1Z0-1056-24 Exam Training Practice Tests (Oracle Financials Cloud: Receivables 2024 Implementation Professional)]

Question 1

Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

A. drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity B. drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel C. drilldown to see reconciliation details and to make reconciling corrections D. drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger E. drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition

Correct Answer: A,B,E

Question 2

Which two items are required for customer invoicing? (Choose two.)

A. Customers B. Remit-to-address C. Customer Profile Class D. Lockbox

Correct Answer: C,D

Question 3

In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.
At which details?

A. Site Address B. Party C. Customer D. Organization E. Site F. Account

Correct Answer: E

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Question 4

Your customer upload batch completes with an error and you identify the error as being due to incorrect payment method.
Which action should you take the resolve the Issue?

A. Troubleshoot In the Manage Customers page. B. Use the Customer Payment Method Exceptions spreadsheet. C. Correct error and resubmit the batch. D. Use the Customer Data Exceptions spreadsheet.

Correct Answer: B

Question 5

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

Correct Answer: A

Question 6

After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.
Which two Receivables Activities DO NOT have account assignments to review and change?

A. Unearned Discounts B. Earned Discounts C. Adjustment Activities D. Debit Memo Reversal E. Miscellaneous Receipt

Correct Answer: A,B

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Question 7

You are explaining the benefits of using Bill Management as a self-service electronic bill presentment solution to an existing customer.
Which feature is not supported in Bill Management?

A. Making payments by using a credit card or the bank account B. Reviewing customer account balances C. Managing credit memos D. Managing disputes E. Managing unapplied payments

Correct Answer: A

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