1Z0-1056-22 Online Practice Questions and Answers

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 per due date

B. One per Customer

C. One per site per due date

D. One per invoice

Which statement is true about Balance Forward Billing?

A. Balance Forward Bills must be enabled at each bill-to-site level.

B. Balance Forward Bills can be created for a future date.

C. Transactions included on a Balance Forward Bill can be updated.

D. The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.

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 standard memo line

B. a purchasing item

C. a credit memo line

D. an inventory item

E. a debit memo line

What is the impact on transactions of changing the billing cycle for a customer or group of customers?

A. The billing cycle does not have any impact on new transactions.

B. Existing transactions with no activity retain the old billing cycle.

C. Existing transactions with activity adapt the new billing cycle.

D. New transactions after this change inherit the new billing cycle.

Given the default system options:

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

A. Sales credit tracking is required

B. FBDI Loader is required

C. Auto-Invoicing is required

D. Revenue accounting is required

What are the two locations where the system can look for Receipt Match By Value when Receivables applies customer payments automatically for manually created receipts? (Choose two.)

A. Receipt Method

B. AutoMatch Rule

C. Customer

D. System Options

Your client performs many customer refunds and would like to search forreal-time Receivables Refunds Status easily.

What should you do to meet this requirement?

A. Create a Business Intelligence Publisher Report because you cannot create an OTBI Report for refunds.

B. Create an Oracle Business Intelligence Applications (OBIA) Report.

C. Query each customer refund and verify the Refund Status.

D. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).

After creating Receivable Activities using the General Ledger Rapid Implementation workbook upload process, a Receivable Manager wants to review and make changes if required, to the account assignments created for these Receivable Activities.

Which two Receivable Activities do not have account assignments to review and change? (Choose two.)

A. Unearned Discounts

B. Earned Discounts

C. Debit Memo Reversal

D. Miscellaneous Receipt

E. Adjustment Activities

You have created two transactions with a 30-daypayment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.

Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?

A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.

B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.

C. A Bills Receivable is created with the issue date asJanuary 31, 2015 and the maturity date as March 30, 2015.

D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.

E. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.

F. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.

A client rents equipment for special events. They havethe following invoicing requirements:

1.

invoice must De entered and be due either immediately, or 20 or 10 days before the event.

2.

The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking.

3.

After the events occur, theclient 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 None, Contingency Primary Removal Event as Contingency Expiration,and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

B. 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.

C. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

D. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.