Practice Test for 1z0-1056-22 Certification Real 2024 Mock Exam
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Oracle 1z0-1056-22 exam is designed to test the skills and knowledge of professionals who are involved in implementing and managing Oracle Financials Cloud: Receivables 2022 implementation. Oracle Financials Cloud: Receivables 2022 Implementation Professional certification exam is ideal for individuals who work as implementation consultants, system administrators, or business analysts, and who are responsible for implementing the Receivables module of the Oracle Financials Cloud platform. 1z0-1056-22 exam is targeted towards professionals who have a solid understanding of the concepts and principles of financial management and accounting, as well as some practical experience in implementing such solutions.
NEW QUESTION # 65
Which three Infotiles can be seen in the Accounts Receivables work area? (Choose three.)
- A. Activities
- B. Unapplied Receipts
- C. Unapplied Credits
- D. Unidentified Receipts
- E. Receipt Batches
Answer: B,C,E
NEW QUESTION # 66
A customer calls the Accounts Receivables department and asks for the balance of all invoices that are due in the next 30 days. The customer also has a question about a specific invoice line.
As a Billing Specialist, which action would you take?
- A. Search for open invoices on the Manage Transaction search page.
- B. Search for the information in the Review Customer Account Details user interface.
- C. Apply, reverse, or process the receipt.
- D. Create an open debit memo.
Answer: B
NEW QUESTION # 67
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. Description Rule
- B. Mapping Set
- C. Transaction References
- D. Supporting References
Answer: D
NEW QUESTION # 68
Which three receipts types can be reversed in the Cloud? (Choose three.)
- A. Invoice-related receipts
- B. Receipts that are archived
- C. Credit card chargebacks posted to GL
- D. Miscellaneous receipts
- E. Receipts applied to open receipts
Answer: A,C,D
NEW QUESTION # 69
You are a functional user who has been tasked with creating an Oracle Transactional Business Intelligence (OTBI) analysis. You are still learning how to use OTBI, and the analysis you need to create is not complex.
Which two tools should you use to create this analysis? (Choose two.)
- A. BI Composer
- B. Answers
- C. Visual Builder add on to Excel
- D. Report Builder
Answer: C,D
NEW QUESTION # 70
You are the Billing Manager and you are responsible for reviewing adjustments and approving them.
Which two tabs are available in the Adjustments Overview Region on the Billing Work Area page? (Choose two.)
- A. Approved
- B. Pending My Research
- C. Pending My Approval
- D. Pending Approval From Managers
- E. Pending Approval
Answer: B,C
NEW QUESTION # 71
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. Approval Required
- B. Pending Research
- C. Forwarded for Approval
- D. Pending Approval
Answer: D
NEW QUESTION # 72
Upon approval of a remittance batch of type "Factored with Recourse," the Receivables application creates a receipt and establishes risk.
How does Receivables establish risk?
- A. by recording an entry to the Remitted Bills Receivable account
- B. by generating a bills receivables adjustment
- C. by creating an on-account credit memo
- D. by recording short-term debt
Answer: B
NEW QUESTION # 73
When a customer opts to make a payment by a credit card, this receipt is identified as a(n) _______________.
- A. miscellaneous receipt
- B. manual receipt
- C. AutoLockbox receipt
- D. automatic receipt
- E. quick cash receipt
Answer: D
NEW QUESTION # 74
An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has been issued against this invoice.
Explain how revenue accounting will occur.
- A. Earned revenue will be credited for $50 USD.
- B. Unearned revenue will be debited for $50 USD.
- C. Earned revenue will be debited for $50 USD.
- D. Unearned revenue will be credited for $100 USD.
Answer: A
NEW QUESTION # 75
As an implementer, while importing data from the legacy/third-party system, you forgot to populate the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table.
What happens when you run accounting?
- A. Neither invoice nor accounting will be created.
- B. Invoice will get created but accounting won't be created.
- C. It will return an error and the data will be stuck in the interface table.
- D. Invoice will be created and the system will use auto accounting configuration to create accounting.
Answer: D
NEW QUESTION # 76
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 Account Number, Customer Site Number
- B. Customer Name, Customer Account Number, Customer Site Number
- C. Customer Number, Customer Billing Address, Customer Bank Account
- D. Customer Name, Customer Billing Address, Customer Bank Account
Answer: A
NEW QUESTION # 77
When running the delinquency process for a customer, the business unit for which you want to run the process does not appear in the drop-down menu.
