Oracle Oracle Certifications 1Z0-1056-23 Questions & Answers

• Question 141:

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

  A. Activity tab

  B. Correspondence tab

  C. Profile tab

  D. Aging tab

  Correct Answer: C

• Question 142:

  Your customer wants to retrieve values for the Line of Business segment based on Customer Class for the Revenue account.

  Which option would you use to achieve this with the help of the Subledger Accountingsolution?

  A. Mapping Set

  B. Supporting References

  C. Transaction References

  D. Description Rule

  Correct Answer: B

• Question 143:

  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 CustomerCorporation 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 144:

  Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?

  A. Intercompany invoicing must be enabled in Payables Invoice Options.

  B. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.

  C. Intercompany invoicing must be enabled in Receivables System Options.

  D. Receiver and provider businessunits and legal entities must be subscribed to the applicable tax regime on the transaction date.

  Correct Answer: D

• Question 145:

  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? (Choose two.)

  A. Tax Variance

  B. Intercompany Variance

  C. Accounting Variance

  D. Receivables Variance

  Correct Answer: CD

• Question 146:

  Which two statements are true about processing Receivables adjustments that impact tax amounts?

  A. Receivables can look at invoice and retrieve the tax rate code.

  B. There is no need to retrieve the tax rate code.

  C. Receivables can look at the adjustment activity and retrieve the tax rate code.

  D. Receivables can look at System Options and retrieve the tax rate code.

  Correct Answer: AD

• Question 147:

  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 PendingRemittance.

  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 maturitydate 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 148:

  ABC Company uses euros as the ledger currency, and it receives an invoice with three line items in Norwegiankrone. For this example, the conversion rate between the krone and the euro is 6.55957. The lines total of invoice is 7.93 euro. However, the invoice amount shows a total of 7.92 euro. The user was not able to run the accounting.

  Where should you define the header-level rounding account?

  A. Customer Account Level

  B. Transaction Source

  C. Receivable System Option

  D. Customer Site Level

  E. Transaction Type

  Correct Answer: B

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/manage-receivables-system-options.html#FAIRP271497

• Question 149:

  Which two determinant types are used in reference data assignment? (Choose two.)

  A. Business Unit

  B. Account Segment

  C. Project Segment

  D. Project unit

  Correct Answer: AD

• Question 150:

  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?

  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

  Correct Answer: D

  Reference: https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/atocashs.htm