Oracle 1Z0-1056 Online Practice Questions and Exam Preparation

Oracle 1Z0-1056 Online Questions & Answers

• Question 1:

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

  A. Cash Receipts
  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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  Reference: https://docs.oracle.com/cloud/latest/financialscs_gs/FAIRP/FAIRP1476421.htm

• Question 2:

  What do you need to total in order to find the total transaction price for a customer contract that is calculated by Revenue Management?

  A. the extended SSP amounts for all performance obligations in the customer contract
  B. the SSP amounts for all performance obligations in the customer contract
  C. the selling price for all performance obligations in the customer contract
  D. the allocated amount for all performance obligations in the customer contract
  E. the billing amount for all performance obligations in the customer contract
  E. the billing amount for all performance obligations in the customer contract

• Question 3:

  Which two setups are required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices? (Choose two.)

  A. Intercompany system options enable use of the same tax rate code for the payable and receivable invoices.
  B. The payable options and the receivable system options should have the same tax application options.
  C. Tax for intercompany is loaded by using Create Taxable Transactions in Spreadsheet.
  D. First enter a payable transaction to calculate tax and then enter the receivable transaction.
  E. Ensure if any tax-specific rules that are defined should cover both the sales_transaction and purchase_transaction business category.
  F. Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
  B. The payable options and the receivable system options should have the same tax application options.
  F. Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.

• Question 4:

  After a customer bankruptcy is approved, what happens in the Collections application?

  A. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
  B. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
  C. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
  D. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.
  A. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.

• Question 5:

  Your customer has a state tax of 20% and a city tax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD. What will be the resulting tax and invoice amounts for your tax invoice?

  A. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
  B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
  C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
  D. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.
  E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.
  E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.

• Question 6:

  When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report. Which statement is true?

  A. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
  B. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
  C. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
  D. You can select only a Closed accounting period.
  C. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.

• Question 7:

  Which three receipts can be automatically applied by a system? (Choose three.)

  A. receipts that are unapplied
  B. receipts created in a spreadsheet and uploaded
  C. miscellaneous receipts
  D. receipts that are manually created
  E. receipts created in a lockbox and uploaded
  C. miscellaneous receipts
  D. receipts that are manually created
  E. receipts created in a lockbox and uploaded

• Question 8:

  A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit. What is the status of the adjustment?

  A. Pending Approval
  B. Forwarded for Approval
  C. Pending Research
  D. Approval Required
  A. Pending Approval

• Question 9:

  Where is the summary delinquency data displayed on the Collections Dashboard?

  A. Activity tab
  B. Correspondence tab
  C. Profile tab
  D. Aging tab
  C. Profile tab

• Question 10:

  Your customer wants to retrieve values for the Line of Business segment based on Customer Class for the Revenue account. Which option would you use to achieve this with the help of the Subledger Accounting solution?

  A. Mapping Set
  B. Supporting References
  C. Transaction References
  D. Description Rule
  B. Supporting References