1Z0-1056-23 Online Practice Questions and Answers

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

Which three Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose three.)

A. Deposit

B. Guarantee

C. Debit Memo

D. Credit Memo

E. Charge Back

When importing Receivabletransactions into Fusion Receivables, the Autoinvoice log gives the error message "Error: Item validation org not set up for the BU."

What action should you take to solve the issue?

A. Set up Item validation organization in Inventory Item.

B. Validate the Item validation organization in inventory Org.

C. Set up Item validation organization in Inventory Org.

D. Set up Item validation organization in Receivables System Options.

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.

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

When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?

A. First Review Date

B. Credit Review Cycle

C. Order line Credit Limit

D. Credit Limit

Manage Receipt Classes and Methods

Scenario

Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this

requirement.

Task:

Define Remittance Bank Account where:

1.

Bank Account is associated with Receipt Method

2.

Primary bank account is linked the Denver branch of Bank of America Bank account number ends with 2870

3.

Remittance bank account is effective as of January 1, 2023

4.

GL Accounts section must contain the values below for company segment 120 Supremo Fitness

A. See the explanation below for solution.

B. PlaceHolder

C. PlaceHolder

D. PlaceHolder

Manage Transaction Types

Scenario

A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.

Task:

Define a new Transaction Type for the class invoice, where:

1.

Name of the transaction type is XXinvoice (Replace XX with 03.which is your allocated User ID.)

2.

Customer bills assigned to this transaction type must be printed Transaction type is meant for billing transactions With open balances Balances need to be maintained for invoices associated with this transaction type

3.

Freight charges must be allowed

4.

Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due

5.

Invoices associated with this transaction type must be accounted for in the General Ledger application.

6.

Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness

A. See the explanation below for solution.

B. PlaceHolder

C. PlaceHolder

D. PlaceHolder

Manage Collectors

Scenario:

You are responsible for defining a new collector. who will perform collection activities across multiple business units.

Task:

Create a new Collector. where:

1.

Name of the collector is (Replace XX with 03. which is your allocated User ID.)

2.

Collector must be available to all business units.

3.

Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)

A. See the explanation below for solution.

B. PlaceHolder

C. PlaceHolder

D. PlaceHolder

CORRECT TEXT-(Topic 2)

Manage Balance Forward Billing Cycles and Payment Terms

Scenario

You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.

Task:

Create Balance Forward Billing Cycle, where:

1.

Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)

2.

Bills are generated every day

3.

Cycle is effective as Of January 1,2023

A. See the explanation below for solution.

B. PlaceHolder

C. PlaceHolder

D. PlaceHolder