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

• Question 161:

  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?

  A. Accounting Variance

  B. Intercompany Variance

  C. Tax Variance

  D. Receivables Variance

  Correct Answer: AD

  These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified References: [How You Reconcile Receivables to General Ledger-Oracle]

• Question 162:

  When you run Auto lnvoice. the process may generate a list of records that fail validation.

  Using which two methods/features, can you display the Auto lnvoice errors in an Excel workbook?

  A. The Incomplete Infotile

  B. The Manage Transactions task

  C. The Import Exceptions Infotile

  D. The Manage Auto lnvoice Lines task

  Correct Answer: CD

  To display the Auto Invoice errors in an Excel workbook, you can use either of these methods/features:

  The Import Exceptions Infotile in the Billing work area, which shows the number of records that failed validation and allows you to export them to Excel. The Manage Auto Invoice Lines task in the Billing work area, which enables you to search

  for and view import errors and export them to Excel. The other options are not correct because:

  The Incomplete Infotile shows the number of incomplete transactions, not import errors.

  The Manage Transactions task allows you to create and update transactions, not view import errors. Verified References:

  https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-autoinvoice.html#FAOFC-GUID-D0F4B5E1-CF4C-4B6F-B2A8-AF8B9E9C7D1A

• Question 163:

  You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.

  Which three event attributes should be used?

  A. Transaction number of amendments

  B. Transaction type of update

  C. Transaction creation date

  D. Transaction created by

  E. Transaction last update date

  Correct Answer: ABE

  These are the three event attributes that can be used to identify the origin and history of Receivable transactions. They capture the information about the changes made to the transactions, such as the transaction number, the type of update (create, update, delete), and the date of the last update. Verified References: [How You Define Event Attributes-Oracle]

• Question 164:

  You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:

  

  What revenue amount would be deferred on this Imported Invoice?

  A. 3000

  B. 5000

  C. 1000

  D. 4000

  E. 2000

  Correct Answer: B

  This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and 4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000, 2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified References: [How You Manage Revenue Recognition-Oracle]

• Question 165:

  Upon approval of a remittance batch of type Factored with Recourse, the Receivables application creates a receipt and establishes risk. How does Receivables establish risk?

  A. By recording short-term debt

  B. By generating a bills receivables adjustment

  C. By recording an entry to the Remitted Bills Receivable account

  D. By creating an on-account credit memo

  Correct Answer: C

  When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable

  account and increases the balance of the Remitted Bills Receivable account. Verified References:

  [How You Remit Bills Receivable-Oracle]

• Question 166:

  After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.

  Which two Receivables Activities DO NOT have account assignments to review and change?

  A. Earned Discounts

  B. Debit Memo Reversal

  C. Miscellaneous Receipt

  D. Adjustment Activities

  E. Unearned Discounts

  Correct Answer: AE

  These two receivables activities do not have account assignments to review and change because they are not posted to general ledger. They are used to calculate discount amounts for transactions and receipts. Verified References: [How You Define Receivables Activities-Oracle]

• Question 167:

  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?

  A. AR_XML.DELIVERY.METHOD

  B. AR_XML_INVOICE_ENHANCED

  C. AR_NTERFACE.XML

  D. AR.INVOICE.XML.ENHANCED

  E. AR_CUSTOMER.DELIVERY

  Correct Answer: A

  This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified References: [Overview of Oracle Receivables-Oracle]

• Question 168:

  In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?

  A. Days Early

  B. Time

  C. DaysLate

  D. Not Applicable

  Correct Answer: C

  This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type-Oracle]

• Question 169:

  When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.

  Which receipt rule should you define?

  A. One per Invoice

  B. One per Customer, per due date

  C. One per Customer

  D. One per Site. per due date

  Correct Answer: C

  This is the receipt rule that should be defined to produce the minimum number of payments when defining the receipt method for automatic receipt processing. This rule creates one payment per customer regardless of how many invoices or due dates exist for that customer. Verified References: [How You Define Receipt Methods-Oracle]

• Question 170:

  You are an IT contractor for a client who wants to increase internal controls on bank accounts set up in the Cash Management application. According to their new policy, a Cash Manager s ability to add. review, or make changes to bank accounts must be regionalized and restricted by their org structure.

  Which statement is true about the restrictions applied to the setup?

  A. Cash Managers can create and manage bank accounts for only those legal entities to which they are given access.

  B. Cash Managers can create and manage bank accounts for only those business units to which they are given access.

  C. Cash Managers can only create but not manage bank accounts for those legal entities to which they are given access.

  D. Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.

  Correct Answer: A

  This is the true statement about the restrictions applied to the setup. Cash Managers can access bank accounts based on their legal entity access privileges. They can create and manage bank accounts for only those legal entities that they are authorized to access. Verified References: [How You Manage Bank Accounts-Oracle]