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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 131:

  After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.

  What are three results of this action?

  A. The invoice can now be printed.
  B. The invoice is sent for a dunning follow-up.
  C. The invoice is eligible for transfer to the General Ledger.
  D. The payment schedules are created using the payment terms specified.
  E. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
  A. The invoice can now be printed.
  C. The invoice is eligible for transfer to the General Ledger.
  D. The payment schedules are created using the payment terms specified.

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  Explanation/Reference:

  When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:

  The invoice can now be printed or delivered to the customer by the preferred delivery method.

  The invoice is eligible for transfer to the General Ledger and posting to the customer account.

  The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:

  The invoice is not sent for a dunning follow-up until it becomes overdue. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:

  https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-9E7F8B0A-5F6E-4B6E-AF0B-9C1E5D7D2A8A

• Question 132:

  You are explaining the benefits of using Bill Management as a self-service electronic bill presentment solution to an existing customer.

  Which feature is not supported in Bill Management?

  A. Makingpayments by using a credit card or the bank account
  B. Managing unapplied payments
  C. Managing credit memos
  D. Reviewing customer account balances
  E. Managing disputes
  A. Makingpayments by using a credit card or the bank account

• Question 133:

  Your customer has three sites defined in the system, site 1, site2, and site 3. All sites have their own billing strategy defined and Balance Forward Billing is enabled for site 1 and Site 2 at the account level.

  How will bills be generated?

  A. Sites 1, 2, and 3 activities will be included in a single bill.
  B. Sites 2and 3 activities will be included in a single bill.
  C. Sites 1 and 2 activities will be included in a single bill.
  D. Sites 1 and 3 activities will be included in a single bill.
  C. Sites 1 and 2 activities will be included in a single bill.

• Question 134:

  Your Cloud client has decided to use Channel RevenueManagement Integration with Receivables for Claim creation and Settlements created by Spreadsheet or SOAP services.

  Which three setup steps are predefined for this feature? (Choose three.)

  A. predefined Channel Revenue Management auto accounting type
  B. predefined Subledger Journal Entry Rule for the Event Class Receipt and Accounting Class Claim Investigation
  C. predefined Channel Revenue Management transaction type
  D. predefined Channel Revenue Management transaction source
  E. predefined Claim Investigation activity type under Receivables Activities
  B. predefined Subledger Journal Entry Rule for the Event Class Receipt and Accounting Class Claim Investigation
  D. predefined Channel Revenue Management transaction source
  E. predefined Claim Investigation activity type under Receivables Activities

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  Explanation/Reference:

  Reference: https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/fin/releases/21B/21B-financials-wn.htm#F17868

• Question 135:

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

  Which two Receivables Activities DO NOT have account assignments to review and change?

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

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  Explanation/Reference:

  These two receivables activities do not have account assignments to review and change because they are not posted to general ledger. They are used to calculate discount amounts for transactions and receipts. Verified References: [How You Define Receivables Activities-Oracle]

• Question 136:

  Which two setups are required to create billsreceivables? (Choose two.)

  A. Statement cycles
  B. Lockbox
  C. Bills Receivable Matching Rules
  D. Bills Receivable Receipt method
  E. Customer account site with purpose of drawee
  A. Statement cycles
  D. Bills Receivable Receipt method

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faofc/manage-bills-receivable.html#FAOFC1479829

• Question 137:

  Your client's legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method.

  Does this prevent you from using theOracle Fusion Trading Community Model Data Import program?

  A. The program allows the use of parent, child, and grandchild table hierarchies, but it requires multiple Customer Master records for each customer within the hierarchy.
  B. The program allows table hierarchies for customer bank accounts, but not for other customer information.
  C. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
  D. Yes; the program specificallyprohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
  E. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable.
  D. Yes; the program specificallyprohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.

• Question 138:

  Which two initial tasks need to be completed in the Customer Account Profile page in order to generate and deliver XML invoices under the OAGIS (OpenApplications Group Integration Specification) 10.1 format?

  A. Select the Enable OAGIS 10.1 XML Format Check Box
  B. Set Preferred Delivery Method to XML
  C. Set Preferred Delivery Methods to Email
  D. Set Preferred Contact Method to XML
  E. Select the EnableXML Invoicing Check Box for Relevant Transaction Classes
  D. Set Preferred Contact Method to XML
  E. Select the EnableXML Invoicing Check Box for Relevant Transaction Classes

• Question 139:

  Which three transaction types are used to generate late charges? (Choose three.)

  A. CashReceipts
  B. Adjustments against the original transaction
  C. Credit Memo
  D. Debit Memo
  E. Interest Invoice
  B. Adjustments against the original transaction
  C. Credit Memo
  E. Interest Invoice

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  Explanation/Reference:

  Referencehttps://docs.oracle.com/cloud/latest/financialscs_gs/FAIRP/FAIRP1476421.htm

• Question 140:

  Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

  A. drilldown to see reconciliation details and to make reconciling corrections
  B. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
  C. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
  D. drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
  E. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel
  B. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
  C. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
  E. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel