Oracle Financials Cloud: Receivables 2024 Implementation Professional : 1Z0-1056-24

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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. Your company wants to generate Intercompany transactions only if the amount Involved is equal to or greater than $3,000 USD.
How should you configure Intercompany System Option*; to meet this requirement?

A) Set "Minimum Transaction Amount" to 2,999.99 and "Minimum Entered Currency" to ALL
B) Define intercompany approval rule, to automatically reject intercompany transactions that do not meet the minimum amount requirement.
C) Set "Minimum Transaction Amount" to 3,000 and "Minimum entered Currency" to USD.
D) Set "Minimum Invoice Amount" to 3,000 and "Invoice Currency" to USD in Payables Invoice Options and Receivables System Options.

2. Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.) Bills are generated every day Cycle is effective as Of January 1,2023

3. Which three benefits do intercompany reconciliation reports provide to an accountant?

A) Displaying clearing company balancing lines.
B) Comparing receivables and payables account balances and identifying discrepancies.
C) Displaying intercompany receivables and payables balancing lines.
D) Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.

4. Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

A) For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
B) For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.
C) For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
D) For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
E) For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.
F) For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.

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

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

Solutions: