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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 71:

  You are reviewing an invoice on the Review Transaction page. After clicking the Sales Credit subtab. you notice the following breakdown: Revenue Allocation and Nonrevenue Allocation.

  What is Nonrevenue Allocation?

  A. Sales credit allocation based on billing corrections
  B. Additional incentive-based sales credits
  C. Sales credits associated to deferred revenue
  D. Sales credit reversals due to credit memo creation
  C. Sales credits associated to deferred revenue

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  Explanation/Reference:

  Nonrevenue Allocation is the amount of sales credits that are associated to deferred revenue. It represents the portion of sales credits that are not yet recognized as revenue and are allocated to future periods. Verified References: [How You Manage Sales Credits-Oracle]

• Question 72:

  You are utilizing the "Upload Customer From Spreadsheet" option. What information on the Customer Worksheet must be unique for each customer record?

  A. Customer Number, CustomerAccount Number, Customer Site Number
  B. Customer Name, Customer Billing Address, Customer Bank Account
  C. Customer Name, Customer Account Number, Customer Site Number
  D. Customer Number, Customer Billing Address, Customer Bank Account
  A. Customer Number, CustomerAccount Number, Customer Site Number

• Question 73:

  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/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 74:

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

  What are three results of this action? (Choose three.)

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

• Question 75:

  When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?

  A. manually, but without using the Adjustment Reversal and Chargeback Reversal activities
  B. automatically, but without using the Adjustment Reversal and Chargeback Reversal activities
  C. automatically by using the Adjustment Reversal and Chargeback Reversal activities
  D. manually by using Chargeback Reversal activities
  E. manually by usingAdjustment Reversal activities
  C. automatically by using the Adjustment Reversal and Chargeback Reversal activities

  ---

  Explanation/Reference:

  When you reverse a receipt, if an adjustment or chargeback exists, Receivables automatically generates off-setting adjustments using the Adjustment Reversal and Chargeback Reversal activities.

• Question 76:

  When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.

  Which two statements are true when you consider that recognition depends on the nature of the contingency?

  A. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
  B. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
  C. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
  D. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
  E. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
  A. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
  B. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.

  ---

  Explanation/Reference:

  When you consider that recognition depends on the nature of the contingency, these two statements are true:

  Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is

  recognized at that point.

  Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept

  or reject a product after receiving an invoice, the contingency is removedafter 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because:

  Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before

  invoicing, not before revenue recognition. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet. For example, if a customer has a one-year

  warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later.

  Time-based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified References:

  https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC-GUID-1F9E7B6A-8F4D-4A0C-9E3B-8C0D1F2C5E3A

• Question 77:

  The Billing Manager has navigated to the Billing Work Area to review incomplete transactions.

  Which link on the Incomplete Infotile will provide detailed information onthe most recent incomplete transactions?

  A. 20+ Days Link
  B. 0-10 Days Link
  C. 0-5 Days Link
  D. 10+Days Link
  B. 0-10 Days Link

• Question 78:

  A company's policy is always to apply customer payments to debit and credit items, starting with the oldest due date. Which function should you include in the default Auto-cash rule?

  A. Clear the past due invoices grouped by payment terms
  B. Clear the account
  C. Match payment with Invoice
  D. Apply to the oldest invoice first
  E. Clear past due invoices
  D. Apply to the oldest invoice first

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  Explanation/Reference:

  Reference: https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/atocashs.htm

• Question 79:

  Your client processes many customer refunds on a regular basis and would like to have information about recent refunds (including their status) for analytical purposes.

  What should you do to meet this requirement in an efficient manner?

  A. Create an Oracle Transactional Business Intelligence (OTBI) analysis.
  B. Search in the Receivables "Manage Credit Memo Applications" page, then export results to Excel.
  C. Run the predefined Transaction Details Report.
  D. Search in the Payables "Manage Payments" page, then export results to Excel.
  A. Create an Oracle Transactional Business Intelligence (OTBI) analysis.

• Question 80:

  What validation step is required for implementing dispute processing?

  A. The Recognize Revenue Program is scheduled.
  B. BPM Work List for approval configuration is validated.
  C. Periods for which the transaction can be disputedare Open.
  D. All transactions are of the invoice type.
  B. BPM Work List for approval configuration is validated.