Oracle Financials Cloud: Receivables 2021 Implementation Essentials (1Z0-1056-21) Free Practice Test

Question 1

You are a functional user who has been tasked with creating an Oracle Transactional Business Intelligence (OTBI) analysis. You are still learning how to use OTBI, and the analysis you need to create is not complex.
Which tool should you use to create this analysis?

A. BI Publisher

B. BI Answers

C. Dashboard Builder

D. BI Composer

Correct Answer: A

Question 2

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 maturity dates as March 30, 2015 and April 1, 2015.

C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.

D. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.

E. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.

F. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.

Correct Answer: B

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

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 4

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 were either remitted or cleared.

C. You can refund receipts that are factored.

D. You cannot refund more than either the original receipt amount or the remaining unapplied amount.

Correct Answer: B,D

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 5

The Multifund Accounting feature supports detailed distributions for invoices with revenue recognition rules. For a customer invoice with the distributions below:

Which unearned revenue accounting entries will the feature generate?

A. Credits of $900 and $500 for companies 01 and 02 respectively

B. Debits of $900 and $500 for companies 01 and 02 respectively

C. Debit of $900 and credit of $500 for companies 01 and 02 respectively

D. Credit of $900 and debit of $500 for companies 01 and 02 respectively

E. Credits of $900 and $600 for companies 01 and 02 respectively

Correct Answer: C

Question 6

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 7

Which three receipts can be automatically applied by a system? (Choose three.)

A. receipts that are manually created

B. receipts created in a lockbox and uploaded

C. receipts created in a spreadsheet and uploaded

D. receipts that are unapplied

E. miscellaneous receipts

Correct Answer: A,B,E

Question 8

Your client performs many customer refunds and would like to search for real-time Receivables Refunds Status easily.
What should you do to meet this requirement?

A. Create a Business Intelligence Publisher Report because you cannot create an OTBI Report for refunds.

B. Create an Oracle Business Intelligence Applications (OBIA) Report.

C. Query each customer refund and verify the Refund Status.

D. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).

Correct Answer: D

Welcome to TestSimulate

Oracle Financials Cloud: Receivables 2021 Implementation Essentials (1Z0-1056-21) Free Practice Test