1Z0-1056-21 Training & Certification Get Latest Oracle Financials Cloud Updated on Sep 22, 2021
Certification Training for 1Z0-1056-21 Exam Dumps Test Engine
NEW QUESTION 82
Your company wants to generate Intercompany transactions only if the amount Involved is equal to or greater than $3,000 USD.
How should you configure Intercompany System Option*; to meet this requirement?
- A. Define intercompany approval rule, to automatically reject intercompany transactions that do not meet the minimum amount requirement.
- B. Set "Minimum Transaction Amount" to 2,999.99 and "Minimum Entered Currency" to ALL
- C. Set "Minimum Transaction Amount" to 3,000 and "Minimum entered Currency" to USD.
- D. Set "Minimum Invoice Amount" to 3,000 and "Invoice Currency" to USD in Payables Invoice Options and Receivables System Options.
Answer: D
NEW QUESTION 83
You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.
Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?
- A. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
- B. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
- C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
- D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
- E. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
- F. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
Answer: D
NEW QUESTION 84
A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?
- A. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
- B. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
- C. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
- D. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
Answer: A
NEW QUESTION 85
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 creating an on-account credit memo
- B. by generating a bills receivables adjustment
- C. by recording an entry to the Remitted Bills Receivable account
- D. by recording short-term debt
Answer: B
NEW QUESTION 86
The process of remitting receipts to a bank results in fund transfer errors.
Identify three corrective actions to resolve this. (Choose three.)
- A. change of instrument
- B. debit memo reversal
- C. credit reversal
- D. clearing payment information
- E. receipt reversal
Answer: A,D,E
Explanation:
References:
NEW QUESTION 87
Which two are rules applicable to issue of refunds? (Choose two.)
- A. You can issue a credit card refund to a customer who has made a cash payment.
- B. You can refund receipts that are factored.
- C. You cannot refund more than either the original receipt amount or the remaining unapplied amount.
- D. You can refund receipts that were either remitted or cleared.
Answer: C,D
Explanation:
References:
NEW QUESTION 88
Which three actions can be performed in the Collections Work Area, which will have an impact on the collection process?
- A. Adding new customer contacts in the Contacts tab.
- B. Processing a payment promise in the Transactions Tab.
- C. Changing the collector in the Profile Tab.
- D. Creating a credit memo in the Transactions Tab.
- E. Applying a customer payment in the Aging Tab.
Answer: A,B,C
NEW QUESTION 89
Your customer wants to override the calculated tax line amount for their receivable transaction.
What steps should the customer perform to ensure that only one of their employees has this privilege?
- A. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable application and create a tax rule to grant this privilege only to the selected employee.
- B. Set the "Transaction Tax Line Override" profile option to Yes for the selected employee and assign the employee the "Tax Manager <Business Unit>" data role.
- C. Enable the "Allow tax rate override" and "Allow manual tax lines" profiles at the user level, set, the value to Yes for the selected employee, and grant the "Tax Manager <Business Unit>" data role to the employee.
- D. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and set the "Transaction Tax Line Override" profile option to Yes for the selected employee.
- E. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and grant the employee the "Tax Manager <Business Unit>" data role.
Answer: B
Explanation:
References:
NEW QUESTION 90
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- Unearned revenue
- B. Liability-Accounts Payable
- C. Asset - Remitted Receipts
- D. Revenue- Revenue
- E. Owner's equity
Answer: B,C,E
NEW QUESTION 91
When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?
- A. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
- B. You can select only a Closed accounting period.
- C. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
- D. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
Answer: A
Explanation:
References:
NEW QUESTION 92
Which three Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose three.)
- A. Deposit
- B. Charge Back
- C. Guarantee
- D. Debit Memo
- E. Credit Memo
Answer: A,C,D
Explanation:
References:
NEW QUESTION 93
Which three receipts can be automatically applied by a system? (Choose three.)
- A. receipts created in a spreadsheet and uploaded
- B. receipts created in a lockbox and uploaded
- C. miscellaneous receipts
- D. receipts that are manually created
- E. receipts that are unapplied
Answer: B,C,D
NEW QUESTION 94
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. 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 invoice and retrieve the tax rate code.
