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New Updated 1Z0-1056-22 Exam Dumps Free Questions – leads4pass
Question 1:
Your customer has three sites defined in the system, site 1, site 2, and site 3. All sites have their own billing strategy defined and Balance Forward Billing is enabled for site 1 and Site 2 at the account level. How will bills be generated?
A. Sites 1, 2, and 3 activities will be included in a single bill.
B. Sites 2 and 3 activities will be included in a single bill.
C. Sites 1 and 2 activities will be included in a single bill.
D. Sites 1 and 3 activities will be included in a single bill.
Correct Answer: C
Question 2:
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. 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.
C. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.
D. The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.
E. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.
F. The customer does not have the default strategy and default collector assigned at the customer account and site level.
Correct Answer: CE
Question 3:
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 the credit classification revenue recognition policy to look for Line First and Tax Later.
B. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.
C. Set Application Rule Set to Line First–Tax After at the transaction type level and/or a default value at system options.
D. Set Application Rule Set to Line First–Tax After at the transaction source level and/or a default value at the receipt method.
E. Set the payment terms revenue recognition policy to look for Line First and Tax Later.
Correct Answer: C
Question 4:
Which two items are required for customer invoicing? (Choose two.)
A. Lockbox
B. Customers
C. Remit-to-address
D. Customer Profile Class
Correct Answer: BC
Question 5:
Which two determinant types are used in reference data assignment? (Choose two.)
A. Business Unit
B. Account Segment
C. Project Segment
D. Project unit
Correct Answer: AD
Question 6:
When a customer opts to make a payment by a credit card, this receipt is identified as a(n) _______________.
A. miscellaneous receipt
B. quick cash receipt
C. manual receipt
D. automatic receipt
E. AutoLockbox receipt
Correct Answer: D
Question 7:
Your customer has a state tax of 20% and a city tax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line 1 with $600 USD and Line 2 with $400 USD. What will be the resulting tax and invoice amounts for your tax invoice?
A. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
D. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.
E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.
Correct Answer: E
Question 8:
Which two are rules applicable to the issue of refunds? (Choose two.)
A. You cannot refund more than either the original receipt amount or the remaining unapplied amount.
B. You can refund receipts that were either remitted or cleared.
C. You can issue a credit card refund to a customer who has made a cash payment.
D. You can refund receipts that are factored in.
Correct Answer: AB
Question 9:
What is the impact on transactions of changing the billing cycle for a customer or group of customers?
A. The billing cycle does not have any impact on new transactions.
B. Existing transactions with no activity retain the old billing cycle.
C. Existing transactions with activity adapt to the new billing cycle.
D. New transactions after this change inherit the new billing cycle.
Correct Answer: D
Question 10:
Which role provides access to Receivables? Revenue Adjustments Real-Time OTBI Subject area?
A. Revenue Manager
B. Accounts Receivable Manager
C. Accounts Receivable Specialist
D. Billing Specialist
Correct Answer: B
Accounts receivable manager job role – the subject area is Receivables – Revenue Adjustment Real Time
Accounts receivable specialist job role – the subject area is Receivables – Adjustment Real Time
Question 11:
When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?
A. manually, but without using the Adjustment Reversal and Chargeback Reversal activities
B. automatically, but without using the Adjustment Reversal and Chargeback Reversal activities
C. automatically by using the Adjustment Reversal and Chargeback Reversal activities
D. manually by using Chargeback Reversal activities
E. manually by using Adjustment Reversal activities
Correct Answer: C
When you reverse a receipt, if an adjustment or chargeback exists, Receivables automatically generates off-setting adjustments using the Adjustment Reversal and Chargeback Reversal activities.
Question 12:
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. short-term debt clearing days
B. risk elimination days
C. clearing days
D. collection days
E. lead days
F. recall days
Correct Answer: B
Question 13:
Your Customer Upload Batch with an error and you identify the error as being due to an incorrect Payment Method. How will you correct the error?
A. by using the Customer Import Interface work area
B. by using the correct Customer Payment Method spreadsheet
C. by using the correct Customer Data spreadsheet
D. by importing the correct data by using a new spreadsheet upload
Correct Answer: D
Question 14:
Which three transaction types are used to generate late charges? (Choose three.)
A. Cash Receipts
B. Adjustments against the original transaction
C. Credit Memo
D. Debit Memo
E. Interest Invoice
Correct Answer: BDE
Reference: https://docs.oracle.com/cloud/latest/financialscs_gs/FAIRP/FAIRP1476421.htm
Question 15:
What are the three drill-down options available in the task pane for Receipt Remittance? (Choose three.)
A. Lockbox Transmission History
B. Create Automatic Receipts
C. Correct Funds Transfer Errors
D. Create Receipt Remittance Batch
E. Manage Receipt Remittance Batches
Correct Answer: CDE
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