Free Sales Ending Soon – 100% Valid 1Z0-1056-24 Exam Dumps with 144 Questions [Q84-Q108]

Q84. Where is the summary delinquency data displayed In the Collections Work Area?

Transactions Tab

History Tab

Profile Tab

Aging Tab

Q85. 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?

state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.

state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.

state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.

state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 US

state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.

Q86. You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days.
Which actions are true? (Choose two.)

If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.

If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.

If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.

If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Pending Remittance.

If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.

Q87. You are utilizing the “Upload Customer From Spreadsheet” option. What information on the Customer Worksheet must be unique for each customer record?

Customer Number, Customer Account Number, Customer Site Number

Customer Name, Customer Billing Address, Customer Bank Account

Customer Name, Customer Account Number, Customer Site Number

Customer Number, Customer Billing Address, Customer Bank Account

Q88. A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.
How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?

by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute

by defining a grouping rule on the customer class

by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute

by defining an item group and assigning that to the rule

by defining an exclusion rule to exclude customer classes that are “Retail”

Q89. Which statement is true when you create an Implementation Project for Oracle Financials Cloud?

The Implementation Project is preconfigured and cannot be deleted or changed.

You must plan your Implementation Project carefully because you cannot delete it or make changes later.

You must select the offering “Financials” and each individual product or option to perform the setup for each product in Oracle Financials Cloud.

When you select the offering “Financials,” it automatically allows you to perform the setup for all Oracle Financials Cloud products.

You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.

Q90. Where is the summary delinquency data displayed on the Collections Dashboard?

Activity tab

Correspondence tab

Profile tab

Aging tab

Q91. Your customer has three business units. The customer wants to share customer account addresses across these business units.
Which reference data set can be used to achieve this?

Create a new reference data set for account addresses and assign it to the business units.

Assign a COMMON reference data set to the business units, which share the account addresses.

Assign an enterprise reference data set to the business units, which share the account addresses.

Create a separate reference data set for each business unit and assign it to each unit.

Q92. Which statement is true about AutoAccounting?

AutoAccounting is set up at the Legal Entity level.

IfAutoAccounting cannot determine all the accounting flexfield segments, it derives what it can and displays an incomplete accounting flexfield.

AutoAccounting is used to determine the default General Ledger accounts only for transactions that you import by using AutoInvoice.

You cannot override the default General Ledger accounts thatAutoAccounting creates.

Q93. 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?

You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.

You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.

You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.

You can select only a Closed accounting period.

Q94. 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?

Create an adjustment for the entire amount and create a negative adjustment for Customer B.

Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer

Change the status of the invoice to Incomplete and enter a new invoice for Customer B.

Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.

Q95. You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.
Which three event attributes should be used?

Transaction number of amendments

Transaction type of update

Transaction creation date

Transaction created by

Transaction last update date

Q96. 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:
Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.) Aging method is accessible to all business units Aging buckets are 45 days apart Last bucket is 91 days

Q97. 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 Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.

A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.

A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.

Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.

Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.

Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.

Q98. You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%. The customer has made a payment of $500 USD and you are required to process the cash application to apply the $500 USD to the item line and $0 USD to tax.
How would you achieve this?

Set the credit classification revenue recognition policy to look for Line First and Tax Later.

Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.

Set Application Rule Set to Line First–Tax After at the transaction type level and/or a default value at system options.

Set Application Rule Set to Line First–Tax After at the transaction source level and/or a default value at the receipt method.

Set the payment terms revenue recognition policy to look for Line First and Tax Later.

Q99. You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method.
Which bank account setup controls receipt application to short-term debt?

short-term debt clearing days

risk elimination days

clearing days

collection days

lead days

recall days

Q100. it has been decided that when processing customer payments using lockbox one customer can pay for another customer’s transaction.
Which two steps will help achieve this?

Select the Allow payment of unrelated transactions Receivables System Option.

Define a relationship between the two customer accounts.

Define a netting agreement between the two customer accounts.

Define a business purpose of invoice to each customer address.

Define and share a cash pool bank account between the customers.

Q101. In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)

by setting SM to “Requires Complete” and SMM to “Period”

by setting SM to “Allow Partial” and SMM to “Percent”

by setting SM to “Allow Partial” and SMM to “Period”

by setting SM to “Requires Complete” and SMM to “Quantity”

by setting SM to “Requires Complete” and SMM to “Percent”

Q102. A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist’s approval limits.
What would be the result?

The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist’s approval limits.

The program can be run only if the amount is within the Billing Specialist’s approval limits.

The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist’s approval limits.

The program creates the adjustments only for the amounts within the Billing Specialist’s approval limits.

Q103. The AutoAc counting rule for the Revenue account is defined as follows:

When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?

Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit

Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.

Salesperson is not required on the transaction and is left blank.

Revenue Reference Accounts were entered for all salespersons.

No Sales Credit salesperson has no reference accounts.

Q104. Your customer receives their invoices via the XML delivery method. They want to receive billing transactions for specific sites only. Now you have been tasked with creating a very focused delivery method of XML transactions for this customer site that should be receiving the invoice.
To define this setup, you must add a new lookup code to the AR Features lookup type in the Manage Receivables Lookups task. Which lookup code would you use?

AR_XML.DELIVERY.METHOD

AR_XML_INVOICE_ENHANCED

AR_NTERFACE.XML

AR.INVOICE.XML.ENHANCED

AR_CUSTOMER.DELIVERY

Q105. Which three benefits do intercompany reconciliation reports provide to an accountant?

Comparing receivables and payables account balances and identifying discrepancies.

Displaying intercompany receivables and payables balancing lines.

Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.

Displaying clearing company balancing lines.

Q106. 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?

Accounting Variance

Intercompany Variance

Tax Variance

Receivables Variance

Q107. Which statement is true about Balance Forward Billing?

Balance Forward Bills must be enabled at each bill-to-site level.

Balance Forward Bills can be created for a future date.

Transactions included on a Balance Forward Bill can be updated.

The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.

Q108. If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?

Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.

Delete Contracts from the Manage Customer Contracts UI.

Delete the source data that was imported into Revenue Management and import new source data.

Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run the Identify Customer Contracts program again.

Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI.

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