Exam Name: Oracle Financials Cloud: Receivables 2021 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud
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Oracle Financials Cloud: Receivables 2021 Implementation Essentials: 1Z0-1056-21 Exam Premium File as PDF & Test Engine
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Last Updated: Sep 18, 2026
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Failing 1Z0-1056-21 means paying the full registration fee a second time, and that is an expensive way to learn. Prepare with 156 Oracle Financials Cloud: Receivables 2021 Implementation Essentials practice questions from Fast2test and give yourself the best chance of passing on your first attempt.
Oracle 1Z0-1056-21 Exam Overview:
| Certification Vendor: | Oracle |
|---|---|
| Exam Name: | Oracle Financials Cloud: Receivables 2021 Implementation Essentials |
| Exam Number: | 1Z0-1056-21 |
| Exam Format: | Multiple Choice, Multiple Select |
| Passing Score: | 64% |
| Available Languages: | English |
| Certificate Validity Period: | 18 months |
| Exam Duration: | 90 minutes |
| Exam Price: | USD 245 |
| Related Certifications: | Oracle Financials Cloud 2021 Implementation Professional |
| Real Exam Qty: | 58 |
| Recommended Training: | Oracle Financials Cloud: Receivables 2021 Implementation Training |
| Exam Registration: | Pearson VUE Scheduling Oracle Education Registration |
| Sample Questions: | Oracle 1Z0-1056-21 Sample Questions |
| Exam Way: | Online proctored or onsite testing at Pearson VUE centers |
| Pre Condition: | No mandatory prerequisites; recommended experience with Oracle Financials Cloud Receivables implementation |
| Official Syllabus URL: | https://education.oracle.com/oracle-financials-cloud-receivables-2021-implementation-essentials/pexam_1Z0-1056-21 |
Oracle 1Z0-1056-21 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Processing Customer Payments | 12% | - Process receipt exceptions and adjustments - Configure Bill Management - Create and remit Bills Receivable - Create and apply receipts |
| Topic 2: Advanced Collections | 5% | - Set up scoring strategies - Manage collections workbench - Configure Advanced Collections |
| Topic 3: Managing Customer Billing | 18% | - Process credit memos and adjustments - Manage transaction printing and presentment - Create and process standard transactions - Calculate transactional tax |
| Topic 4: Configuring Common Receivables | 20% | - Configure Receivables system options - Configure Receivables using Rapid Implementation - Configure integration with other applications - Configure Cash Management integration - Configure and Import Customers - Configure Subledger Accounting - Configure Tax |
| Topic 5: Configuring Customer Billing | 22% | - Manage sales credits and resources - Manage AutoInvoice process - Configure revenue recognition - Manage transaction types, sources, and memo lines - Manage AutoAccounting rules |
| Topic 6: Configuring Customer Payments | 15% | - Set up receipt classes and methods - Configure Lockbox processing - Manage Automatic Receipts and Funds Capture |
| Topic 7: Reporting and Reconciliation | 8% | - Perform Receivables to Ledger reconciliation - Analyze receivables information - Use OTBI and BIP reports |
Oracle Financials Cloud: Receivables 2021 Implementation Essentials Exam FAQs and Straight Answers
The 1Z0-1056-21 exam, officially titled Oracle Financials Cloud: Receivables 2021 Implementation Essentials, is the qualifying test for the Oracle Financials Cloud: Receivables 2021 Certified Implementation Specialist certification from Oracle, a credential at the Specialist level. Passing it proves you have the skills employers look for in certified professionals, and it can also support progress toward related credentials such as Oracle Financials Cloud 2021 Implementation Professional.
The Oracle Financials Cloud: Receivables 2021 Implementation Essentials exam gives you 90 minutes to work through 58 questions. That is a steady pace with little room for second-guessing, so train yourself to read each question once, flag the difficult ones, and keep moving. Before exam day, sit at least two full timed sessions in the Fast2test test engine — when the clock feels familiar, it stops being a threat.
You need 64% to pass, and the official registration fee is USD 245. Fall short and you pay that fee in full again for every retake, which makes solid preparation the cheaper option by far. Work through the Fast2test practice questions until you score comfortably above the passing mark, then book your seat.
No mandatory prerequisites; recommended experience with Oracle Financials Cloud Receivables implementation Eligibility rules can change over time, so before you register, confirm the latest requirements on the official exam page: Oracle 1Z0-1056-21 exam overview.
You can book your 1Z0-1056-21 exam through any of these official registration channels:
The exam is delivered as Online proctored or onsite testing at Pearson VUE centers, so you can pick the option that fits your schedule when you book.
Oracle recommends the following training for Oracle Financials Cloud: Receivables 2021 Implementation Essentials candidates:
Pair that training with the 156 practice questions from Fast2test and you can check your readiness topic by topic before exam day.
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The Oracle Financials Cloud: Receivables 2021 Implementation Essentials syllabus is organized into 7 domains. The main areas include Advanced Collections (5%), Configuring Common Receivables (20%), and Reporting and Reconciliation (8%). Scroll up to the Exam Topics section above for the complete, current outline before you plan your study schedule.
Oracle Financials Cloud: Receivables 2021 Implementation Essentials Sample Questions:
Which two setups are required to create bills receivables? (Choose two.)
- A. Bills Receivable Receipt method
- B. Lockbox
- C. Statement cycles
- D. Customer account site with purpose of drawee
- E. Bills Receivable Matching Rules
Correct Answer: A,C 🗳️
Which configuration task needs to be completed before you can create Bills Receivables for a customer?
- A. Define standard memo lines.
- B. Define drawee site.
- C. Define revenue scheduling rules.
- D. Define approval limits.
Correct Answer: D 🗳️
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 issue a credit card refund to a customer who has made a cash payment.
- C. You can refund receipts that were either remitted or cleared.
- D. You can refund receipts that are factored.
Correct Answer: A,C 🗳️
Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).
After creating Receivable Activities using the General Ledger Rapid Implementation workbook upload process, a Receivable Manager wants to review and make changes if required, to the account assignments created for these Receivable Activities.
Which two Receivable Activities do not have account assignments to review and change? (Choose two.)
- A. Unearned Discounts
- B. Debit Memo Reversal
- C. Adjustment Activities
- D. Miscellaneous Receipt
- E. Earned Discounts
Correct Answer: C,D 🗳️
You are reviewing an invoice on the Review Transaction page. After clicking the Sales Credit subtab, you notice the following breakdown: Revenue Allocation and Nonrevenue Allocation.
What is a Nonrevenue Allocation?
- A. sales credits associated to deferred revenue
- B. sales credit allocation based on billing corrections
- C. additional incentive-based sales credits
- D. sales credit reversals due to credit memo creation
Correct Answer: D 🗳️
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