Oracle 1Z0-1056 Online Practice Questions and Exam Preparation

Oracle 1Z0-1056 Online Questions & Answers

• Question 71:

  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 72:

  What are the three setup steps required to implement the Lockbox feature? (Choose three.)

  A. Receipt Classes and Receipt Methods
  B. late charges
  C. Lockbox and Lockbox Transmission Formats
  D. Receipt Sources
  E. credit card refunds
  A. Receipt Classes and Receipt Methods
  C. Lockbox and Lockbox Transmission Formats
  D. Receipt Sources

• Question 73:

  Which two statements are true about processing Receivables adjustments that impact tax amounts?

  A. Receivables can look at invoice and retrieve the tax rate code.
  B. There is no need to retrieve the tax rate code.
  C. Receivables can look at the adjustment activity and retrieve the tax rate code.
  D. Receivables can look at System Options and retrieve the tax rate code.
  A. Receivables can look at invoice and retrieve the tax rate code.
  D. Receivables can look at System Options and retrieve the tax rate code.

• Question 74:

  When you move revenue on an invoice line from an unearned account to an earned revenue account, Receivables ______________.

  A. removes the invoice line revenue contingencies
  B. leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run
  C. removes the pending sales credits
  D. leaves the invoice line revenue contingencies until Reconcile Revenue Contingencies is run
  A. removes the invoice line revenue contingencies

• Question 75:

  Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

  A. For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.
  B. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
  C. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
  D. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
  E. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
  F. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.
  C. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
  E. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.

• Question 76:

  When a customer opts to make a payment by a credit card, this receipt is identified as a(n) _______________.

  A. miscellaneous receipt
  B. quick cash receipt
  C. manual receipt
  D. automatic receipt
  E. AutoLockbox receipt
  D. automatic receipt

• Question 77:

  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 is sent 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 option set to No.
  A. Payment schedules are created using the payment terms specified.
  B. The invoice is sent for a dunning follow-up.
  C. The invoice can now be printed.

• Question 78:

  Identify the dunning letter template set provided by an application.

  A. Soft, Regular, Hard
  B. Regular, Medium, Hard
  C. Final Demand, Soft, Medium
  D. Regular, Final Demand, Medium
  C. Final Demand, Soft, Medium

• Question 79:

  Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?

  A. transactions that have the Print Option set to Do Not Print
  B. transactions that have the selected payment terms
  C. transactions have a Bill Type of Imported
  D. transactions that were included in a previous Balance Forward Bill
  B. transactions that have the selected payment terms

• Question 80:

  You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned

  an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.

  Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?

  A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
  B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
  C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
  D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
  E. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
  F. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
  D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.