1Z0-1056-21 by Oracle Valid Free Exam Practice Test

Question 1

Which two statements are true about configuring Collection Strategies?

A. You need to define an Aging Method that meets the requirements of your organization. B. You need to create Scoring Formulae (or use predefined Scoring Formulas). C. You need to SGI the (Collections Method to Strategies for the relevant business unit. D. You need to create Strategy Tasks of the type "Automatic" only.

Correct Answer: B,D

Question 2

What information does the Collector see in the Activities List area of the Collections Dashboard?

A. summary of aged transactions B. customer's profile for each assigned customer C. customer search as per the parameter specified D. tasks assigned to the Collector, such as follow-up calls E. status of processing activities from the Process Monitor

Correct Answer: D

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Question 3

To determine the best approach to converting a client's data, you must know which setups are Reference: Data Set enabled and can be shared.
Which three are Reference: Data Set enabled setups in Receivables? (Choose three.)

A. Receivables Activities B. Customer Account Sites C. Revenue Transactions D. Revenue Contingencies E. Standard Memo Lines

Correct Answer: C,D,E

Question 4

Identify the receivables system option that relates to customers.

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

Correct Answer: A,D

Question 5

Which reporting tool is primarily used by users to create ad hoc analysis from real-time Receivables data?

A. Oracle Transaction Business Intelligence B. ADFdi Spreadsheets C. Financial Reporting Web Studio D. XML Publisher E. Smart View

Correct Answer: A

Question 6

When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.
Which receipt rule should you define?

A. One per site per due date B. One per Customer C. One per invoice D. One per Customer per due date

Correct Answer: C

Question 7

When entering the values in the natural account spreadsheet of the rapid implementation for General Ledger workbook, which three accounts types are used to set up the default Receivable account combinations?
(Choose three.)

A. Liability- Unearned revenue B. Asset - Remitted Receipts C. Owner's equity D. Liability-Accounts Payable E. Revenue- Revenue

Correct Answer: B,C,D

Question 8

You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method.
Which bank account setup controls receipt application to short-term debt?

A. lead days B. recall days C. short-term debt clearing days D. clearing days E. collection days F. risk elimination days

Correct Answer: C

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Question 9

Which configuration step is required for processing Collections disputes?

A. Define a "Collections" Approval Group as well as a "Billing" Approval Group in the BMP Worklist. B. Set "Send Dispute Notice" Option to "Yes" in Collections Preferences. C. Define Dispute Thresholds in Collections Preferences. D. Define Aging Method to be used with disputed transactions.

Correct Answer: C

Question 10

You have been challenged by the Implementation team to configure AutoAccounting for the Revenue Account Type.
From which three tables can the segment value be defaulted? (Choose three.)

A. Transaction Types B. Standard Lines C. Salesperson D. Taxes E. Ship to site

Correct Answer: B,C,D

Question 11

You are utilizing the "Upload Customer From Spreadsheet" option. What information on the Customer Worksheet must be unique for each customer record?

A. Customer Number, Customer Billing Address, Customer Bank Account B. Customer Name, Customer Account Number, Customer Site Number C. Customer Name, Customer Billing Address, Customer Bank Account D. Customer Number, Customer Account Number, Customer Site Number

Correct Answer: D

Question 12

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

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

Correct Answer: C,D,E

Question 13

Which three attributes are displayed in the detail table of the Balance forward Bill infotile? (Choose three.)

A. Amount due on Bill B. Past due Amount C. Due date D. Collector E. Billing date

Correct Answer: A,C,E

Question 14

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

A. Bills Receivable Receipt method B. Lockbox C. Bills Receivable Matching Rules D. Customer account site with purpose of drawee E. Statement cycles

Correct Answer: A,E

Question 15

When importing Receivable transactions into Fusion Receivables, the Autoinvoice log gives the error message "Error: Item validation org not set up for the BU." What action should you take to solve the issue?

A. Validate the Item validation organization in inventory Org. B. Set up Item validation organization in Receivables System Options. C. Set up Item validation organization in Inventory Org. D. Set up Item validation organization in Inventory Item.

Correct Answer: B

Oracle Financials Cloud: Receivables 2021 Implementation Essentials - 1Z0-1056-21 Exam Practice Test