Answer: A,D
NEW QUESTION 95
After a customer bankruptcy is approved, what happens in the Collections application?
- A. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.
- B. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
- C. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
- D. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
Answer: B
NEW QUESTION 96
When running the delinquency process for a customer, the business unit for which you want to run the process does not appear in the drop-down menu.
Identify the action that you need to take.
- A. Only business units that the user has access to will appear in the list of values. Modify the security options to provide access to the user.
- B. Business unit is not a required option on the Parameters tab to run the delinquency process.
- C. Select the check box to enter the default business unit if it does not appear in the drop-down menu.
- D. Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.
Answer: A
NEW QUESTION 97
Which flexfields are required to be used by auto invoice to identify transactions and transaction lines, if you load the interface using a customized form?
- A. Line-level transaction flexfield, Header-level transaction flexfield
- B. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield
- C. Line-level transaction flexfield, Header-level transaction flexfield, Reference flexfield
- D. Line-level transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield
Answer: B
NEW QUESTION 98
Your customer upload batch completes with an error and you identify the error as being due to incorrect payment method.
Which action should you take the resolve the Issue?
- A. Use the Customer Payment Method Exceptions spreadsheet.
- B. Correct error and resubmit the batch.
- C. Use the Customer Data Exceptions spreadsheet.
- D. Troubleshoot In the Manage Customers page.
Answer: A
NEW QUESTION 99
When a customer opts to make a payment by a credit card, this receipt is identified as a(n) _______________.
- A. AutoLockbox receipt
- B. manual receipt
- C. quick cash receipt
- D. automatic receipt
- E. miscellaneous receipt
Answer: D
Explanation:
References:
NEW QUESTION 100
Your customer has a state tax of 20% and a city tax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD.
What will be the resulting tax and invoice amounts for your tax invoice?
- A. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
- B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
- C. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
- D. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.
- E. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.
Answer: D
NEW QUESTION 101
A customer calls the Accounts Receivables department and asks for the balance of all invoices that are due in the next 30 days. The customer also has a question about a specific invoice line.
As a Billing Specialist, which action would you take?
- A. Search for the information in the Review Customer Account Details user interface.
- B. Search for open invoices on the Manage Transaction search page.
- C. Create an open debit memo.
- D. Apply, reverse, or process the receipt.
Answer: A
NEW QUESTION 102
Which is NOT a valid Infotile in the Accounts Receivables Work Area?
- A. Receipt Batches
- B. Unapplied Receipts
- C. Unapplied Credits
- D. Lockbox Exceptions
- E. Unidentified Receipts
Answer: E
NEW QUESTION 103
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. recall days
- B. clearing days
- C. risk elimination days
- D. collection days
- E. short-term debt clearing days
- F. lead days
Answer: E
Explanation:
References:
NEW QUESTION 104
You have been challenged by the Implementation team to configure AutoAccounting for the Revenue Account Type.
From which three tables can the segment value be defaulted? (Choose three.)
- A. Taxes
- B. Standard Lines
- C. Ship to site
- D. Salesperson
- E. Transaction Types
Answer: A,B,D
NEW QUESTION 105
You schedule print runs of transactions and balance forward bills according to the needs of your enterprise.
Which three statements are true? (Choose three.)
- A. If you have not printed a transaction, the View Print button (Preview of Print) displays the transaction according to the default template in BI Publisher.
- B. It is recommended that you always print directly from BI Publisher to give you more control over the templates in case you need to change them.
- C. Both the transaction, or each transaction in a balance forward bill, will be marked as printed in the system.
- D. If you have printed a transaction, the View Print button will not display a preview of the print.
- E. It is not recommended to print transactions and balance forward bills directly from BI Publisher.
Answer: A,B,C
NEW QUESTION 106
Which predefined dunning letter template is available in the Collections application
- A. Regular, Medium, Hard, Easy
- B. Soft, Regular, Medium, Hard
- C. Regular, Medium, Hard, Difficult
- D. Soft, Medium, Hard, Final
Answer: D
NEW QUESTION 107
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