[Full-Version] 2024 New 1z0-1056-23 Actual Exam Dumps, Oracle Practice Test
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Oracle 1z0-1056-23 Exam Syllabus Topics:
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NEW QUESTION # 13
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?
- A. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
- B. 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.
- 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. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- E. 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.
Answer: C,D
Explanation:
Explanation
When 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-
NEW QUESTION # 14
You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?
- A. Receivables Variance
- B. Intercompany Variance
- C. Accounting Variance
- D. Tax Variance
Answer: A,C
Explanation:
Explanation
These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified References: [How You Reconcile Receivables to General Ledger - Oracle]
NEW QUESTION # 15
Your customer receives their invoices via the XML delivery method. They want to receive billing transactions for specific sites only. Now you have been tasked with creating a very focused delivery method of XML transactions for this customer site that should be receiving the invoice.
To define this setup, you must add a new lookup code to the AR Features lookup type in the Manage Receivables Lookups task. Which lookup code would you use?
- A. AR_CUSTOMER.DELIVERY
- B. AR_XML_INVOICE_ENHANCED
- C. AR_XML.DELIVERY.METHOD
- D. AR.INVOICE.XML.ENHANCED
- E. AR_NTERFACE.XML
Answer: C
Explanation:
Explanation
This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified References: [Overview of Oracle Receivables - Oracle]
NEW QUESTION # 16
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:
Define Balance Forward Payment Terms, where:
* Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)
* Payment terms are accessible to all business units
* Discounts are applicable to the full invoice amount
* Discounts are applicable even when the customer does not send a full payment
* Payment terms are effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Payment Terms icon in the Receivables work area.
* Click on the Create button.
* In the Payment Terms window, enter the following information:
* Name: XXNet 30 (Replace XX with your allocated user ID.)
* Description: Net 30 payment terms
* Billing Cycle: All Cycles
* Due Date: Next Business Day
* Discount Days: 30
* Discount Amount: 2%
* Discount Type: Percentage
* Discount Allowed: Yes
* Discount Allowed Even If Partial Payment: Yes
* Effective Date: January 1, 2023
* Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
* Click on the Business Units tab.
* Select the check box next to All Business Units.
* Click on the Save button.
The payment terms will now be accessible to all business units.
NEW QUESTION # 17
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?
- A. One per Customer
- B. One per Site. per due date
- C. One per Customer, per due date
- D. One per Invoice
Answer: A
Explanation:
Explanation
This 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]
NEW QUESTION # 18
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:
* Name of the collector is (Replace XX with 03. which is your allocated User ID.)
* Collector must be available to all business units.
* Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Collectors icon in the Receivables work area.
* Click on the Create button.
* In the Collector window, enter the following information:
* Name: XXCollector (Replace XX with your allocated user ID.)
* Type: Employee
* Employee: FASXX03 (Replace xx with your allocated user ID.)
* Available to All Business Units: Yes
* Click on the Save button.
The new collector will be created.
NEW QUESTION # 19
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. It will return an error and the data will be stuck in the interface table.
- C. Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
- D. Invoice will get created but accounting will not be created.
Answer: C
Explanation:
Explanation
This 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]
NEW QUESTION # 20
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?
- A. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
- B. Salesperson is not required on the transaction and is left blank.
- C. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- D. Revenue Reference Accounts were entered for all salespersons.
- E. No Sales Credit salesperson has no reference accounts.
Answer: B,D,E
Explanation:
Explanation
These 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]
NEW QUESTION # 21
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:
* Name of the transaction type is XXinvoice (Replace XX with 03.which is your allocated User ID.)
* 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
* Freight charges must be allowed
* Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due
* Invoices associated with this transaction type must be accounted for in the General Ledger application.
* 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 See the explanation below for solution.
Answer:
Explanation:
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Transaction Types icon in the Receivables work area.
* Click on the Create button.
* In the Transaction Type window, enter the following information:
* Name: XXinvoice
* Class: Invoice
* Transaction Action: Create
* Transaction Source Type: Customer
* Print Customer Bills: Yes
* Allow Freight Charges: Yes
* Allow Cash Applications: Yes
* Accounting:
* Reference Account: 41000
* Company Segment: 120 Supremo Fitness
* Click on the Save button.
The new transaction type will be created and the customer bills associated with this transaction type will be printed. The balances will also be maintained for invoices associated with this transaction type. Freight charges will be allowed and cash applications to invoices assigned to this transaction type must not exceed the invoice balance due. The invoices associated with this transaction type will be accounted for in the General Ledger application. The revenue GL account 41000 will be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness.
Steps to confirm the Oracle Applications Cloud version:
* Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.
* Click on About This Application in the Settings and Actions menu.
* Copy the complete version number from the About this Application pop-up in the Oracle Application Cloud window.
* Paste the version number in the box below.
* Click Confirm.
Version Number: 21A
NEW QUESTION # 22
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?
- A. Time
- B. DaysLate
- C. Days Early
- D. Not Applicable
Answer: B
Explanation:
Explanation
This 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]
NEW QUESTION # 23
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?
- A. Sales credits associated to deferred revenue
- B. Additional incentive-based sales credits
- C. Sales credit allocation based on billing corrections
- D. Sales credit reversals due to credit memo creation
Answer: A
Explanation:
Explanation
Nonrevenue 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]
NEW QUESTION # 24
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:
* 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
Answer:
Explanation:
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.
NEW QUESTION # 25
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?
- A. Process Receipts and Remittances through Lockbox
- B. Process Receipts through Lockbox
- C. Process Lockbox Receipts and Remittance References
- D. Process Lockbox Receipts
Answer: D
Explanation:
Explanation
This 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]
NEW QUESTION # 26
Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?
- A. Line-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield
- B. Line-level transaction flexfield and Header-level transaction flexfield
- C. Line-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield
- D. Line-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield
Answer: B
Explanation:
Explanation
These 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]
NEW QUESTION # 27
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