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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 91:

  Upon approval of a remittance batch of type Factored with Recourse, the Receivables application creates a receipt and establishes risk. How does Receivables establish risk?

  A. By recording short-term debt
  B. By generating a bills receivables adjustment
  C. By recording an entry to the Remitted Bills Receivable account
  D. By creating an on-account credit memo
  C. By recording an entry to the Remitted Bills Receivable account

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  Explanation/Reference:

  When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable

  account and increases the balance of the Remitted Bills Receivable account. Verified References:

  [How You Remit Bills Receivable-Oracle]

• Question 92:

  Which three receipts can be automatically applied by the "Apply ReceiptsUsing AutoMatch" process?

  A. Receipts that are manually created.
  B. Miscellaneous receipts.
  C. Receipts created from a lockbox and uploaded.
  D. Receipts created in a spreadsheet and uploaded.
  E. Receipts with unapplied amounts.
  A. Receipts that are manually created.
  C. Receipts created from a lockbox and uploaded.
  D. Receipts created in a spreadsheet and uploaded.

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  Explanation/Reference:

• Question 93:

  A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit.

  What is the status of the adjustment?

  A. Pending Approval
  B. Forwarded for Approval
  C. Pending Research
  D. Approval Required
  A. Pending Approval

• Question 94:

  Identify two credit memo options. (Choose two.)

  A. Tax only
  B. Advance
  C. Paid freight
  D. Invoice lines
  E. Paid amount only
  A. Tax only
  D. Invoice lines

• Question 95:

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

• Question 96:

  You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method.

  Which bank account setup controls receipt application to short-term debt?

  A. short-term debt clearing days
  B. risk elimination days
  C. clearing days
  D. collection days
  E. lead days
  F. recall days
  A. short-term debt clearing days

• Question 97:

  The auto-invoice program fails to complete. Subsequently, you notice a message in the log file regarding insufficient memory for processing.

  To resolve this issue, by what factor should you multiply the maximum number of imported records (rounded to the nearest whole number)?

  B. 1012
  C. 65535
  D. 1
  E. 1024
  E. 1024

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/implementing-receivables-credit-to-cash.pdf (51)

• Question 98:

  Upon approval of a remittance batch of type "Factored withRecourse," the Receivables application creates a receipt and establishes risk.

  How does Receivables establish risk?

  A. by generating a bills receivables adjustment
  B. by creating an on-account credit memo
  C. by recording an entry to the Remitted Bills Receivable account
  D. by recording short-term debt
  A. by generating a bills receivables adjustment

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/21b/fairp/implementing-receivables-credit-to-cash.pdf (261)

• Question 99:

  Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.

  When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?

  A. Process Receipts and Remittances through Lockbox
  B. Process Lockbox Receipts
  C. Process Lockbox Receipts and Remittance References
  D. Process Receipts through Lockbox
  B. Process Lockbox Receipts

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  Explanation/Reference:

  This process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. References: [How You Process Lockbox Receipts-Oracle]

• Question 100:

  Which flexfields are required to be used by auto invoice to identify transactions and transaction lines, if you load the interface using a customized form?

  A. Line-level transaction flexfield, Header-level transaction flexfield, Reference flexfield
  B. Line-level transaction flexfield, Header-level transaction flexfield
  C. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield
  D. Line-level transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield
  C. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield

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  Explanation/Reference:

  Reference: http://www.oracleug.com/user-guide/account-receivables/transaction-flexfields