Oracle Oracle Certifications 1Z0-1056-21 Questions & Answers

• Question 51:

  An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the

  Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has

  been issued against this invoice.

  Explain how revenue accounting will occur.

  A. Earned revenue will be debited for $50 USD.

  B. Unearned revenue will be credited for $100 USD.

  C. Earned revenue will be credited for $50 USD.

  D. Unearned revenue will be debited for $50 USD.

  Correct Answer: C

• Question 52:

  What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)

  A. by Quote Number and time frame

  B. by Source Document and time frame

  C. by Item and time frame

  D. by Customer and time frame

  E. by Source Document Line andtime frame

  Correct Answer: BCE

• Question 53:

  The method that is used to capture receipts data in mass while you are offline and upload the receipts at a later date is called ______________.

  A. automatic receipts creation

  B. receipts creation in a spreadsheet

  C. manual receipt entry

  D. Lockbox receipts creation

  Correct Answer: B

• Question 54:

  Which statement is true about AutoAccounting?

  A. AutoAccounting is set up at the Legal Entity level.

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

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

  D. You cannot override the default General Ledger accounts thatAutoAccounting creates.

  Correct Answer: B

• Question 55:

  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.

  Correct Answer: CE

• Question 56:

  Your client performs many customer refunds and would like to search for real-time Receivables Refunds

  Status easily.

  What should you do to meet this requirement?

  A. Create a Business Intelligence Publisher Report because you cannot create an OTBI Report for refunds.

  B. Create an Oracle Business Intelligence Applications (OBIA) Report.

  C. Query each customer refund and verify the Refund Status.

  D. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).

  Correct Answer: D

• Question 57:

  Identify the receivables system option that relates to customers.

  A. Reciprocal Customer

  B. Receipt Method

  C. Default Country

  D. Automatic Site Numbering

  Correct Answer: BC

• Question 58:

  Which two statements are true when you are using the Intercompany Reconciliation Process? (Choose two.)

  A. The Transaction Summary Report shows only transactions with a status of received.

  B. The Clearing Company Balancing Lines appear in the Intercompany Reconciliation Summary Report.

  C. The Reconciliation Period Summary Report shows the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

  D. The ledger balancing lines are generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.

  E. You need to submit the Extract Intercompany Reconciliation Data job.

  Correct Answer: CD

• Question 59:

  In the customer hierarchy of Customer Corporation, Customer Worldwide is the parent company of Customer USA and Customer Japan. Customer West is a subsidiary of Customer USA. Which three statements are true if the Customer Corporation hierarchy is assigned to a Pay Below Paying relationship? (Choose three.)

  A. Customer USA can pay for Customer Worldwide, Customer West, and its own transactions.

  B. Customer Japan can pay its own transactions.

  C. Customer USA can pay for Customer West and its own transactions.

  D. Customer Japan can pay for Customer West, Customer USA, and its own transactions.

  E. Customer Worldwide can pay for Customer USA, Customer Japan, Customer West, and its own transactions.

  Correct Answer: BCD

• Question 60:

  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

  Correct Answer: A