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Oracle 1z0-1056-22 Oracle Financials Cloud: Receivables 2022 Implementation Professional Exam Practice Test

Demo: 22 questions
Total 152 questions

Oracle Financials Cloud: Receivables 2022 Implementation Professional Questions and Answers

Question 1

Which three receipts can be automatically applied by the "Apply ReceiptsUsing AutoMatch" process?

Options:

A.

Receipts that are manually created.

B.

Miscellaneous receipts.

C.

Receipts created from a lockbox and uploaded.

D.

Receipts created in a spreadsheet and uploaded.

E.

Receipts with unapplied amounts.

Question 2

You are the Billing Manager and you are responsible for reviewing adjustments and approving them.

Which two tabs are available in the Adjustments Overview Region on the Billing Work Area page? (Choose two.)

Options:

A.

Pending My Research

B.

Pending Approval From Managers

C.

Pending Approval

D.

Pending My Approval

E.

Approved

Question 3

Each time that you run AutoInvoice, the process generates a list of records that fail validation.

Which two ways allow you to display AutoInvoice errors in an Excel workbook? (Choose two.)

Options:

A.

using the Incomplete Infotile

B.

using the Manage AutoInvoice Lines task

C.

using the Manage Transactions task

D.

using the Import Exceptions Infotile

Question 4

A client rents equipment for special events. They havethe following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, theclient wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.

How can you meet this requirement?

Options:

A.

Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration,and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

B.

Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

C.

Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

D.

Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.

Question 5

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

Options:

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

Question 6

As a consultant, you have builtthe following Scoring model in Advanced Collections:

If a customer has 10 past due transactions and an amount overdue of $125, what is the calculated score?

Options:

A.

55

B.

25

C.

100

D.

50

E.

45

Question 7

Debit Memo Reversal is a new receivable that replaces the item closed by the original receipt.

When should the Debit Memo Reversal method be used to reverse a receipt?

Options:

A.

You are reversing a receipt that you previously applied to a chargeback and this chargeback was not accounted.

B.

You are reversing a receipt that you previously applied toa chargeback and this chargeback was posted to your general ledger.

C.

You are reversing a receipt that you previously applied to a chargeback and this chargeback has had no activity (another receipt or credit memo or adjustment) against it.

D.

You are reversing a Miscellaneous receipt.

Question 8

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?

Options:

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

Question 9

You created an Auto cash Ruleset where the first rule to be applied to receipts is Match Payments with Invoice. Discount = Earned Only, Late charges = NO, Receipt = $900, Receipt date =14-Feb-2020, Discount

Grace Days = 5.

Which transaction will be applied to the receipt?

Options:

A.

Invoice Amount: $1000, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 28-Feb 2020

B.

Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 20-Feb-2020

C.

Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 24-Feb-2020

D.

Invoice Amount: $800, Payment terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 28-Feb-2020

Question 10

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

Options:

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

Question 11

When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.

Which receipt rule should you define?

Options:

A.

One per Customer per due date

B.

One per Customer

C.

One per site per due date

D.

One per invoice

Question 12

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

Options:

A.

Collection activities are suspended, delinquent transactions nolonger 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 activitiesare 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.

Question 13

What information does the Collector see in the Activities List area of the Collections Dashboard?

Options:

A.

customer’s profile for each assigned customer

B.

customer search as per the parameter specified

C.

status of processing activitiesfrom the Process Monitor

D.

tasks assigned to the Collector, such as follow-up calls

E.

summary of aged transactions

Question 14

Your Customer Upload Batch with an error and you identify the error as being due to an incorrect Payment Method.

How will you correct the error?

Options:

A.

by using the Customer Import Interface work area

B.

by using the correct Customer PaymentMethod spreadsheet

C.

by using the correct Customer Data spreadsheet

D.

by importing the correct data by using a new spreadsheet upload

Question 15

What are the two places where Receivables can look for the “Match Receipts By” setting when applying manual customer receipts? (Choose two.)

Options:

A.

Receipt Method

B.

Profile option

C.

Customer

D.

AutoMatch Rule

E.

System Options

Question 16

You are configuring tax for Receivables to cash transactions.

Which two additional Party types can be selected only in the Tax engine for Receivables Transactions to identify the place of supply? (Choose two.)

Options:

A.

Ship-to party

B.

Ship-from party

C.

Point of origin party

D.

Point of acceptance party

E.

Bill-to party

Question 17

Which is NOT a valid Infotile in the Accounts Receivables Work Area?

Options:

A.

Unidentified Receipts

B.

Lockbox Exceptions

C.

Receipt Batches

D.

Unapplied Receipts

E.

Unapplied Credits

Question 18

When running the delinquency process for a customer, the business unit for which you want to run theprocess does not appear in the drop-down menu.

Identify the action that you need to take.

Options:

A.

Business unit is not a required option on the Parameters tab to run the delinquency process.

B.

Only business units that the user has access to will appear in thelist of values. Modify the security options to provide access to the user.

C.

Select the check box to enter the default business unit if it does not appear in the drop-down menu.

D.

Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.

Question 19

Your customer has a state tax of 20% and a citytax 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?

Options:

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.

Question 20

Your company wants to generate Intercompany transactions only if the amount Involved is equal to or greater than $3,000 USD.

How should you configure Intercompany System Option*; to meet this requirement?

Options:

A.

Set "Minimum Transaction Amount" to 3,000 and "Minimum entered Currency" to USD.

B.

Set "Minimum Transaction Amount" to 2,999.99 and "Minimum Entered Currency" to ALL

C.

Define intercompany approval rule, to automatically reject intercompany transactions that do not meet the minimum amount requirement.

D.

Set "Minimum Invoice Amount" to 3,000 and "Invoice Currency" to USD in Payables Invoice Options and Receivables System Options.

Question 21

As an implementer, while importing data from the legacy/third-party system, you forgot to populate the accountingdistribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table.

What happens when you run accounting?

Options:

A.

It will return an error and the data will be stuck in the interface table.

B.

Neither invoice nor accounting will be created.

C.

Invoice will get created but accounting won’t be created.

D.

Invoice will be created and the system will use auto accounting configuration to create accounting.

Question 22

Three salespersons are assigned to a transaction line with a revenue split of 40:50:10. If you transfer 5% to a new sales person, what is the new revenue splitbetween the four sales persons?

Options:

A.

38.34 : 48.34 : 8.32 : 5

B.

35: 45 : 5: 5

C.

38: 47.5: 9.5: 5

D.

40: 50: 5: 5

Demo: 22 questions
Total 152 questions