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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 101:

  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 102:

  In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?

  A. Days Early
  B. Time
  C. DaysLate
  D. Not Applicable
  C. DaysLate

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  Explanation/Reference:

  This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type-Oracle]

• Question 103:

  You are investigating the Receivables to General Ledger Reconciliation Report and must explain any variances to your Accounting Manager.

  What two variance amounts should you expect to investigate in this report? (Choose two.)

  A. Tax Variance
  B. Intercompany Variance
  C. Accounting Variance
  D. Receivables Variance
  C. Accounting Variance
  D. Receivables Variance

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  Explanation/Reference:

• Question 104:

  Which three interest rate calculation formula methods are supported in Receivables? (Choose three.)

  A. Average
  B. Flat Rate
  C. Declining Balance
  D. Simple
  E. Compound
  B. Flat Rate
  D. Simple
  E. Compound

• Question 105:

  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 106:

  You created a new enterprise structure in the Cloud for a single country. In the structure, there are two legal entities: a single ledger and two business units (representing two warehouses, each owned by one of the legal entities). The tax regulations are common between the legal entities.

  When assigning the tax regime to parties, what should you do to share all setup for Tax?

  A. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
  B. Assign one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.
  C. Assign both business units to Global Configuration Owner.
  D. Assign the ledger to Global Configuration Owner.
  E. Assign two business units to First Party Configuration with Party Overrides.
  D. Assign the ledger to Global Configuration Owner.

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  Explanation/Reference:

  This is the best option to share all setup for Tax when the tax regulations are common between the legal entities. The ledger is the highest level of party hierarchy and can be assigned as the Global Configuration Owner to share the tax regime, tax rates, and tax rules across all parties under it. Verified References: [How You Assign Tax Regimes to Parties-Oracle]

• Question 107:

  In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)

  A. by setting SM to "Requires Complete" and SMM to "Period"
  B. by setting SM to "Allow Partial" and SMM to "Percent"
  C. by setting SM to "Allow Partial" and SMM to "Period"
  D. by setting SM to "Requires Complete" and SMM to "Quantity"
  E. by setting SM to "Requires Complete" and SMM to "Percent"
  C. by setting SM to "Allow Partial" and SMM to "Period"
  E. by setting SM to "Requires Complete" and SMM to "Percent"

• Question 108:

  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
  B. Transaction Number

• Question 109:

  Which is NOT a valid Infotile in the Accounts Receivables Work Area?

  A. Unidentified Receipts
  B. Lockbox Exceptions
  C. Receipt Batches
  D. Unapplied Receipts
  E. Unapplied Credits
  A. Unidentified Receipts

• Question 110:

  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.
  B. Invoice balance is displayed as 2500.