1z0-1056-23 Practice Test Questions Updated 34 Questions
Oracle 1z0-1056-23 Dumps - Secret To Pass in First Attempt
Oracle 1z0-1056-23 Exam Syllabus Topics:
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NEW QUESTION # 18
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 Statement and Dunning.
- B. Create a custom preferred delivery method in the Manage Receivables Lookups task in Functional Setup Manager.
- C. Run the Create Customer Statement process in Scheduled Processes.
- D. Create a custom-preferred delivery method in the Manage Receivables System Options task in Functional Setup Manager.
- E. Select Portal Upload as a delivery method on Customer Profile under Invoicing.
Answer: E
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 # 19
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:
Define Balance Forward Payment Terms, where:
* Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)
* Payment terms are accessible to all business units
* Discounts are applicable to the full invoice amount
* Discounts are applicable even when the customer does not send a full payment
* Payment terms are effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Payment Terms icon in the Receivables work area.
* Click on the Create button.
* In the Payment Terms window, enter the following information:
* Name: XXNet 30 (Replace XX with your allocated user ID.)
* Description: Net 30 payment terms
* Billing Cycle: All Cycles
* Due Date: Next Business Day
* Discount Days: 30
* Discount Amount: 2%
* Discount Type: Percentage
* Discount Allowed: Yes
* Discount Allowed Even If Partial Payment: Yes
* Effective Date: January 1, 2023
* Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
* Click on the Business Units tab.
* Select the check box next to All Business Units.
* Click on the Save button.
The payment terms will now be accessible to all business units.
NEW QUESTION # 20
You are an IT contractor for a client who wants to increase internal controls on bank accounts set up in the Cash Management application. According to their new policy, a Cash Manager s ability to add. review, or make changes to bank accounts must be regionalized and restricted by their org structure.
Which statement is true about the restrictions applied to the setup?
- A. Cash Managers can only create but not manage bank accounts for those legal entities to which they are given access.
- B. Cash Managers can create and manage bank accounts for only those legal entities to which they are given access.
- C. Cash Managers can create and manage bank accounts for only those business units to which they are given access.
- D. Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.
Answer: B
Explanation:
Explanation
This is the true statement about the restrictions applied to the setup. Cash Managers can access bank accounts based on their legal entity access privileges. They can create and manage bank accounts for only those legal entities that they are authorized to access. Verified References: [How You Manage Bank Accounts - Oracle]
NEW QUESTION # 21
You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.
Which three event attributes should be used?
- A. Transaction number of amendments
- B. Transaction type of update
- C. Transaction last update date
- D. Transaction created by
- E. Transaction creation date
Answer: A,B,C
Explanation:
Explanation
These are the three event attributes that can be used to identify the origin and history of Receivable transactions. They capture the information about the changes made to the transactions, such as the transaction number, the type of update (create, update, delete), and the date of the last update. Verified References: [How You Define Event Attributes - Oracle]
NEW QUESTION # 22
You are reviewing an invoice on the Review Transaction page. After clicking the Sales Credit subtab. you notice the following breakdown: Revenue Allocation and Nonrevenue Allocation.
What is Nonrevenue Allocation?
- A. Sales credits associated to deferred revenue
- B. Sales credit reversals due to credit memo creation
- C. Additional incentive-based sales credits
- D. Sales credit allocation based on billing corrections
Answer: A
Explanation:
Explanation
Nonrevenue Allocation is the amount of sales credits that are associated to deferred revenue. It represents the portion of sales credits that are not yet recognized as revenue and are allocated to future periods. Verified References: [How You Manage Sales Credits - Oracle]
NEW QUESTION # 23
Manage Aging Methods
Scenario
Your organization needs to create their own a-bucket aging method for reporting purposes.
Task
Create a new 4-bucket Aging Method in the Collections application, where:
* Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)
* Aging method is accessible to all business units
* Aging buckets are 45 days apart
* Last bucket is 91 days
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Aging Methods icon in the Receivables work area.
* Click on the Create button.
* In the Aging Method window, enter the following information:
* Name: XXAging Method (Replace XX with your allocated user ID.)
* Description: Custom aging method for reporting purposes.
* Aging Buckets:
* 1: 0 to 45 days
* 2: 46 to 90 days
* 3: 91 to 135 days
* 4: 136 to 180 days
* Last Bucket: 181 days
* Available to All Business Units: Yes
* Click on the Save button.
The new aging method will be created.
NEW QUESTION # 24
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 Invoice
- B. One per Customer, per due date
- C. One per Customer
- D. One per Site. per due date
Answer: C
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 # 25
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. 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.
- B. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- C. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
- D. 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.
- E. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
Answer: B,C
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 # 26
The AutoAc counting rule for the Revenue account is defined as follows:
When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?
- A. No Sales Credit salesperson has no reference accounts.
- B. Salesperson is not required on the transaction and is left blank.
- C. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
- D. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- E. Revenue Reference Accounts were entered for all salespersons.
Answer: A,B,E
Explanation:
Explanation
These are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type.
The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified References: [How You Define AutoAccounting - Oracle]
NEW QUESTION # 27
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 two business units to First Party Configuration with Party Overrides.
- B. Assign one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.
- C. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
- D. Assign the ledger to Global Configuration Owner.
- E. Assign both business units to Global Configuration Owner.
Answer: D
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 # 28
As an implementer. while importing data from a legacy/third-parly system, you forgot to populate the accounting distribution in the RA_INTERFACE_DlSTRIBUTIONS_ALL table. What happens when you run accounting?
- A. Invoice will get created but accounting will not be created.
- B. Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
- C. Neither invoice nor accounting will be created.
- D. It will return an error and the data will be stuck in the interface table.
Answer: B
Explanation:
Explanation
This is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified References: [How You Import Transactions Using AutoInvoice - Oracle]
NEW QUESTION # 29
While reviewing Balance Forward Bill Infertile on the Account Overview page m Bill Management, you notice that it is only displaying balance forward Mis raised in the last month.
How can you increase the number of months to view past balance forward bills?
- A. Use Bill Management System Options
- B. Use Receivables System Options
- C. Use the threshold view of Balance Forward Bill Infotile
- D. Add the number of months as a value for the BILL.MANAGEMENT lookup code
Answer: A
Explanation:
Explanation
You can use Bill Management System Options to increase the number of months to view past balance forward bills on the Account Overview page in Bill Management. You can set the value for the Number of Months for Balance Forward Bill Infotile Profile Option. Verified References: [How You Manage Balance Forward Billing - Oracle]
NEW QUESTION # 30
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 # 31
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 # 32
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