New Oracle 1Z0-1056-24 Dumps & Questions Updated on 2025
Dumps to Pass your 1Z0-1056-24 Exam with 100% Real Questions and Answers
NEW QUESTION # 42
When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?
- A. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
- B. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
- C. You can select only a Closed accounting period.
- D. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
Answer: D
NEW QUESTION # 43
Identify two credit memo options. (Choose two.)
- A. Paid freight
- B. Invoice lines
- C. Advance
- D. Paid amount only
- E. Tax only
Answer: B,E
NEW QUESTION # 44
What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)
- A. by Source Document Line andtime frame
- B. by Item and time frame
- C. by Source Document and time frame
- D. by Customer and time frame
- E. by Quote Number and time frame
Answer: A,B,C
NEW QUESTION # 45
Which predefined dunning letter template is available in the Collections application
- A. Soft, Medium, Hard, Final
- B. Regular, Medium, Hard, Easy
- C. Regular, Medium, Hard, Difficult
- D. Soft, Regular, Medium, Hard
Answer: A
NEW QUESTION # 46
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. Run the predefined Transaction Details Report.
- B. Create an Oracle Transactional Business Intelligence (OTBI) analysis.
- C. Search in the Receivables "Manage Credit Memo Applications" page, then export results to Excel.
- D. Search in the Payables "Manage Payments" page, then export results to Excel.
Answer: B
NEW QUESTION # 47
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?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: B
Explanation:
This 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 and 4000) 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 [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 48
Which two statements are true about Accounting for Tax on Receivables? (Choose two.)
- A. 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.
- 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 use the tax account of the tax code.
- D. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
- E. 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.
- 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.
Answer: B,E
NEW QUESTION # 49
Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)
- A. drilldown to see reconciliation details and to make reconciling corrections
- B. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
- C. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
- D. drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
- E. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel
Answer: B,C,E
NEW QUESTION # 50
What validation step is required for implementing dispute processing?
- A. The Recognize Revenue Program is scheduled.
- B. All transactions are of the invoice type.
- C. Periods for which the transaction can be disputed are Open.
- D. BPM Work List for approval configuration is validated.
Answer: D
NEW QUESTION # 51
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 # 52
What information does the Collector see in the Activities List area of the Collections Dashboard?
- A. customer's profile for each assigned customer
- B. status of processing activities from the Process Monitor
- C. customer search as per the parameter specified
- D. summary of aged transactions
- E. tasks assigned to the Collector, such as follow-up calls
Answer: E
NEW QUESTION # 53
If AutoAccounting is set to derive accounting segments based on a standard line, the transaction line must be either ________________ or ________________. Otherwise, AutoAccounting cannot derive a valid account code combination for revenue recognition.
Identify the two values. (Choose two.)
- A. a credit memo line
- B. a debit memo line
- C. an inventory item
- D. a standard memo line
- E. a purchasing item
Answer: C,D
NEW QUESTION # 54
Which method is used to allocate total transaction price across performance obligations in Revenue Management?
- A. Alternative Allocation Method
- B. Inverted Allocation Method
- C. Residual Allocation Method
- D. Relative Allocation Method
- E. Two Step Allocation Method
Answer: E
NEW QUESTION # 55
You are explaining the benefits of using Bill Management as a self-service electronic bill presentment solution to an existing customer.
Which feature is not supported in Bill Management?
- A. Managing disputes
- B. Managing unapplied payments
- C. Reviewing customer account balances
- D. Managing credit memos
- E. Making payments by using a credit card or the bank account
Answer: E
NEW QUESTION # 56
Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.
- A. The invoice is not closed.
- B. The transaction is partially paid.
- C. The transaction is an invoice.
- D. The transaction date falls in a closed period.
- E. The transaction type is not associated with a credit memo type.
Answer: E
NEW QUESTION # 57
You are utilizing the "Upload Customer From Spreadsheet" option. What information on the Customer Worksheet must be unique for each customer record?
- A. Customer Name, Customer Billing Address, Customer Bank Account
- B. Customer Number, Customer Account Number, Customer Site Number
- C. Customer Name, Customer Account Number, Customer Site Number
- D. Customer Number, Customer Billing Address, Customer Bank Account
Answer: B
NEW QUESTION # 58
Identify two late charge interest calculation methods. (Choose two.)
- A. Average Daily Balance
- B. Previous Balance
- C. Overdue Transactions only
- D. Adjusted Balance
Answer: A,C
NEW QUESTION # 59
Which two items are required for customer invoicing? (Choose two.)
- A. Remit-to-address
- B. Customer Profile Class
- C. Customers
- D. Lockbox
Answer: B,D
NEW QUESTION # 60
Which three interest rate calculation formula methods are supported in Receivables? (Choose three.)
- A. Flat Rate
- B. Compound
- C. Declining Balance
- D. Average
- E. Simple
Answer: A,B,E
NEW QUESTION # 61
Which statement is true when you create an Implementation Project for Oracle Financials Cloud?
- A. When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
- B. You must select the offering "Financials" and each individual product or option to perform the setup for each product in Oracle Financials Cloud.
- C. You must plan your Implementation Project carefully because you cannot delete it or make changes later.
- D. The Implementation Project is preconfigured and cannot be deleted or changed.
- E. You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.
Answer: E
NEW QUESTION # 62
Which statement is true about Balance Forward Billing?
- A. Transactions included on a Balance Forward Bill can be updated.
- B. The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.
- C. Balance Forward Bills can be created for a future date.
- D. Balance Forward Bills must be enabled at each bill-to-site level.
Answer: D
NEW QUESTION # 63
In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.
At which details?
- A. Organization
- B. Customer
- C. Site Address
- D. Account
- E. Site
- F. Party
Answer: E
Explanation:
This is the level at which you can use the Age of Latest Payment data point to determine the number of days passed since the last payment was received from a customer. The Age of Latest Payment data point is calculated at the account level and shows the age of the most recent payment for each customer account. Verified [How You Define Scoring Components - Oracle]
NEW QUESTION # 64
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