Oracle Oracle Certifications 1Z0-1056-22 Questions & Answers

• Question 71:

  Which minimum Customer setup is required to create a receivables transaction?

  A. one customer account and one customer site with a bill-to site business purpose

  B. one customer account without any customer site

  C. one customer account with two sites: one with a bill-to business purpose and the other with a ship-to business purpose

  D. one customer account and one customer site with a ship-to site business purpose

  Correct Answer: A

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-customer.html#FAIRP1476580

• Question 72:

  Your customer has three sites defined in the system, site 1, site2, and site 3. All sites have their own billing strategy defined and Balance Forward Billing is enabled for site 1 and Site 2 at the account level.

  How will bills be generated?

  A. Sites 1, 2, and 3 activities will be included in a single bill.

  B. Sites 2and 3 activities will be included in a single bill.

  C. Sites 1 and 2 activities will be included in a single bill.

  D. Sites 1 and 3 activities will be included in a single bill.

  Correct Answer: C

• Question 73:

  Which predefined dunning letter template is available in theCollections application

  A. Regular, Medium, Hard, Difficult

  B. Soft, Medium, Hard, Final

  C. Regular, Medium, Hard, Easy

  D. Soft, Regular, Medium, Hard

  Correct Answer: B

• Question 74:

  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

  Correct Answer: CD

• Question 75:

  What are three functions of the Create AutomaticReceipt Write-offs program? (Choose three.)

  A. creating write-offs for specific currencies and customers

  B. limiting write-offs by a percentage of the original receipt amount

  C. scheduling periodic write-offs as receipt adjustments for small remaining balances

  D. scheduling periodic write-offs as receipt adjustments for old remaining balances

  E. scheduling periodic write-offs to occur in future periods

  Correct Answer: ABC

• Question 76:

  Which two setups are required to create billsreceivables? (Choose two.)

  A. Statement cycles

  B. Lockbox

  C. Bills Receivable Matching Rules

  D. Bills Receivable Receipt method

  E. Customer account site with purpose of drawee

  Correct Answer: AD

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faofc/manage-bills-receivable.html#FAOFC1479829

• Question 77:

  When entering the values in the natural account spreadsheet of the rapid implementation for General Ledger workbook, which three accounts types are used to setup the default Receivable account combinations?(Choose three.)

  A. Liability-Unearned revenue

  B. Revenue-Revenue

  C. Liability-Accounts Payable

  D. Owner's equity

  E. Asset-Remitted Receipts

  Correct Answer: CDE

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faigl/financial-structures.html#FAIGL904964

• Question 78:

  Which three benefits do intercompany reconciliation reports provide to anaccountant?

  A. Comparing receivables and payables account balances and identifying discrepancies.

  B. Displaying intercompany receivables and payables balancing lines.

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

  D. Displaying clearing company balancing lines.

  Correct Answer: ABC

• Question 79:

  What do you need to total in order tofind the total transaction price for a customer contract that is calculated by Revenue Management?

  A. the extended SSP amounts for all performance obligations in the customer contract

  B. the SSP amounts for all performance obligations in the customer contract

  C. the selling price for all performance obligations in the customer contract

  D. the allocated amount for all performance obligations in the customer contract

  E. the billing amount for all performance obligations in the customer contract

  Correct Answer: E

• Question 80:

  Which two statements are true about Accounting for Tax onReceivables? (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 thereceivable 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