oracle 1z0-1056-21 practice test

Oracle Financials Cloud: Receivables 2021 Implementation Essentials Exam

Last exam update: May 12 ,2024
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Question 1

A companys 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. one customer account and one customer site with a bill-to site business purpose
  • A. Clear the past due invoices grouped by payment terms
  • B. one customer account without any customer site
  • B. Clear the account
  • C. one customer account with two sites: one with a bill-to business purpose and the other with a ship-to business purpose
  • C. Match payment with Invoice
  • D. one customer account and one customer site with a ship-to site business purpose
  • D. Apply to the oldest invoice first
  • E. Clear past due invoices
Answer:

D

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Reference:
https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/atocashs.htm

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Question 2

Which three attributes are displayed in the detail table of the Balance forward Bill infotile? (Choose
three.)

  • A. using the Incomplete Infotile
  • A. Due date
  • B. using the Manage AutoInvoice Lines task
  • B. Amount due on Bill
  • C. using the Manage Transactions task
  • C. Past due Amount
  • D. using the Import Exceptions Infotile
  • D. Collector
  • E. Billing date
Answer:

A, B, E

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Reference:
https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/fin/releases/19D/
19D-financials-wn.htm

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Question 3

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. Lockbox
  • A. by generating a bills receivables adjustment
  • B. Customers
  • B. by creating an on-account credit memo
  • C. Remit-to-address
  • C. by recording an entry to the Remitted Bills Receivable account
  • D. Customer Profile Class
  • D. by recording short-term debt
Answer:

A

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Reference:
https://docs.oracle.com/en/cloud/saas/financials/21b/fairp/implementing-receivables-
credit-to-cash.pdf
(261)

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Question 4

Which reporting tool is primarily used by users to create ad hoc analysis from real-time Receivables
data?

  • A. Account Number or Party Number
  • A. Smart View
  • B. Currency code
  • B. Oracle Transaction Business Intelligence
  • C. Data Point ID
  • C. ADFdi Spreadsheets
  • D. Data Point Description
  • D. XML Publisher
  • E. Data Point Lookup
  • E. Financial Reporting Web Studio
Answer:

B

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Reference:
https://docs.oracle.com/cd/E51367_01/fa_lcm_gs/BIFAD/BIFAD.pdf

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Question 5

Which configuration task needs to be completed before you can create Bills Receivables for a
customer?

  • A. Pending posting
  • A. Define approval limits.
  • B. Awaiting approval
  • B. Define standard memo lines.
  • C. New
  • C. Define revenue scheduling rules.
  • D. Awaiting submission
  • D. Define drawee site.
  • E. Pending remittance
Answer:

A

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Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-common-accounts-receivable-configuration.html#FAIRP1376582

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Question 6

Which three Infotiles can be seen in the Accounts Receivables work area? (Choose three.)

  • A. transactions that have the Print Option set to Do Not Print
  • A. Activities
  • B. transactions that have the selected payment terms
  • B. Unapplied Receipts
  • C. transactions have a Bill Type of Imported
  • C. Unapplied Credits
  • D. transactions that were included in a previous Balance Forward Bill
  • D. Receipt Batches
  • E. Unidentified Receipts
Answer:

B, C, D

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Question 7

A Cloud client has a requirement to process the most precise revenue recognition schedule.
Which revenue schedule would you use to achieve this requirement?

  • A. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute
  • A. Fixed Rate
  • B. by defining a grouping rule on the customer class
  • B. Daily Revenue rate – Partial Periods
  • C. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute
  • C. Variable rate
  • D. by defining an item group and assigning that to the rule
  • D. Period end rate
  • E. by defining an exclusion rule to exclude customer classes that are "Retail"
  • E. Daily Revenue Rate – All periods
Answer:

E

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Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faofc/manage-customer-billing.html#FAOFC81661

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Question 8

Which three receipts types can be reversed in the Cloud? (Choose three.)

  • A. Statement cycles
  • A. Invoice-related receipts
  • B. Lockbox
  • B. Receipts applied to open receipts
  • C. Bills Receivable Matching Rules
  • C. Miscellaneous receipts
  • D. Bills Receivable Receipt method
  • D. Receipts that are archived
  • E. Customer account site with purpose of drawee
  • E. Credit card chargebacks posted to GL
Answer:

A, C, E

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Reference:
https://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/recpts13.htm

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Question 9

Your Cloud client has decided to use Channel Revenue Management Integration with Receivables for
Claim creation and Settlements created by Spreadsheet or SOAP services.
Which three setup steps are predefined for this feature? (Choose three.)

