Questions for the 1Z0-1056-21 were updated on : Nov 14 ,2024
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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. Cash Receipts
A. Sites 1, 2, and 3 activities will be included in a single bill.
B. Adjustments against the original transaction
B. Sites 2 and 3 activities will be included in a single bill.
C. Credit Memo
C. Sites 1 and 2 activities will be included in a single bill.
D. Debit Memo
D. Sites 1 and 3 activities will be included in a single bill.
E. Interest Invoice
Answer:
C
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Question 2
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. Credit Items and Disputed Transactions
A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
B. Late Payments Only
B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
C. Adjustment
C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
D. Overdue Invoices Only
D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
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 the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
Answer:
D
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Question 3
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. Disable Send Dunning Letter in Transaction Source Type.
A. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.
B. Disable Send Dunning Letter on the Correspondence tab.
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. Disable Send Dunning Letter in Collections Preferences.
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. Disable Send Dunning Letter on the Profile tab.
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. Disable Send Dunning Letter in Transaction Type.
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.
Answer:
B,C
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Question 4
Identify three activities that you can perform from the Collections Dashboard. (Choose three.)
A. Credits of $900 and $600 for companies 01 and 02 respectively
A. Verify Customer Payments.
B. Credits of $900 and $500 for companies 01 and 02 respectively
B. Assign a Collector to a delinquent customer.
C. Debit of $900 and credit of $500 for companies 01 and 02 respectively
C. View the Total Amount Due for delinquent customers.
D. Credit of $900 and debit of $500 for companies 01 and 02 respectively
D. Record an activity to create a task or tasks to follow up on a delinquent customer.
E. Debits of $900 and $500 for companies 01 and 02 respectively
E. Update the work status of a work item for a delinquent customer.
Answer:
B,D,E
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Question 5
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.
A. 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.
B. 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.
C. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
D. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
Answer:
C
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Question 6
Which two items are required for customer invoicing? (Choose two.)
A. receipt reversal
A. Lockbox
B. clearing payment information
B. Customers
C. credit reversal
C. Remit-to-address
D. debit memo reversal
D. Customer Profile Class
E. change of instrument
Answer:
A,D
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Question 7
Which two determinant types are used in reference data assignment? (Choose two.) A. Business Unit B. Account Segment C. Project Segment D. Project unit
A. a customer account contact with the responsibility types bill to and ship-to
B. a customer account contact with a valid mailing address
C. a customer account contact with a valid mobile number
D. a customer account contact with a valid email address
Answer:
A,D
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Question 8
A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a users approval limit. What is the status of the adjustment? A. Pending Approval B. Forwarded for Approval C. Pending Research D. Approval Required
A. Activities
B. Unapplied Receipts
C. Unapplied Credits
D. Receipt Batches
E. Unidentified Receipts
Answer:
A
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Question 9
A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's approval limits. What would be the result? A. The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits. B. The program can be run only if the amount is within the Billing Specialist's approval limits. C. The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits. D. The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.
A. Receipt Classes and Receipt Methods
B. late charges
C. Lockbox and Lockbox Transmission Formats
D. Receipt Sources
E. credit card refunds
Answer:
A //docs.oracle.com/cd/A60725_05/html/comnls/us/ar/adjust.htm#n_adj
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Question 10
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
A. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
B. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
C. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
D. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.
Answer:
D
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Question 11
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: Line1 with $600 USD and Line2 with $400 USD. What will be the resulting tax and invoice amounts for your tax invoice?
A. Intercompany invoicing must be enabled in Payables Invoice Options.
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. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.
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. Intercompany invoicing must be enabled in Receivables System Options.
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. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
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.
Answer:
E
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Question 12
Which two are rules applicable to 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.
A. Customer Number, Customer Account Number, Customer Site Number
B. Customer Name, Customer Billing Address, Customer Bank Account
C. Customer Name, Customer Account Number, Customer Site Number
D. Customer Number, Customer Billing Address, Customer Bank Account
Answer:
A,B
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Question 13
What is the impact on transactions of changing the billing cycle for a customer or group of customers?
A. by using the Customer Import Interface work area
A. The billing cycle does not have any impact on new transactions.
B. by using the correct Customer Payment Method spreadsheet
B. Existing transactions with no activity retain the old billing cycle.
C. by using the correct Customer Data spreadsheet
C. Existing transactions with activity adapt the new billing cycle.
D. by importing the correct data by using a new spreadsheet upload
D. New transactions after this change inherit the new billing cycle.
Answer:
D
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Question 14
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
A. Sales credit tracking is required
B. FBDI Loader is required
C. Auto-Invoicing is required
D. Revenue accounting is required
Answer:
C
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Question 15
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
A. removes the invoice line revenue contingencies
B. leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run
C. removes the pending sales credits
D. leaves the invoice line revenue contingencies until Reconcile Revenue Contingencies is run
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.