oracle 1z0-1056-21 practice test

Oracle Financials Cloud: Receivables 2021 Implementation Essentials Exam

Last exam update: Nov 14 ,2024
Page 1 out of 11. Viewing questions 1-15 out of 154

Question 1

You are asked to amend subledger accounting and reporting to include origin and history of
Receivable transactions.
Which three event attributes should be used? (Choose three.)

  • A. Approve
  • A. Transaction number of amendments:
  • B. Request Information
  • B. Transaction created by
  • C. Reassign
  • C. Transaction last update date
  • D. Reject
  • D. Transaction creation date
  • E. Edit
  • E. Transaction type of update
Mark Question:
Answer:

A, C, E

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Question 2

Which two setups are required to create bills receivables? (Choose two.)

  • A. Business Unit
  • A. Statement cycles
  • B. Account Segment
  • B. Lockbox
  • C. Project Segment
  • C. Bills Receivable Matching Rules
  • D. Project unit
  • D. Bills Receivable Receipt method
  • E. Customer account site with purpose of drawee
Mark Question:
Answer:

A, D


Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/faofc/manage-bills-receivable.html#FAOFC1479829

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Question 3

Which flexfields are required to be used by auto invoice to identify transactions and transaction lines,
if you load the interface using a customized form?

  • A. RA_INTERFACE_PAYMENTS_ALL
  • A. Line-level transaction flexfield, Header-level transaction flexfield, Reference flexfield
  • B. AR_PAYMENTS_INTERFACE_ALL
  • B. Line-level transaction flexfield, Header-level transaction flexfield
  • C. AR_INTERFACE_INTERIM_LINES_ALL
  • C. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield
  • D. AR_INTERIM_CASH_RECEIPTS_ALL
  • D. Line-level transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield
Mark Question:
Answer:

C


Reference:
http://www.oracleug.com/user-guide/account-receivables/transaction-flexfields

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Question 4

ABC Company uses euros as the ledger currency, and it receives an invoice with three line items in
Norwegian krone. For this example, the conversion rate between the krone and the euro is 6.55957.
The lines total of invoice is 7.93euro. However, the invoice amount shows a total of 7.92euro. The
user was not able to run the accounting.
Where should you define the header-level rounding account?

  • A. the extended SSP amounts for all performance obligations in the customer contract
  • A. Customer Account Level
  • B. the SSP amounts for all performance obligations in the customer contract
  • B. Transaction Source
  • C. the selling price for all performance obligations in the customer contract
  • C. Receivable System Option
  • D. the allocated amount for all performance obligations in the customer contract
  • D. Customer Site Level
  • E. the billing amount for all performance obligations in the customer contract
  • E. Transaction Type
Mark Question:
Answer:

B


Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/manage-receivables-system-options.html#FAIRP271497

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Question 5

Debit Memo Reversal is a new receivable that replaces the item closed by the original receipt.
When should the Debit Memo Reversal method be used to reverse a receipt?

  • A. It is not recommended to print transactions and balance forward bills directly from BI Publisher.
  • A. You are reversing a receipt that you previously applied to a chargeback and this chargeback was not accounted.
  • B. If you have printed a transaction, the View Print button will not display a preview of the print.
  • B. You are reversing a receipt that you previously applied to a chargeback and this chargeback was posted to your general ledger.
  • C. If you have not printed a transaction, the View Print button (Preview of Print) displays the transaction according to the default template in BI Publisher.
  • C. You are reversing a receipt that you previously applied to a chargeback and this chargeback has had no activity (another receipt or credit memo or adjustment) against it.
  • D. It is recommended that you always print directly from BI Publisher to give you more control over the templates in case you need to change them.
  • D. You are reversing a Miscellaneous receipt.
  • E. Both the transaction, or each transaction in a balance forward bill, will be marked as printed in the system.
Mark Question:
Answer:

C


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

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Question 6

As an implementer, while importing data from the legacy/third-party system, you forgot to populate
the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table.
What happens when you run accounting?

  • A. Transactions Tab
  • A. It will return an error and the data will be stuck in the interface table.
  • B. History Tab
  • B. Neither invoice nor accounting will be created.
  • C. Profile Tab
  • C. Invoice will get created but accounting won’t be created.
  • D. Aging Tab
  • D. Invoice will be created and the system will use auto accounting configuration to create accounting.
Mark Question:
Answer:

D

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Question 7

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. Smart View
  • A. Unearned Discounts
  • B. Oracle Transaction Business Intelligence
  • B. Earned Discounts
  • C. ADFdi Spreadsheets
  • C. Debit Memo Reversal
  • D. XML Publisher
  • D. Miscellaneous Receipt
  • E. Financial Reporting Web Studio
  • E. Adjustment Activities
Mark Question:
Answer:

D, E


Reference:
https://docs.oracle.com/en/cloud/saas/financials/20b/fairp/define-common-accounts-receivable-configuration.html#FAIRP239561

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Question 8

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. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
  • A. Insert logos.
  • B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
  • B. Prevent use of Dynamic Tokens.
  • C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
  • C. Increase the character limit to greater than 4000.
  • D. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.
  • D. Insert hyperlinks.
  • E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.
  • E. Modify the fonts and font size.
Mark Question:
Answer:

A, D, E


Reference:
https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/fin/releases/21B/
21B-financials-wn.htm#F17905

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Question 9

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 two tools should you use to create this analysis? (Choose two.)

  • A. Changing information on the Profile tab does not have an impact on the level at which collections are done.
  • A. Report Builder
  • B. Adding or modifying customer contact name on the Contacts tab impacts where the correspondence is sent.
  • B. Visual Builder add on to Excel
  • C. Making changes on the Profile tab impacts the collection process.
  • C. Answers
  • D. Business-unit-level changes will not impact the display of delinquent customers on the dashboard.
  • D. BI Composer
  • E. Changing the Collector impacts the individual working with the delinquent customer.
Mark Question:
Answer:

A, B

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Question 10

Three salespersons are assigned to a transaction line with a revenue split of 40:50:10. If you transfer
5% to a new sales person, what is the new revenue split between the four sales persons?

  • A. scheduled processes
  • A. 38.34 : 48.34 : 8.32 : 5
  • B. system privileges
  • B. 35: 45 : 5: 5
  • C. user application privileges
  • C. 38: 47.5: 9.5: 5
  • D. the employees who are involved with the collections process and how the collectors will be assigned
  • D. 40: 50: 5: 5
  • E. customer contact information
Mark Question:
Answer:

D

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Question 11

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
Mark Question:
Answer:

D


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

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Question 12

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
Mark Question:
Answer:

A, B, E


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

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Question 13

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
Mark Question:
Answer:

A


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

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Question 14

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
Mark Question:
Answer:

B


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

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Question 15

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
Mark Question:
Answer:

A


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

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