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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 111:

  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.

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  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 112:

  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 113:

  You are an IT contractor for a client who wants to increase internal controls on bank accounts set up in the Cash Management application. According to their new policy, a Cash Manager s ability to add. review, or make changes to bank accounts must be regionalized and restricted by their org structure.

  Which statement is true about the restrictions applied to the setup?

  A. Cash Managers can create and manage bank accounts for only those legal entities to which they are given access.
  B. Cash Managers can create and manage bank accounts for only those business units to which they are given access.
  C. Cash Managers can only create but not manage bank accounts for those legal entities to which they are given access.
  D. Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.
  A. Cash Managers can create and manage bank accounts for only those legal entities to which they are given access.

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  Explanation/Reference:

  This is the true statement about the restrictions applied to the setup. Cash Managers can access bank accounts based on their legal entity access privileges. They can create and manage bank accounts for only those legal entities that they are authorized to access. Verified References: [How You Manage Bank Accounts-Oracle]

• Question 114:

  As an implementer, while importing data from the legacy/third-party system, you forgot to populate the accountingdistribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. What happens when you run accounting?

  A. It will return an error and the data will be stuck in the interface table.
  B. Neither invoice nor accounting will be created.
  C. Invoice will get created but accounting won't be created.
  D. Invoice will be created and the system will use auto accounting configuration to create accounting.
  D. Invoice will be created and the system will use auto accounting configuration to create accounting.

• Question 115:

  In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.

  At which details?

  A. Customer
  B. Organization
  C. Site
  D. Account
  E. Site Address
  F. Party
  C. Site

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  Explanation/Reference:

  This is the level at which you can use the Age of Latest Payment data point to determine the number of days passed since the last payment was received from a customer. The Age of Latest Payment data point is calculated at the account level and shows the age of the most recent payment for each customer account. Verified References: [How You Define Scoring Components-Oracle]

• Question 116:

  Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?

  A. Intercompany invoicing must be enabled in Payables Invoice Options.
  B. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.
  C. Intercompany invoicing must be enabled in Receivables System Options.
  D. Receiver and provider businessunits and legal entities must be subscribed to the applicable tax regime on the transaction date.
  D. Receiver and provider businessunits and legal entities must be subscribed to the applicable tax regime on the transaction date.

• Question 117:

  If a customer has more than one transaction with the same number within a Lockbox transmission, then in which two receipt statuses are the receipts left? (Choosetwo.)

  A. On-account, if the Customer Account Number or MICR is provided and there are no matching recommendations
  B. Unapplied, if the Customer Account Number or MICR number is provided
  C. Unidentified, if the Customer Account Number or MICR is notprovided and there are no successful matching recommendations
  D. Applied, if the Customer Account Number or MICR number is provided
  B. Unapplied, if the Customer Account Number or MICR number is provided
  C. Unidentified, if the Customer Account Number or MICR is notprovided and there are no successful matching recommendations

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  Explanation/Reference:

  Reference: https://docs.oracle.com/cd/E25178_01/fusionapps.1111/e20375/F569972AN6AE15.htm

• Question 118:

  What are the two locations where the system can look for Receipt Match By Value when Receivables applies customer payments automatically for manually created receipts? (Choose two.)

  A. Receipt Method
  B. AutoMatch Rule
  C. Customer
  D. System Options
  C. Customer
  D. System Options

• Question 119:

  When running the delinquency process for a customer, the business unit for which you want to run theprocess does not appear in the drop-down menu. Identify the action that you need to take.

  A. Business unit is not a required option on the Parameters tab to run the delinquency process.
  B. Only business units that the user has access to will appear in thelist of values. Modify the security options to provide access to the user.
  C. Select the check box to enter the default business unit if it does not appear in the drop-down menu.
  D. Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.
  B. Only business units that the user has access to will appear in thelist of values. Modify the security options to provide access to the user.

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  Explanation/Reference:

• Question 120:

  When entering the values in the natural account spreadsheet of the rapid implementation for General Ledger workbook, which three accounts types are used to setup the default Receivable account combinations?(Choose three.)

  A. Liability-Unearned revenue
  B. Revenue-Revenue
  C. Liability-Accounts Payable
  D. Owner's equity
  E. Asset-Remitted Receipts
  C. Liability-Accounts Payable
  D. Owner's equity
  E. Asset-Remitted Receipts

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faigl/financial-structures.html#FAIGL904964