This page was exported from Valid Premium Exam [ http://premium.validexam.com ] Export date:Thu Sep 19 22:39:11 2024 / +0000 GMT ___________________________________________________ Title: 1z0-1056-23 Exam Questions - Real & Updated Questions PDF [Q13-Q37] --------------------------------------------------- 1z0-1056-23 Exam Questions - Real & Updated Questions PDF Pass Guaranteed Quiz 2023 Realistic Verified Free Oracle Q13. Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?  Process Receipts and Remittances through Lockbox  Process Lockbox Receipts  Process Lockbox Receipts and Remittance References  Process Receipts through Lockbox ExplanationThis process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. References: [How You Process Lockbox Receipts – Oracle]Q14. 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?  3000  5000  1000  4000  2000 ExplanationThis 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 and4000) 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]Q15. After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.What are three results of this action?  The invoice can now be printed.  The invoice is sent for a dunning follow-up.  The invoice is eligible for transfer to the General Ledger.  The payment schedules are created using the payment terms specified.  The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No. ExplanationWhen the Billing Manager clicks the Complete button in the Transactions window, the following results occur:* The invoice can now be printed or delivered to the customer by the preferred delivery method.* The invoice is eligible for transfer to the General Ledger and posting to the customer account.* The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:* The invoice is not sent for a dunning follow-up until it becomes overdue.* The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:* https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-Q16. 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?  Invoice will get created but accounting will not be created.  It will return an error and the data will be stuck in the interface table.  Invoice will be created and the system will use the AutoAccounting configuration to create accounting.  Neither invoice nor accounting will be created. ExplanationThis is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified References: [How You Import Transactions Using AutoInvoice – Oracle]Q17. You are reviewing an invoice on the Review Transaction page. After clicking the Sales Credit subtab. you notice the following breakdown: Revenue Allocation and Nonrevenue Allocation.What is Nonrevenue Allocation?  Sales credit allocation based on billing corrections  Additional incentive-based sales credits  Sales credits associated to deferred revenue  Sales credit reversals due to credit memo creation ExplanationNonrevenue Allocation is the amount of sales credits that are associated to deferred revenue. It represents the portion of sales credits that are not yet recognized as revenue and are allocated to future periods. Verified References: [How You Manage Sales Credits – Oracle]Q18. Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?  Line-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield  Line-level transaction flexfield and Header-level transaction flexfield  Line-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield  Line-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield ExplanationThese are the two flexfields that AutoInvoice requires to identify transactions and transaction lines, if you load the interface using a customized form. They are used to group transaction lines into transactions and assign transaction attributes. Verified References: [How You Define AutoInvoice Grouping Rules – Oracle]Q19. 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?  Cash Managers can create and manage bank accounts for only those business units to which they are given access.  Cash Managers can only create but not manage bank accounts for those legal entities to which they are given access.  Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.  Cash Managers can create and manage bank accounts for only those legal entities to which they are given access. ExplanationThis 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]Q20. Manage Balance Forward Billing Cycles and Payment TermsScenarioYou 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:* Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)* Bills are generated every day* Cycle is effective as Of January 1,2023 See the explanation below for solution.Explanation* Log in to Oracle Financials Cloud.* Click on the Balance Forward Billing icon in the Receivables work area.* Click on the Cycles tab.* Click on the Create button.* In the Balance Forward Billing Cycle window, enter the following information:* Name: XXCycle (Replace XX with your allocated user ID.)* Billing Frequency: Daily* Effective Date: January 1, 2023* Click on the Save button.The new balance forward billing cycle will be created.To create a Balance Forward Billing Payment Term:* Click on the Payment Terms tab.* Click on the Create button.* In the Balance Forward Billing Payment Term window, enter the following information:* Name: XXPaymentTerm (Replace XX with your allocated user ID.)* Billing Cycle: XXCycle (The cycle that you created in the previous step.)* Due Date: Next Business Day* Overdue Days: 30* Click on the Save button.The new balance forward billing payment term will be created.Q21. Manage Receipt Classes and MethodsScenarioSupremo 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:Create Receipt Method. where:* Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)* Receipt method must be effective as of January 1. 2023 See the explanation below for solution.Explanation* Log in to Oracle Financials Cloud.* Click on the Receipt Methods icon in the Receivables work area.* Click on the Create button.* In the Receipt Method window, enter the following information:* Name: XXCheck (Replace XX with your allocated user ID.)* Effective Date: January 1, 2023* Receipt Class: XXReceipt Class (The receipt class that you created in the previous step.)* Bank Account: The bank account that will be used to clear receipts for this receipt method.* Click on the Save button.The new receipt method will be created.Q22. 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?  Days Early  Time  DaysLate  Not Applicable ExplanationThis 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]Q23. 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?  One per Invoice  One per Customer, per due date  One per Customer  One per Site. per due date ExplanationThis 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]Q24. it has been decided that when processing customer payments using lockbox one customer can pay for another customer’s transaction.Which two steps will help achieve this?  Select the Allow payment of unrelated transactions Receivables System Option.  Define a relationship between the two customer accounts.  Define a netting agreement between the two customer accounts.  Define a business purpose of invoice to each customer address.  Define and share a cash pool bank account between the customers. ExplanationThese are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer’s transaction using lockbox.The relationship between the two customer accounts defines how payments are applied across different customers. Verified References: [How You Process Lockbox Receipts – Oracle]Q25. The AutoAc counting rule for the Revenue account is defined as follows:When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?  Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit  Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.  Salesperson is not required on the transaction and is left blank.  Revenue Reference Accounts were entered for all salespersons.  No Sales Credit salesperson has no reference accounts. ExplanationThese are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type.The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified References: [How You Define AutoAccounting – Oracle]Q26. 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?  Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.  Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.  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.  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.  Time-based contingencies must not expire before the contingency can be removed and revenue recognized. ExplanationWhen you consider that recognition depends on the nature of the contingency, these two statements are true:* Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is recognized at that point.* Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept or reject a product after receiving an invoice, the contingency is removedafter 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because:* Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before invoicing, not before revenue recognition.* 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. For example, if a customer has a one-year warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later.* Time-based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified References:https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC- Loading … Oracle 1z0-1056-23 Exam Syllabus Topics: TopicDetailsTopic 1Create and Process Bills Receivables Remittances Report with Oracle Transactional Business Intelligence (OTBI)Topic 2Create and Process Transactions Manage Transaction types, Transaction sources, Items, and Memo linesTopic 3Create and Process Receipt Exceptions Configuring and Using Advanced CollectionsTopic 4Configure and Use Oracle Bill Management Manage Account Receivables ReconciliationTopic 5Manage Resources, Salesperson, Sales credits, and Salesperson account references Configure Sub Ledger AccountingTopic 6Configure Revenue for Receivables Managing Customer Billing Manage AutoInvoice CorrectionsTopic 7Manage Automatic Receipts and Funds Capture Configure Integration with Other Applications   Get to the Top with 1z0-1056-23 Practice Exam Questions: https://www.validexam.com/1z0-1056-23-latest-dumps.html --------------------------------------------------- Images: https://premium.validexam.com/wp-content/plugins/watu/loading.gif https://premium.validexam.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2023-12-10 09:17:20 Post date GMT: 2023-12-10 09:17:20 Post modified date: 2023-12-10 09:17:20 Post modified date GMT: 2023-12-10 09:17:20