[2021] Use Valid 1Z0-1056-21 Exam - Actual Exam Question & Answer
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NEW QUESTION 14
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 Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
- B. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
- C. 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.
- D. 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.
Answer: B
NEW QUESTION 15
Which two statements are true when you are using the Intercompany Reconciliation Process? (Choose two.)
- A. The ledger balancing lines are generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
- B. The Transaction Summary Report shows only transactions with a status of received.
- C. The Clearing Company Balancing Lines appear in the Intercompany Reconciliation Summary Report.
- D. The Reconciliation Period Summary Report shows the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- E. You need to submit the Extract Intercompany Reconciliation Data job.
Answer: A,D
Explanation:
References:
NEW QUESTION 16
Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?
- A. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
- B. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.
- C. Intercompany invoicing must be enabled in Payables Invoice Options.
- D. Intercompany invoicing must be enabled in Receivables System Options.
Answer: A
NEW QUESTION 17
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. Dashboard Builder
- B. BI Answers
- C. BI Composer
- D. BI Publisher
Answer: D
NEW QUESTION 18
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 Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
- B. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
- C. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
- D. 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.
- E. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
- F. 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.
Answer: A,E
NEW QUESTION 19
Which four output file types are available when you run the "Print Receivables Transactions" program?
- A. Word
- B. HTML
- C. PDF
- D. JPG
- E. Zipped PDFs
- F. Excel
Answer: B,C,E,F
NEW QUESTION 20
A company's policy is always to apply customer payments to debit and credit items, starting with the oldest due date.
Which function should you include in the default Auto-cash rule?
- A. Clear the past due invoices grouped by payment terms
- B. Match payment with Invoice
- C. Clear the account
- D. Clear past due invoices
- E. Apply to the oldest invoice first
Answer: E
NEW QUESTION 21
Which two statements are true regarding the Promise to Pay feature in the Collections application?
- A. Mass promise to pay amounts automatically become partial payments.
- B. You cannot cancel a promise made in error if it is before the promise due date.
- C. Promise information is updated by scheduling the Promise Reconciliation process.
- D. You can cancel a promise made in error if it is before the promise due date.
Answer: A
NEW QUESTION 22
What do you need to total in order to find the total transaction price for a customer contract that is calculated by Revenue Management?
- A. the allocated amount for all performance obligations in the customer contract
- B. the billing amount for all performance obligations in the customer contract
- C. the SSP amounts for all performance obligations in the customer contract
- D. the extended SSP amounts for all performance obligations in the customer contract
- E. the selling price for all performance obligations in the customer contract
Answer: B
NEW QUESTION 23
You are defining a new receipt class to process manual customer payments and plan to use reconciliation accounting in Cash Management.
Which two clearance methods enable you to match and clear transactions in Cash Management? (Choose two.)
- A. Directly
- B. by matching
- C. by Automatic Clearing
- D. by Conformation
- E. by factoring
Answer: B,C
NEW QUESTION 24
What information does the Collector see in the Activities List area of the Collections Dashboard?
- A. customer's profile for each assigned customer
- B. tasks assigned to the Collector, such as follow-up calls
- C. customer search as per the parameter specified
- D. status of processing activities from the Process Monitor
- E. summary of aged transactions
Answer: B
Explanation:
References:
NEW QUESTION 25
You created an Auto cash Ruleset where the first rule to be applied to receipts is Match Payments with Invoice. Discount = Earned Only, Late charges = NO, Receipt = $900, Receipt date = 14-Feb-2020, Discount Grace Days = 5.
Which transaction will be applied to the receipt?
- A. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 24-Feb-2020
- B. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 20-Feb-2020
- C. Invoice Amount: $800, Payment terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 28-Feb-2020
- D. Invoice Amount: $1000, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 28-Feb 2020
Answer: B
NEW QUESTION 26
Which two statements are true about configuring Collection Strategies?
- A. You need to SGI the (Collections Method to Strategies for the relevant business unit.
- B. You need to create Scoring Formulae (or use predefined Scoring Formulas).
- C. You need to create Strategy Tasks of the type "Automatic" only.
- D. You need to define an Aging Method that meets the requirements of your organization.
Answer: B,C
NEW QUESTION 27
Identify the receivables system option that relates to customers.
- A. Receipt Method
- B. Default Country
- C. Reciprocal Customer
- D. Automatic Site Numbering
Answer: A,B
NEW QUESTION 28
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. an inventory item
- B. a credit memo line
- C. a debit memo line
- D. a standard memo line
- E. a purchasing item
Answer: A,D
Explanation:
References:
NEW QUESTION 29
A Cloud customer has decided to use Custom data points loaded by using REST API for Credit Management setup.
After creating Custom data point definitions, which three data point values need to be provided to successfully create a new value? (Choose three.)
- A. Account Number or Party Number
- B. Data Point Description
- C. Data Point Lookup
- D. Currency code
- E. Data Point ID
Answer: A,D,E
NEW QUESTION 30
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 Payables "Manage Payments" page, then export results to Excel.
- D. Search in the Receivables "Manage Credit Memo Applications" page, then export results to Excel.
Answer: B
NEW QUESTION 31
Which three benefits do intercompany reconciliation reports provide to an accountant?
- A. Displaying clearing company balancing lines.
- B. Displaying intercompany receivables and payables balancing lines.
- C. Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.
- D. Comparing receivables and payables account balances and identifying discrepancies.
Answer: B,C,D
NEW QUESTION 32
A Cloud customer requires enhanced message content in transactions delivered using email.
Which three are supported in the body of the message? (Choose three.)
- A. Modify the fonts and font size.
- B. Insert logos.
- C. Prevent use of Dynamic Tokens.
- D. Increase the character limit to greater than 4000.
- E. Insert hyperlinks.
Answer: A,B,E
NEW QUESTION 33
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