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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. You have created payment terms in a system and associated them in the USA reference data set. All the payment terms in the system are shown as follows. Business Unit X has a set assignment of Enterprise Set for payment terms.
Payment Term = Net 30; Reference Data Set = Enterprise Set
Payment Term = Net 45; Reference Data Set = Enterprise Set
Payment Term = 1%/10 Net 30; Reference Data Set = USA Set
Payment Term = Net 45; Reference Data Set = USA Set
If an invoice is created in Business Unit X, which payment term set is available for use in a transaction?

A) Net 30 (Enterprise Set), Net 45 (Enterprise Set)
B) Net 30 (Enterprise Set), Net 45 (USA Set)
C) Net 45 (Enterprise Set), Net 45 (USA Set)
D) 1%/10 Net 30 (USA Set), Net 45 (USA Set)

2. Which two statements are true about configuring Collection Strategies?

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

3. Manage Collectors
Scenario:
You are responsible for defining a new collector. who will perform collection activities across multiple business units.
Task:
Create a new Collector. where:
Name of the collector is (Replace XX with 03. which is your allocated User ID.) Collector must be available to all business units.
Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)

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) 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.
B) Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
C) 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.
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.

5. You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.
Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?

A) A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
B) A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
C) A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
D) Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
E) Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
F) Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.

Solutions: