Oracle Financials Cloud: Receivables 2024 Implementation Professional : 1Z0-1056-24

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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. After a customer bankruptcy is approved, what happens in the Collections application?

A) Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
B) Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
C) Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
D) The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.

2. Which two setups are required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices? (Choose two.)

A) Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
B) Tax for intercompany is loaded by using Create Taxable Transactions in Spreadsheet.
C) Intercompany system options enable use of the same tax rate code for the payable and receivable invoices.
D) First enter a payable transaction to calculate tax and then enter the receivable transaction.
E) Ensure if any tax-specific rules that are defined should cover both the sales_transaction and purchase_transaction business category.
F) The payable options and the receivable system options should have the same tax application options.

3. 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? (Choose two.)

A) 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.
B) 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.
C) Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
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.

4. Which three receipts can be automatically applied by the "Apply Receipts Using AutoMatch" process?

A) Miscellaneous receipts.
B) Receipts created from a lockbox and uploaded.
C) Receipts that are manually created.
D) Receipts with unapplied amounts.
E) Receipts created in a spreadsheet and uploaded.

5. What are three functions of the Create Automatic Receipt Write-offs program? (Choose three.)

A) scheduling periodic write-offs as receipt adjustments for small remaining balances
B) limiting write-offs by a percentage of the original receipt amount
C) scheduling periodic write-offs to occur in future periods
D) scheduling periodic write-offs as receipt adjustments for old remaining balances
E) creating write-offs for specific currencies and customers

Solutions: