reference:

• Question 10:

  The AutoAc counting rule for the Revenue account is defined as follows:

  

  When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?

  A. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
  B. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
  C. Salesperson is not required on the transaction and is left blank.
  D. Revenue Reference Accounts were entered for all salespersons.
  E. No Sales Credit salesperson has no reference accounts.
  C. Salesperson is not required on the transaction and is left blank.
  D. Revenue Reference Accounts were entered for all salespersons.
  E. No Sales Credit salesperson has no reference accounts.

  ---

  explanation:

  Explanation/Reference:

  These are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type. The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified References: [How You Define AutoAccounting-Oracle]