1Z0-1056-23 Online Practice Questions and Answers

You have created payment terms in a system and associated them in the USA reference data set. All the payment terms in the system are shown as follows. Business Unit X has a set assignment ofEnterprise Set for payment terms. Payment Term = Net 30; Reference Data Set = Enterprise Set Payment Term = Net 45; Reference Data Set = Enterprise Set Payment Term = 1%/10 Net 30; Reference Data Set = USA Set Payment Term = Net 45; Reference Data Set =USA Set If an invoice is created in Business Unit X, which payment term set is available for use in a transaction?

A. Net 45 (Enterprise Set), Net 45 (USA Set)

B. Net 30 (Enterprise Set), Net 45 (Enterprise Set)

C. Net 30 (Enterprise Set), Net 45 (USA Set)

D. 1%/10 Net 30 (USA Set), Net 45 (USA Set)

You need to make decisions about how an application should behave, such as date ranges and defaults.

What should you consider before defining Collections Preferences?

A. scheduled processes

B. system privileges

C. user application privileges

D. the employees who are involved with the collections process and how the collectors will be assigned

E. customer contact information

The Multifund Accounting feature supports detailed distributions for invoices with revenue recognition rules. For a customer invoice with the distributions below:

Which unearned revenue accounting entries will the feature generate?

A. Credits of $900 and $600 for companies 01 and 02 respectively

B. Credits of $900 and $500 for companies 01 and 02 respectively

C. Debit of $900 and credit of $500 for companies 01 and 02 respectively

D. Credit of $900 and debit of $500 for companies 01 and 02 respectively

E. Debits of $900 and $500 for companies 01 and 02 respectively

Company ABC wants their logo displayed in all customer invoices. How do you meet this business requirement?

A. Use Web Services to integrate with an external system that can handle this requirement.

B. Modify theInvoice Print Layout Bill Presentment Template.

C. Enable the setting "Allow Change to Printed Transactions" in Receivables System Options.

D. Extend the "Print Receivables Transactions" program.

Which two are NOT components of a Business Intelligence Publisher report? (Choose two.)

A. View

B. Data Model

C. Matrix

D. Translation

E. Layout

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.

Which three receipt types can be reversed in the Cloud?

A. Receipts applied to open receipts

B. Miscellaneous receipts

C. Credit card chargebacks posted to GL

D. Receipts that are archived

E. Invoice-related receipts

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. Customer

B. Organization

C. Site

D. Account

E. Site Address

F. Party

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 create and manage bank accounts for only those legal entities to which they are given access.

B. Cash Managers can create and manage bank accounts for only those business units to which they are given access.

C. Cash Managers can only create but not manage bank accounts for those legal entities 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.