[Nov 10, 2023] 1z0-1056-23 certification guide Q&A from Training Expert PrepAwayPDF
1z0-1056-23 Certification Overview Latest 1z0-1056-23 PDF Dumps
Oracle 1z0-1056-23 Exam Syllabus Topics:
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
| Topic 6 |
|
NEW QUESTION # 16
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. Not Applicable
- B. Time
- C. Days Early
- D. DaysLate
Answer: D
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 # 17
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. Tax Variance
- B. Accounting Variance
- C. Receivables Variance
- D. Intercompany Variance
Answer: B,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 # 18
You created a new enterprise structure in the Cloud for a single country. In the structure, there are two legal entities: a single ledger and two business units (representing two warehouses, each owned by one of the legal entities). The tax regulations are common between the legal entities.
When assigning the tax regime to parties, what should you do to share all setup for Tax?
- A. Assign one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.
- B. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
- C. Assign two business units to First Party Configuration with Party Overrides.
- D. Assign both business units to Global Configuration Owner.
- E. Assign the ledger to Global Configuration Owner.
Answer: E
Explanation:
Explanation
This is the best option to share all setup for Tax when the tax regulations are common between the legal entities. The ledger is the highest level of party hierarchy and can be assigned as the Global Configuration Owner to share the tax regime, tax rates, and tax rules across all parties under it. Verified References: [How You Assign Tax Regimes to Parties - Oracle]
NEW QUESTION # 19
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. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), 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. Time-based contingencies must not expire 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: A,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 # 20
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Define Remittance Bank Account where:
* Bank Account is associated with Receipt Method
* Primary bank account is linked the Denver branch of Bank of America
* Bank account number ends with 2870
* Remittance bank account is effective as of January 1, 2023
* GL Accounts section must contain the values below for company segment 120 Supremo Fitness
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Remittance Bank Accounts icon in the Receivables work area.
* Click on the Create button.
* In the Remittance Bank Account window, enter the following information:
* Name: XXRemittance Bank Account (Replace XX with your allocated user ID.)
* Bank Account Number: The bank account number that you want to associate with the receipt method.
* Bank Name: Bank of America
* Branch Name: Denver
* Account Type: Checking
* Effective Date: January 1, 2023
* Primary: Yes
* GL Accounts:
* Company Segment: 120 Supremo Fitness
* Account Code: 12000
* Account Name: Accounts Receivable - Supremo Fitness
* Company Segment: 120 Supremo Fitness
* Account Code: 12001
* Account Name: Allowance for Doubtful Accounts - Supremo Fitness
* Click on the Save button.
The new remittance bank account will be created.
NEW QUESTION # 21
Upon approval of a remittance batch of type Factored with Recourse, the Receivables application creates a receipt and establishes risk.
How does Receivables establish risk?
- A. By recording short-term debt
- B. By generating a bills receivables adjustment
- C. By creating an on-account credit memo
- D. By recording an entry to the Remitted Bills Receivable account
Answer: D
Explanation:
Explanation
When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable account and increases the balance of the Remitted Bills Receivable account. Verified References: [How You Remit Bills Receivable - Oracle]
NEW QUESTION # 22
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_XML_INVOICE_ENHANCED
- B. AR_NTERFACE.XML
- C. AR_XML.DELIVERY.METHOD
- D. AR_CUSTOMER.DELIVERY
- E. AR.INVOICE.XML.ENHANCED
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 # 23
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: E
Explanation:
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 References: [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 24
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
- A. The invoice is eligible for transfer to the General Ledger.
- B. The invoice can now be printed.
- C. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- D. The invoice is sent for a dunning follow-up.
- E. The payment schedules are created using the payment terms specified.
Answer: A,B,E
Explanation:
Explanation
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
* The invoice can now be printed or delivered to the customer by the preferred delivery method.
* The invoice is eligible for transfer to the General Ledger and posting to the customer account.
* The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
* The invoice is not sent for a dunning follow-up until it becomes overdue.
* The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:
* https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-
NEW QUESTION # 25
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 Invoice
- C. One per Customer, per due date
- D. One per Site. per due date
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 # 26
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 # 27
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 # 28
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. Site
- C. Account
- D. Party
- E. Customer
- F. Site Address
Answer: B
Explanation:
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 References: [How You Define Scoring Components - Oracle]
NEW QUESTION # 29
Your organization has decided to use the Portal Upload delivery method for some of their customers. You will be using this in place of other options, such as Print Email, or XML to deliver customer invoices.
Which step must be performed in the system to deliver transactions to your customers by using the Portal Upload method?
- A. Select Portal Upload as a delivery method on Customer Profile under Invoicing.
- B. Create a custom preferred delivery method in the Manage Receivables Lookups task in Functional Setup Manager.
- C. Create a custom-preferred delivery method in the Manage Receivables System Options task in Functional Setup Manager.
- D. Select Portal Upload as a delivery method on Customer Profile under Statement and Dunning.
- E. Run the Create Customer Statement process in Scheduled Processes.
Answer: A
Explanation:
Explanation
This option allows you to assign customer accounts and sites a preferred delivery method of Portal Upload for customer transactions intended for upload to a supplier portal or external system1. References: Portal Upload and Custom Delivery Methods - Oracle
NEW QUESTION # 30
......
The Best Oracle 1z0-1056-23 Study Guides and Dumps of 2023: https://www.prepawaypdf.com/Oracle/1z0-1056-23-practice-exam-dumps.html
Top Oracle 1z0-1056-23 Exam Audio Study Guide! Practice Questions Edition: https://drive.google.com/open?id=1U3NPG8xn6g5gAnyaOmlm0ksD-YSoVgyU