  • A. Report Builder
  • A. predefined Channel Revenue Management auto accounting type
  • B. Visual Builder add on to Excel
  • B. predefined Subledger Journal Entry Rule for the Event Class Receipt and Accounting Class Claim Investigation
  • C. Answers
  • C. predefined Channel Revenue Management transaction type
  • D. BI Composer
  • D. predefined Channel Revenue Management transaction source
  • E. predefined Claim Investigation activity type under Receivables Activities
Answer:

B, D, E

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Reference:
https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/fin/releases/21B/
21B-financials-wn.htm#F17868

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Question 10

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. Tax Variance
  • A. by factoring
  • B. Intercompany Variance
  • B. by Conformation
  • C. Accounting Variance
  • C. by Automatic Clearing
  • D. Receivables Variance
  • D. Directly
  • E. by matching
Answer:

C, E

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Reference:
https://docs.oracle.com/cd/E18727_01/doc.121/e13483/T359831T359834.htm

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Question 11

What are the two places where Receivables can look for the Match Receipts By setting when
applying manual customer receipts? (Choose two.)

  • A. Use the Customer Data Exceptions spreadsheet.
  • A. Receipt Method
  • B. Use the Customer Payment Method Exceptions spreadsheet.
  • B. Profile option
  • C. Troubleshoot In the Manage Customers page.
  • C. Customer
  • D. Correct error and resubmit the batch.
  • D. AutoMatch Rule
  • E. System Options
Answer:

A, E

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Question 12

You have been challenged by the Implementation team to configure AutoAccounting for the Revenue
Account Type.
From which three tables can the segment value be defaulted? (Choose three.)

  • A. Lockbox Transmission History
  • A. Taxes
  • B. Create Automatic Receipts
  • B. Ship to site
  • C. Correct Funds Transfer Errors
  • C. Standard Lines
  • D. Create Receipt Remittance Batch
  • D. Transaction Types
  • E. Manage Receipt Remittance Batches
  • E. Salesperson
Answer:

A, C, E

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Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-customer-billing-configuration.html#FAIRP276998

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Question 13

Which minimum Customer setup is required to create a receivables transaction?

  • A. It will return an error and the data will be stuck in the interface table.
  • A. one customer account and one customer site with a bill-to site business purpose
  • B. Neither invoice nor accounting will be created.
  • B. one customer account without any customer site
  • C. Invoice will get created but accounting won’t be created.
  • C. one customer account with two sites: one with a bill-to business purpose and the other with a ship-to business purpose
  • D. Invoice will be created and the system will use auto accounting configuration to create accounting.
  • D. one customer account and one customer site with a ship-to site business purpose
Answer:

A

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Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-customer.html#FAIRP1476580

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Question 14

Given the default system options:

Which two instances are you required to select for the require salesperson flag? (Choose two.)

  • A. Insert logos.
  • A. Sales credit tracking is required
  • B. Prevent use of Dynamic Tokens.
  • B. FBDI Loader is required
  • C. Increase the character limit to greater than 4000.
  • C. Auto-Invoicing is required
  • D. Insert hyperlinks.
  • D. Revenue accounting is required
  • E. Modify the fonts and font size.
Answer:

A, D

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Question 15

If a customer has more than one transaction with the same number within a Lockbox transmission,
then in which two receipt statuses are the receipts left? (Choose two.)

  • A. drilldown to see reconciliation details and to make reconciling corrections
  • A. On-account, if the Customer Account Number or MICR is provided and there are no matching recommendations
  • B. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
  • B. Unapplied, if the Customer Account Number or MICR number is provided
  • C. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
  • C. Unidentified, if the Customer Account Number or MICR is not provided and there are no successful matching recommendations
  • D. drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
  • D. Applied, if the Customer Account Number or MICR number is provided
  • 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

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Reference:
https://docs.oracle.com/cd/E25178_01/fusionapps.1111/e20375/F569972AN6AE15.htm

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