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

• Question 81:

  A customer calls the Accounts Receivables department and asks for the balance of all invoices that are

  due in the next 30 days. The customer also has a question about a specific invoice line.

  As a Billing Specialist, which action would you take?

  A. Search for the information in the Review Customer Account Details user interface.

  B. Apply, reverse, or process the receipt.

  C. Create an open debit memo.

  D. Search for open invoices on the Manage Transaction search page.

  Correct Answer: A

• Question 82:

  You have created payment terms in a system and associated them in the USA reference data set. All the payment terms in the system are shown as follows. Business Unit X has a set assignment of Enterprise Set for payment terms. Payment Term = Net 30; Reference Data Set = Enterprise Set Payment Term = Net 45; Reference Data Set = Enterprise Set Payment Term = 1%/10 Net 30; Reference Data Set = USA Set Payment Term = Net 45; Reference Data Set = USA Set If an invoice is created in Business Unit X, which payment term set is available for use in a transaction?

  A. Net 45 (Enterprise Set), Net 45 (USA Set)

  B. Net 30 (Enterprise Set), Net 45 (Enterprise Set)

  C. Net 30 (Enterprise Set), Net 45 (USA Set)

  D. 1%/10 Net 30 (USA Set), Net 45 (USA Set)

  Correct Answer: B

• Question 83:

  To determine the best approach to converting a client's data, you must know which setup is set- enabled

  and can be shared.

  Identify three set-enabled setups in Receivables. (Choose three.)

  A. Collectors

  B. Standard Memo Lines

  C. Revenue Types

  D. Receivable Specialists

  E. Revenue Contingencies

  Correct Answer: BCE

• Question 84:

  A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy

  customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60

  days) and an acceptance clause (100 days).

  When will revenue be recognized?

  A. only after manual intervention

  B. after 100 days

  C. immediately

  D. after 60 days

  Correct Answer: B

• Question 85:

  Which method is used to allocate total transaction price across performance obligations in Revenue Management?

  A. Two Step Allocation Method

  B. Inverted Allocation Method

  C. Alternative Allocation Method

  D. Relative Allocation Method

  E. Residual Allocation Method

  Correct Answer: A

• Question 86:

  In what three ways will changing customer information impact the collection process? (Choose three.)

  A. Changing information on the Profile tab does not have an impact on the level at which collections are done.

  B. Adding or modifying customer contact name on the Contacts tab impacts where the correspondence is sent.

  C. Making changes on the Profile tab impacts the collection process.

  D. Business-unit-level changes will not impact the display of delinquent customers on the dashboard.

  E. Changing the Collector impacts the individual working with the delinquent customer.

  Correct Answer: BCE

• Question 87:

  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.)

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

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

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

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

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

  Correct Answer: CD

  For bills receivable factored with recourse, receipts are applied to short term debt before the bill maturity date plus risk elimination days. For receipts applied to short term debt, use the Recall action to recall the bill receivable and reverse these receipt applications.

• Question 88:

  You need to make decisions about how an application should behave, such as date ranges and defaults. What should you consider before defining Collections Preferences?

  A. scheduled processes

  B. system privileges

  C. user application privileges

  D. the employees who are involved with the collections process and how the collectors will be assigned

  E. customer contact information

  Correct Answer: D

• Question 89:

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

  A. customer's profile for each assigned customer

  B. customer search as per the parameter specified

  C. status of processing activities from the Process Monitor

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

  E. summary of aged transactions

  Correct Answer: D

• Question 90:

  What are the three drilldown options available in the task pane for Receipt Remittance? (Choose three.)

  A. Lockbox Transmission History

  B. Create Automatic Receipts

  C. Correct Funds Transfer Errors

  D. Create Receipt Remittance Batch

  E. Manage Receipt Remittance Batches

  Correct Answer: BDE