Oracle Financials Cloud: Receivables 2020 Implementation Essentials (1Z0-1056-20) Free Practice Test

Question 1

Your customer wants to retrieve values for the Line of Business segment based on Customer Class for the Revenue account.
Which option would you use to achieve this with the help of the Subledger Accounting solution?

A. Description Rule

B. Mapping Set

C. Supporting References

D. Transaction References

Correct Answer: C

Question 2

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 3

A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit.
What is the status of the adjustment?

A. Approval Required

B. Forwarded for Approval

C. Pending Research

D. Pending Approval

Correct Answer: D

Question 4

Which three actions can be performed in the Collections Work Area, which will have an impact on the collection process?

A. Applying a customer payment in the Aging Tab.

B. Processing a payment promise in the Transactions Tab.

C. Adding new customer contacts in the Contacts tab.

D. Changing the collector in the Profile Tab.

E. Creating a credit memo in the Transactions Tab.

Correct Answer: B,C,D

Question 5

What are three functions of the Create Automatic Receipt Write-offs program? (Choose three.)

A. limiting write-offs by a percentage of the original receipt amount

B. creating write-offs for specific currencies and customers

C. scheduling periodic write-offs as receipt adjustments for old remaining balances

D. scheduling periodic write-offs as receipt adjustments for small remaining balances

E. scheduling periodic write-offs to occur in future periods

Correct Answer: A,B,D

Question 6

A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's approval limits.
What would be the result?

A. The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits.

B. The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits.

C. The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.

D. The program can be run only if the amount is within the Billing Specialist's approval limits.

Correct Answer: A

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Oracle Financials Cloud: Receivables 2020 Implementation Essentials (1Z0-1056-20) Free Practice Test