Identify the action that you need to take.
- A. Only business units that the user has access to will appear in the list of values. Modify the security options to provide access to the user.
- B. Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.
- C. Business unit is not a required option on the Parameters tab to run the delinquency process.
- D. Select the check box to enter the default business unit if it does not appear in the drop-down menu.
Answer: A
NEW QUESTION # 78
What is the impact on transactions of changing the billing cycle for a customer or group of customers?
- A. Existing transactions with no activity retain the old billing cycle.
- B. The billing cycle does not have any impact on new transactions.
- C. New transactions after this change inherit the new billing cycle.
- D. Existing transactions with activity adapt the new billing cycle.
Answer: C
NEW QUESTION # 79
After a customer bankruptcy is approved, what happens in the Collections application?
- A. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.
- B. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
- C. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
- D. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
Answer: D
NEW QUESTION # 80
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action? (Choose three.)
- A. The invoice is eligible for transfer to the General Ledger.
- B. The invoice is sent for a dunning follow-up.
- C. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- D. Payment schedules are created using the payment terms specified.
- E. The invoice can now be printed.
Answer: A,D,E
NEW QUESTION # 81
What are the two places where Receivables can look for the "Match Receipts By" setting when applying manual customer receipts? (Choose two.)
- A. System Options
- B. Profile option
- C. Receipt Method
- D. Customer
- E. AutoMatch Rule
Answer: A,C
NEW QUESTION # 82
A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?
- A. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
- B. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
- C. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
- D. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
Answer: A
NEW QUESTION # 83
One of the customers pays its bills electronically from their bank account (Direct debit).
Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account?
- A. Clear Receipts Automatically Process
- B. Lockbox Process
- C. Remittance Process
- D. Automatic Receipt Process
Answer: C
NEW QUESTION # 84
Your Cloud client has decided to use Channel Revenue Management Integration with Receivables for Claim creation and Settlements created by Spreadsheet or SOAP services.
Which three setup steps are predefined for this feature? (Choose three.)
- A. predefined Channel Revenue Management auto accounting type
- B. predefined Claim Investigation activity type under Receivables Activities
- C. predefined Subledger Journal Entry Rule for the Event Class Receipt and Accounting Class Claim Investigation
- D. predefined Channel Revenue Management transaction source
- E. predefined Channel Revenue Management transaction type
Answer: B,C,D
NEW QUESTION # 85
Which two initial tasks need to be completed in the Customer Account Profile page in order to generate and deliver XML invoices under the OAGIS (Open Applications Group Integration Specification) 10.1 format?
- A. Select the Enable OAGIS 10.1 XML Format Check Box
- B. Set Preferred Contact Method to XML
- C. Set Preferred Delivery Methods to Email
- D. Select the Enable XML Invoicing Check Box for Relevant Transaction Classes
- E. Set Preferred Delivery Method to XML
Answer: B,D
NEW QUESTION # 86
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. clearing days
- B. short-term debt clearing days
- C. recall days
- D. risk elimination days
- E. collection days
- F. lead days
Answer: B
NEW QUESTION # 87
Which three receipts can be automatically applied by the "Apply Receipts Using AutoMatch" process?
- A. Miscellaneous receipts.
- B. Receipts with unapplied amounts.
- C. Receipts that are manually created.
- D. Receipts created from a lockbox and uploaded.
- E. Receipts created in a spreadsheet and uploaded.
Answer: C,D,E
NEW QUESTION # 88
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Earning the Oracle Financials Cloud: Receivables 2022 Implementation Professional certification can open up a variety of career opportunities for professionals in the finance and accounting industry. Oracle Financials Cloud: Receivables 2022 Implementation Professional certification can help individuals stand out in a competitive job market and demonstrate their expertise in implementing Oracle Financials Cloud: Receivables 2022. Candidates who pass the exam will have a valuable credential that can help them advance their careers and increase their earning potential.
To prepare for the Oracle 1z0-1056-22 certification exam, candidates are advised to have hands-on experience with Oracle Financials Cloud applications and to take relevant training courses. Oracle offers a range of training courses that cover the topics included in the exam, including courses on managing receivables, managing collections, and managing disputes.
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