2024 1z0-1056-23 Premium Files Test pdf - Free Dumps Collection
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Oracle 1z0-1056-23 Exam Syllabus Topics:
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NEW QUESTION # 14
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 credit reversals due to credit memo creation
- B. Sales credits associated to deferred revenue
- C. Sales credit allocation based on billing corrections
- D. Additional incentive-based sales credits
Answer: B
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 # 15
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 # 16
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. Days Early
- B. Time
- C. Not Applicable
- D. DaysLate
Answer: D
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 17
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. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
- C. 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.
- D. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- E. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
Answer: D,E
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 # 18
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create a manual Receipt Class, where:
* Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)
* Receipts using this new receipt class will not be remitted
* Organization will use Cash Management to clear their receipts
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Receipt Classes icon in the Receivables work area.
* Click on the Create button.
* In the Receipt Class window, enter the following information:
* Name: XXReceipt Class (Replace XX with your allocated user ID.)
* Creation Method: Manual
* Remittance Method: No Remittance
* Bank Account: The bank account that will be used to clear receipts for this receipt class.
* Click on the Save button.
The new manual receipt class will be created.
To make sure that receipts using this receipt class will not be remitted:
* Click on the Remittance Methods tab.
* Select the check box next to No Remittance.
* Click on the Save button.
The receipts using this receipt class will now not be remitted.
NEW QUESTION # 19
After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.
Which two Receivables Activities DO NOT have account assignments to review and change?
- A. Adjustment Activities
- B. Unearned Discounts
- C. Earned Discounts
- D. Miscellaneous Receipt
- E. Debit Memo Reversal
Answer: B,C
Explanation:
Explanation
These two receivables activities do not have account assignments to review and change because they are not posted to general ledger. They are used to calculate discount amounts for transactions and receipts. Verified References: [How You Define Receivables Activities - Oracle]
NEW QUESTION # 20
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. Days Early
- B. Time
- C. Not Applicable
- D. DaysLate
Answer: D
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 21
You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?
- A. Tax Variance
- B. Intercompany Variance
- C. Accounting Variance
- D. Receivables Variance
Answer: C,D
Explanation:
Explanation
These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified References: [How You Reconcile Receivables to General Ledger - Oracle]
NEW QUESTION # 22
You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:
What revenue amount would be deferred on this Imported Invoice?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: E
Explanation:
Explanation
This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and
4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000,
2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified References: [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 23
Manage Collectors
Scenario:
You are responsible for defining a new collector. who will perform collection activities across multiple business units.
Task:
Create a new Collector. where:
* Name of the collector is (Replace XX with 03. which is your allocated User ID.)
* Collector must be available to all business units.
* Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Collectors icon in the Receivables work area.
* Click on the Create button.
* In the Collector window, enter the following information:
* Name: XXCollector (Replace XX with your allocated user ID.)
* Type: Employee
* Employee: FASXX03 (Replace xx with your allocated user ID.)
* Available to All Business Units: Yes
* Click on the Save button.
The new collector will be created.
NEW QUESTION # 24
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. Run the Create Customer Statement process in Scheduled Processes.
- B. Create a custom-preferred delivery method in the Manage Receivables System Options task in Functional Setup Manager.
- C. Select Portal Upload as a delivery method on Customer Profile under Invoicing.
- D. Select Portal Upload as a delivery method on Customer Profile under Statement and Dunning.
- E. Create a custom preferred delivery method in the Manage Receivables Lookups task in Functional Setup Manager.
Answer: C
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 # 25
Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?
- A. Line-level transaction flexfield and Header-level transaction flexfield
- B. Line-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield
- C. Line-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield
- D. Line-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield
Answer: A
Explanation:
Explanation
These are the two flexfields that AutoInvoice requires to identify transactions and transaction lines, if you load the interface using a customized form. They are used to group transaction lines into transactions and assign transaction attributes. Verified References: [How You Define AutoInvoice Grouping Rules - Oracle]
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. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
- B. Revenue Reference Accounts were entered for all salespersons.
- C. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- D. Salesperson is not required on the transaction and is left blank.
- E. No Sales Credit salesperson has no reference accounts.
Answer: B,D,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
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
- A. The invoice is eligible for transfer to the General Ledger.
- B. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- C. The payment schedules are created using the payment terms specified.
- D. The invoice can now be printed.
- E. The invoice is sent for a dunning follow-up.
Answer: A,C,D
Explanation:
Explanation
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
* The invoice can now be printed or delivered to the customer by the preferred delivery method.
* The invoice is eligible for transfer to the General Ledger and posting to the customer account.
* The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
* The invoice is not sent for a dunning follow-up until it becomes overdue.
* The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:
* https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-
NEW QUESTION # 28
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