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

Oracle 1Z0-1056-23 Online Questions & Answers

• Question 81:

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

  Which two Receivable Activities do not have account assignments to review and change? (Choose two.)

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

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-common-accounts-receivable-configuration.html#FAIRP239561

• Question 82:

  Your customer wants to override the calculated tax line amount for their receivable transaction.

  What steps should the customer perform to ensure that only one of their employees has this privilege?

  A. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and grant the employee the "Tax Manager " data role.
  B. Enable the "Allow tax rate override" and "Allow manual tax lines" profiles at the user level, set, the value to Yes for the selected employee, and grant the "Tax Manager " data role to the employee.
  C. Enable "Allow override of calculated tax lines" within the tax configuration owner options forthe receivable invoice event and set the "Transaction Tax Line Override" profile option to Yes for the selected employee.
  D. Set the "Transaction Tax Line Override" profile option to Yes for the selected employee and assign the employee the "Tax Manager " data role.
  E. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable application and create a tax rule to grant this privilege only to the selected employee.
  D. Set the "Transaction Tax Line Override" profile option to Yes for the selected employee and assign the employee the "Tax Manager " data role.

• Question 83:

  CORRECT TEXT-(Topic 2)

  Manage Aging Methods

  Scenario

  Your organization needs to create their own a-bucket aging method for reporting purposes.

  Task

  Create a new 4-bucket Aging Method in the Collections application, where:

  1.

  Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)

  2.

  Aging method is accessible to all business units

  3.

  Aging buckets are 45 days apart

  4.

  Last bucket is 91 days

  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 Aging Methods icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Aging Method window, enter the following information:

  5.

  Click on the Save button. The new aging method will be created.

• Question 84:

  Which three receipts types can be reversed in the Cloud? (Choose three.)

  A. Invoice-related receipts
  B. Receipts applied to open receipts
  C. Miscellaneous receipts
  D. Receipts that are archived
  E. Credit card chargebacks posted to GL
  A. Invoice-related receipts
  C. Miscellaneous receipts
  E. Credit card chargebacks posted to GL

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  Explanation/Reference:

  Reference:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/recpts13.htm

• Question 85:

  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?

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

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  Explanation/Reference:

  These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified References: [How You Reconcile Receivables to General Ledger-Oracle]

• Question 86:

  The Multifund Accounting feature supports detailed distributions for invoices with revenue recognition rules. For a customer invoice with the distributions below:

  

  Which unearned revenue accounting entries will the feature generate?

  A. Credits of $900 and $600 for companies 01 and 02 respectively
  B. Credits of $900 and $500 for companies 01 and 02 respectively
  C. Debit of $900 and credit of $500 for companies 01 and 02 respectively
  D. Credit of $900 and debit of $500 for companies 01 and 02 respectively
  E. Debits of $900 and $500 for companies 01 and 02 respectively
  C. Debit of $900 and credit of $500 for companies 01 and 02 respectively

• Question 87:

  A Billing Specialist has created and completed an invoice for $100 USD for Customer A. The Specialist prints the invoice and realizes that the invoice should have been created for Customer B. The accounting for the transaction for Customer A is posted to the General Ledger.

  How can this be corrected?

  A. Create an adjustment for the entire amount and create a negative adjustment for Customer B.
  B. Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer B.
  C. Change the status of the invoice to Incomplete and enter a new invoice for Customer B.
  D. Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.
  B. Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer B.

• Question 88:

  Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.

  A. The invoice is not closed.
  B. The transaction is partially paid.
  C. The transaction type is not associated with a credit memo type.
  D. The transaction date falls in a closed period.
  E. The transaction is an invoice.
  C. The transaction type is not associated with a credit memo type.

• Question 89:

  What is required to register an external user to BillManagement?

  A. a customer account contact with the responsibility types bill to and ship-to
  B. a customer account contact with a valid mailing address
  C. a customer account contact with a valid mobile number
  D. a customer account contact with a validemail address
  A. a customer account contact with the responsibility types bill to and ship-to

• Question 90:

  What is the impact on transactions of changing the billing cycle for a customer or group of customers?

  A. The billing cycle does not have any impact on new transactions.
  B. Existing transactions with no activity retain the old billing cycle.
  C. Existing transactions with activity adapt the new billing cycle.
  D. New transactions after this change inherit the new billing cycle.
  D. New transactions after this change inherit the new billing cycle.