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Oracle 1z0-1056-22 certification exam covers a wide range of topics related to Receivables implementation. These topics include the creation and maintenance of customer accounts, the setup of billing and invoicing procedures, the processing of customer receipts, the management of credit memos and chargebacks, and the generation of financial reports.

Oracle 1z0-1056-22 exam is designed to measure the skills and knowledge of professionals who are responsible for implementing Oracle Financials Cloud: Receivables 2022. Oracle Financials Cloud: Receivables 2022 Implementation Professional certification exam is intended for candidates who have a strong understanding of the Oracle Financials Cloud Receivables solution and are looking to validate their abilities in implementing this solution.

 

NEW QUESTION # 25
Which statement is true when you create an Implementation Project for Oracle Financials Cloud?

• A. When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
• B. You must select the offering "Financials" and each individual product or option to perform the setup for each product in Oracle Financials Cloud.
• C. You must plan your Implementation Project carefully because you cannot delete it or make changes later.
• D. The Implementation Project is preconfigured and cannot be deleted or changed.
• E. You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.

Answer: E

NEW QUESTION # 26
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. Revenue- Revenue
• B. Asset - Remitted Receipts
• C. Owner's equity
• D. Liability-Accounts Payable
• E. Liability- Unearned revenue

Answer: B,C,D

NEW QUESTION # 27
Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?

• A. Intercompany invoicing must be enabled in Payables Invoice Options.
• B. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
• C. Intercompany invoicing must be enabled in Receivables System Options.
• D. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.

Answer: B

NEW QUESTION # 28
Identify two values that default from Customer Profile Classes. (Choose two.)

• A. Payment Terms
• B. Tax
• C. Statement Cycle
• D. Legal Entity
• E. Business Purpose

Answer: A,B

NEW QUESTION # 29
You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer.
Which two conditions are failing? (Choose two.)

• A. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.
• B. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.
• C. The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.
• D. The customer does not have the default strategy and default collector assigned at the customer account and site level.
• E. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.
• F. The Collections Administrator creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should have the Collection Manager and Customer Profile Administrator roles assigned.

Answer: E,F

NEW QUESTION # 30
In the customer hierarchy of Customer Corporation, Customer Worldwide is the parent company of Customer USA and Customer Japan. Customer West is a subsidiary of Customer USA.
Which three statements are true if the Customer Corporation hierarchy is assigned to a Pay Below Paying relationship? (Choose three.)

• A. Customer Japan can pay its own transactions.
• B. Customer Worldwide can pay for Customer USA, Customer Japan, Customer West, and its own transactions.
• C. Customer USA can pay for Customer Worldwide, Customer West, and its own transactions.
• D. Customer USA can pay for Customer West and its own transactions.
• E. Customer Japan can pay for Customer West, Customer USA, and its own transactions.

Answer: A,D,E

NEW QUESTION # 31
The process of remitting receipts to a bank results in fund transfer errors.
Identify three corrective actions to resolve this. (Choose three.)

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

Answer: A,B,C

NEW QUESTION # 32
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 invoice
• B. One per Customer
• C. One per site per due date
• D. One per Customer per due date

Answer: A

NEW QUESTION # 33
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. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
• 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. 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.

Answer: A,B

NEW QUESTION # 34
Each time that you run AutoInvoice, the process generates a list of records that fail validation.
Which two ways allow you to display AutoInvoice errors in an Excel workbook? (Choose two.)

• A. using the Incomplete Infotile
• B. using the Manage AutoInvoice Lines task
• C. using the Manage Transactions task
• D. using the Import Exceptions Infotile

Answer: B,C

NEW QUESTION # 35
The Multifund Accounting feature supports detailed distributions for invoices with revenue recognition rules. For a customer invoice with the distributions below:

Which unearned revenue accounting entries will the feature generate?

• A. Debits of $900 and $500 for companies 01 and 02 respectively
• B. Credits of $900 and $500 for companies 01 and 02 respectively
• C. Credit of $900 and debit of $500 for companies 01 and 02 respectively
• D. Credits of $900 and $600 for companies 01 and 02 respectively
• E. Debit of $900 and credit of $500 for companies 01 and 02 respectively

Answer: E

NEW QUESTION # 36
You have been asked to assign a reference data set to a specific Business Unit for several Receivable setups.
What are the navigational steps needed to accomplish this task?

