1Z0-1056-21 Practice Exam Tests Latest Updated on Dec-2021
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NEW QUESTION 15
ABC Company uses euros as the ledger currency, and it receives an invoice with three line items in Norwegian krone. For this example, the conversion rate between the krone and the euro is 6.55957. The lines total of invoice is 7.93 euro. However, the invoice amount shows a total of 7.92 euro. The user was not able to run the accounting.
Where should you define the header-level rounding account?
- A. Customer Site Level
- B. Customer Account Level
- C. Receivable System Option
- D. Transaction Type
- E. Transaction Source
Answer: E
NEW QUESTION 16
What is required to register an external user to Bill Management?
- A. a customer account contact with a valid email address
- B. a customer account contact with a valid mobile number
- C. a customer account contact with the responsibility types bill to and ship-to
- D. a customer account contact with a valid mailing address
Answer: C
NEW QUESTION 17
You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%. The customer has made a payment of $500 USD and you are required to process the cash application to apply the $500 USD to the item line and $0 USD to tax.
How would you achieve this?
- A. Set Application Rule Set to Line First--Tax After at the transaction source level and/or a default value at the receipt method.
- B. Set the credit classification revenue recognition policy to look for Line First and Tax Later.
- C. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.
- D. Set Application Rule Set to Line First--Tax After at the transaction type level and/or a default value at system options.
- E. Set the payment terms revenue recognition policy to look for Line First and Tax Later.
Answer: D
Explanation:
References:
NEW QUESTION 18
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, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
- B. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
- C. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment 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: B
NEW QUESTION 19
You created an Auto cash Ruleset where the first rule to be applied to receipts is Match Payments with Invoice. Discount = Earned Only, Late charges = NO, Receipt = $900, Receipt date = 14-Feb-2020, Discount Grace Days = 5.
Which transaction will be applied to the receipt?
- A. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 20-Feb-2020
- B. Invoice Amount: $800, Payment terms: 10% 10/Net 30, Invoice Date: 01 Feb 2020, Due Date: 28-Feb-2020
- C. Invoice Amount: $1000, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 28-Feb 2020
- D. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb-2020, Due Date: 24-Feb-2020
Answer: A
NEW QUESTION 20
What is the initial status of a newly created bill receivable?
- A. New
- B. Awaiting submission
- C. Awaiting approval
- D. Pending posting
- E. Pending remittance
Answer: E
NEW QUESTION 21
A company's policy is always to apply customer payments to debit and credit items, starting with the oldest due date.
Which function should you include in the default Auto-cash rule?
- A. Match payment with Invoice
- B. Apply to the oldest invoice first
- C. Clear the account
- D. Clear the past due invoices grouped by payment terms
- E. Clear past due invoices
Answer: B
NEW QUESTION 22
A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.
How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?
- A. by defining an item group and assigning that to the rule
- B. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute
- C. by defining an exclusion rule to exclude customer classes that are "Retail"
- D. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute
- E. by defining a grouping rule on the customer class
Answer: D
NEW QUESTION 23
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, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield
- B. Line-level transaction flexfield, Header-level 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: A
NEW QUESTION 24
If a customer has more than one transaction with the same number within a Lockbox transmission, then in which two receipt statuses are the receipts left? (Choose two.)
- A. On-account, if the Customer Account Number or MICR is provided and there are no matching recommendations
- B. Applied, if the Customer Account Number or MICR number is provided
- C. Unidentified, if the Customer Account Number or MICR is not provided and there are no successful matching recommendations
- D. Unapplied, if the Customer Account Number or MICR number is provided
Answer: C,D
NEW QUESTION 25
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. Liability- Unearned revenue
- D. Owner's equity
- E. Liability-Accounts Payable
Answer: B,D,E
NEW QUESTION 26
Which two items are required for customer invoicing? (Choose two.)
- A. Customers
- B. Lockbox
- C. Remit-to-address
- D. Customer Profile Class
Answer: B,D
NEW QUESTION 27
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. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- B. 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.
- 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. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
- E. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
Answer: B,D
Explanation:
References:
NEW QUESTION 28
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. Mapping Set
- C. Supporting References
- D. Description Rule
Answer: C
Explanation:
References:
NEW QUESTION 29
Your client's legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method.
Does this prevent you from using the Oracle Fusion Trading Community Model Data Import program?
- A. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable.
- B. The program allows the use of parent, child, and grandchild table hierarchies, but it requires multiple Customer Master records for each customer within the hierarchy.
- C. The program allows table hierarchies for customer bank accounts, but not for other customer information.
- D. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
- E. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
Answer: D
NEW QUESTION 30
In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)
- A. by setting SM to "Requires Complete" and SMM to "Quantity"
- B. by setting SM to "Requires Complete" and SMM to "Period"
- C. by setting SM to "Requires Complete" and SMM to "Percent"
- D. by setting SM to "Allow Partial" and SMM to "Period"
- E. by setting SM to "Allow Partial" and SMM to "Percent"
Answer: C,D
NEW QUESTION 31
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