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

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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

Question 1

Identify the receivables system option that relates to customers.

A. Default Country
B. Receipt Method
C. Automatic Site Numbering
D. Reciprocal Customer

Question 2

A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit.
What is the status of the adjustment?

A. Forwarded for Approval
B. Approval Required
C. Pending Approval
D. Pending Research

Question 3

The process of remitting receipts to a bank results in fund transfer errors.
Identify three corrective actions to resolve this. (Choose three.)

A. change of instrument
B. clearing payment information
C. credit reversal
D. debit memo reversal
E. receipt reversal

Question 4

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. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
C. 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.
D. Time-based contingencies must not expire 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.

Question 5

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

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

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