• A. Setup and Maintenance/Setup Dropdown: "Financials"/Functional Area: "Legal Structures"/Task: "Manage Business Unit Set Assignment"
• B. Setup and Maintenance/Setup Dropdown: "Financials"/Functional Area: "Financial Reporting Structures"/Task: "Manage Business Unit Set Assignment"
• C. Setup and Maintenance/Setup Dropdown: "Financials"/Functional Area: "Organization Structures"/Task: "Manage Business Unit Set Assignment"
• D. Setup and Maintenance/Setup Dropdown: "Financials"/Functional Area: "Receivables"/Task: "Manage Business Unit Set Assignment"

Answer: D

NEW QUESTION # 37
A Billing Specialist has created and completed an invoice for $100 USD for Customer A.
The Specialist prints the invoice and realizes that the invoice should have been created for Customer B.
The accounting for the transaction for Customer A is posted to the General Ledger.
How can this be corrected?

• A. Change the status of the invoice to Incomplete and enter a new invoice for Customer B.
• B. Create an adjustment for the entire amount and create a negative adjustment for Customer B.
• C. Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.
• D. Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer B.

Answer: D

NEW QUESTION # 38
Your customer wants to retrieve values for the Line of Business segment based on Customer Class for the Revenue account.
Which option would you use to achieve this with the help of the Subledger Accounting solution?

• A. Transaction References
• B. Supporting References
• C. Mapping Set
• D. Description Rule

Answer: B

NEW QUESTION # 39
Your client performs many customer refunds and would like to search for real-time Receivables Refunds Status easily.
What should you do to meet this requirement?

• A. Create a Real Time Report by using Oracle Transactional Business Intelligence (OTBI).
• B. Create an Oracle Business Intelligence Applications (OBIA) Report.
• C. Create a Business Intelligence Publisher Report because you cannot create an OTBI Report for refunds.
• D. Query each customer refund and verify the Refund Status.

Answer: A

NEW QUESTION # 40
Which information does the collector see after clicking on the Activities Infotile in the Collections Work Area?

• A. Tasks assigned to the collector such as follow-up calls.
• B. List of broken payment promises.
• C. Summary of aged transactions.
• D. List of delinquent customers.

Answer: A

NEW QUESTION # 41
Which two are Late Charge Calculation Methods?

• A. Adjustment
• B. Overdue Invoices Only
• C. Credit Items and Disputed Transactions
• D. Late Payments Only

Answer: B,D

Explanation:
https://fusionhelp.oracle.com/fscmUI/topic/TopicId_P_9F953CFFF569FA73E040D30A688151DC

NEW QUESTION # 42
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. Pending Research
• C. Approval Required
• D. Pending Approval

Answer: D

NEW QUESTION # 43
When using lockbox to process customer payments, which two tables are used in the upload? (Choose two.)

• A. AR_PAYMENTS_INTERFACE_ALL
• B. RA_INTERFACE_PAYMENTS_ALL
• C. AR_INTERIM_CASH_RECEIPTS_ALL
• D. AR_INTERFACE_INTERIM_LINES_ALL

Answer: A,C

NEW QUESTION # 44
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. Line-level transaction flexfield, Header-level transaction flexfield
• B. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield
• C. Line-level transaction flexfield, Header-level transaction flexfield, Reference flexfield
• D. Line-level transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield

Answer: B

NEW QUESTION # 45
Which three transaction types are used to generate late charges? (Choose three.)

• A. Adjustments against the original transaction
• B. Credit Memo
• C. Debit Memo
• D. Cash Receipts
• E. Interest Invoice

Answer: A,B,E

Explanation:
Reference: https://docs.oracle.com/cloud/latest/financialscs_gs/FAIRP/FAIRP1476421.htm

NEW QUESTION # 46
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Oracle 1z0-1056-22 Certification Exam is designed for professionals who specialize in implementing Oracle Financials Cloud: Receivables 2022. Oracle Financials Cloud: Receivables 2022 Implementation Professional certification is intended for individuals who have a deep understanding of the Oracle Financials Cloud platform and are able to implement and configure the Receivables module to meet business needs. The 1z0-1056-22 exam is a great way for professionals to demonstrate their skills and knowledge in Oracle Financials Cloud: Receivables 2022 and to validate their expertise in this area.

 

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