Oracle Financials Cloud: Receivables 2019 Implementation Essentials (1Z0-1056) Free Practice Test

Question 1

What are the three drilldown options available in the task pane for Receipt Remittance? (Choose three.)

A. Correct Funds Transfer Errors

B. Lockbox Transmission History

C. Manage Receipt Remittance Batches

D. Create Receipt Remittance Batch

E. Create Automatic Receipts

Correct Answer: C,D,E

Question 2

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, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

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 Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.

D. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

Correct Answer: D

Question 3

You need to make decisions about how an application should behave, such as date ranges and defaults.
What should you consider before defining Collections Preferences?

A. the employees who are involved with the collections process and how the collectors will be assigned

B. system privileges

C. scheduled processes

D. user application privileges

E. customer contact information

Correct Answer: A

Question 4

One of the customers pays its bills electronically from their bank account (Direct debit).
Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account?

A. Lockbox Process

B. Remittance Process

C. Clear Receipts Automatically Process

D. Automatic Receipt Process

Correct Answer: B

Question 5

Your client processes many customer refunds on a regular basis and would like to have information about recent refunds (including their status) for analytical purposes.
What should you do to meet this requirement in an efficient manner?

A. Create an Oracle Transactional Business Intelligence (OTBI) analysis.

B. Search in the Receivables "Manage Credit Memo Applications" page, then export results to Excel.

C. Run the predefined Transaction Details Report.

D. Search in the Payables "Manage Payments" page, then export results to Excel.

Correct Answer: A

Question 6

Identify three activities that you can perform from the Collections Dashboard. (Choose three.)

A. View the Total Amount Due for delinquent customers.

B. Record an activity to create a task or tasks to follow up on a delinquent customer.

C. Verify Customer Payments.

D. Update the work status of a work item for a delinquent customer.

E. Assign a Collector to a delinquent customer.

Correct Answer: B,D,E

Question 7

Identify the dunning letter template set provided by an application.

A. Regular, Final Demand, Medium

B. Final Demand, Soft, Medium

C. Regular, Medium, Hard

D. Soft, Regular, Hard

Correct Answer: B

Question 8

Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

A. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.

B. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.

C. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.

D. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.

E. For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.

F. For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.

Correct Answer: B,D

Question 9

Which is NOT a valid Infotile in the Accounts Receivables Work Area?

A. Unidentified Receipts

B. Unapplied Credits

C. Receipt Batches

D. Lockbox Exceptions

E. Unapplied Receipts

Correct Answer: A

Question 10

Which statement is true about Balance Forward Billing?

A. The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.

B. Balance Forward Bills can be created for a future date.

C. Transactions included on a Balance Forward Bill can be updated.

D. Balance Forward Bills must be enabled at each bill-to-site level.

Correct Answer: D

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Oracle Financials Cloud: Receivables 2019 Implementation Essentials (1Z0-1056) Free Practice Test