[Feb-2022] Latest Oracle 1Z0-1056-21 Certification Practice Test Questions
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NEW QUESTION 39
Which two statements are true when you are using the Intercompany Reconciliation Process? (Choose two.)
- A. The Reconciliation Period Summary Report shows the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- B. The Clearing Company Balancing Lines appear in the Intercompany Reconciliation Summary Report.
- C. The Transaction Summary Report shows only transactions with a status of received.
- D. You need to submit the Extract Intercompany Reconciliation Data job.
- E. The ledger balancing lines are generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
Answer: A,E
Explanation:
References:
NEW QUESTION 40
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. AutoMatch Rule
- B. Customer
- C. Receipt Method
- D. System Options
Answer: B,D
Explanation:
References:
NEW QUESTION 41
Which three interest rate calculation formula methods are supported in Receivables? (Choose three.)
- A. Simple
- B. Declining Balance
- C. Flat Rate
- D. Compound
- E. Average
Answer: A,C,D
Explanation:
References:
NEW QUESTION 42
If AutoAccounting is set to derive accounting segments based on a standard line, the transaction line must be either ________________ or ________________. Otherwise, AutoAccounting cannot derive a valid account code combination for revenue recognition.
Identify the two values. (Choose two.)
- A. an inventory item
- B. a purchasing item
- C. a standard memo line
- D. a credit memo line
- E. a debit memo line
Answer: A,C
Explanation:
References:
NEW QUESTION 43
You are defining a new receipt class to process manual customer payments and plan to use reconciliation accounting in Cash Management.
Which two clearance methods enable you to match and clear transactions in Cash Management? (Choose two.)
- A. by Conformation
- B. by Automatic Clearing
- C. Directly
- D. by factoring
- E. by matching
Answer: B,E
NEW QUESTION 44
You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method.
Which bank account setup controls receipt application to short-term debt?
- A. short-term debt clearing days
- B. risk elimination days
- C. recall days
- D. lead days
- E. clearing days
- F. collection days
Answer: A
Explanation:
References:
NEW QUESTION 45
Which is NOT a valid Infotile in the Accounts Receivables Work Area?
- A. Unidentified Receipts
- B. Unapplied Receipts
- C. Receipt Batches
- D. Unapplied Credits
- E. Lockbox Exceptions
Answer: A
NEW QUESTION 46
Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)
- A. Import Payables Invoices Duty
- B. Receipt Creation Duty
- C. Payment Settlement Management Duty
- D. Trading Community Hierarchy Management Duty
Answer: A,C
Explanation:
References:
NEW QUESTION 47
Which two statements are true about processing Receivables adjustments that impact tax amounts?
- A. Receivables can look at System Options and retrieve the tax rate code.
- B. Receivables can look at the adjustment activity and retrieve the tax rate code.
- C. Receivables can look at invoice and retrieve the tax rate code.
- D. There is no need to retrieve the tax rate code.
Answer: A,C
NEW QUESTION 48
Which two are NOT components of a Business Intelligence Publisher report? (Choose two.)
- A. Matrix
- B. View
- C. Translation
- D. Layout
- E. Data Model
Answer: A,B
NEW QUESTION 49
What is the initial status of a newly created bill receivable?
- A. Pending posting
- B. Awaiting approval
- C. New
- D. Awaiting submission
- E. Pending remittance
Answer: E
NEW QUESTION 50
Which configuration step is required for processing Collections disputes?
- A. Set "Send Dispute Notice" Option to "Yes" in Collections Preferences.
- B. Define Aging Method to be used with disputed transactions.
- C. Define Dispute Thresholds in Collections Preferences.
- D. Define a "Collections" Approval Group as well as a "Billing" Approval Group in the BMP Worklist.
Answer: C
NEW QUESTION 51
As an Implementation Consultant, you want to define approval limits for Receivables.
Which two statements are correct? (Choose two.)
- A. The implementation user can create their own approval limits.
- B. The approval limits per user and per currency are shared across the document types.
- C. The approval limits are used by the auto adjustment program.
- D. The approval limits are set per user, document type, and currency.
Answer: A,B
NEW QUESTION 52
If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?
- A. Delete Contracts from the Manage Customer Contracts UI.
- B. Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI.
- C. Delete the source data that was imported into Revenue Management and import new source data.
- D. Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run the Identify Customer Contracts program again.
- E. Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.
Answer: D
Explanation:
References:
NEW QUESTION 53
As a Billing Manager you are responsible for reviewing adjustments and approving them. Which action is not available in the "Approve Adjustments" page?
- A. Approve
- B. Edit
- C. Request Information
- D. Reject
- E. Reassign
Answer: E
NEW QUESTION 54
When entering the values in the natural account spreadsheet of the rapid implementation for General Ledger workbook, which three accounts types are used to set up the default Receivable account combinations?
(Choose three.)
- A. Liability-Accounts Payable
- B. Owner's equity
- C. Revenue- Revenue
- D. Asset - Remitted Receipts
- E. Liability- Unearned revenue
Answer: A,B,D
NEW QUESTION 55
Which three Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose three.)
- A. Charge Back
- B. Debit Memo
- C. Credit Memo
- D. Guarantee
- E. Deposit
Answer: B,D,E
Explanation:
References:
NEW QUESTION 56
Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.
- A. The transaction date falls in a closed period.
- B. The invoice is not closed.
- C. The transaction is partially paid.
- D. The transaction type is not associated with a credit memo type.
- E. The transaction is an invoice.
Answer: D
NEW QUESTION 57
If a customer has more than one transaction with the same number within a Lockbox transmission, then in which two receipt statuses are the receipts left? (Choose two.)
- A. Unapplied, if the Customer Account Number or MICR number is provided
- B. Applied, if the Customer Account Number or MICR number is provided
- C. On-account, if the Customer Account Number or MICR is provided and there are no matching recommendations
- D. Unidentified, if the Customer Account Number or MICR is not provided and there are no successful matching recommendations
Answer: A,D
NEW QUESTION 58
A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's approval limits.
What would be the result?
- A. The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits.
- B. The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.
- C. The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits.
- D. The program can be run only if the amount is within the Billing Specialist's approval limits.
Answer: A
Explanation:
Reference: https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/adjust.htm#n_adj
NEW QUESTION 59
There are a few customers that you do not want to send dunning letters to.
How would you exclude these customers from dunning?
- A. Disable Send Dunning Letter on the Correspondence tab.
- B. Disable Send Dunning Letter in Collections Preferences.
- C. Disable Send Dunning Letter on the Profile tab.
- D. Disable Send Dunning Letter in Transaction Type.
- E. Disable Send Dunning Letter in Transaction Source Type.
Answer: C
Explanation:
References:
NEW QUESTION 60
What do you need to total in order to find 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 billing amount for all performance obligations in the customer contract
- C. the allocated amount for all performance obligations in the customer contract
- D. the SSP amounts for all performance obligations in the customer contract
- E. the selling price for all performance obligations in the customer contract
Answer: B
NEW QUESTION 61
When using lockbox to process customer payments, which two tables are used in the upload? (Choose two.)
- A. AR_PAYMENTS_INTERFACE_ALL
- B. AR_INTERFACE_INTERIM_LINES_ALL
- C. RA_INTERFACE_PAYMENTS_ALL
- D. AR_INTERIM_CASH_RECEIPTS_ALL
Answer: A,D
NEW QUESTION 62
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