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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)

A) Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
B) Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
C) Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
D) Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
E) Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.

2. Which statement is true when you create an Implementation Project for Oracle Financials Cloud?

A) You must select the offering "Financials" and each individual product or option to perform the setup for each product in Oracle Financials Cloud.
B) When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
C) You must plan your Implementation Project carefully because you cannot delete it or make changes later.
D) The Implementation Project is preconfigured and cannot be deleted or changed.
E) You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.

3. As an implementer. while importing data from a legacy/third-parly system, you forgot to populate the accounting distribution in the RA_INTERFACE_DlSTRIBUTIONS_ALL table. What happens when you run accounting?

A) Neither invoice nor accounting will be created.
B) Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
C) It will return an error and the data will be stuck in the interface table.
D) Invoice will get created but accounting will not be created.

4. What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)

A) by Customer and time frame
B) by Source Document and time frame
C) by Quote Number and time frame
D) by Source Document Line andtime frame
E) by Item and time frame

5. When you move revenue on an invoice line from an unearned account to an earned revenue account, Receivables ______________.

A) leaves the invoice line revenue contingencies until Reconcile Revenue Contingencies is run
B) removes the pending sales credits
C) removes the invoice line revenue contingencies
D) leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run

Solutions: