Earning the Oracle Financials Cloud: Receivables 2024 Implementation Professional credential signals skills that employers recognize worldwide, which is exactly why the 1Z0-1056-24 exam is worth preparing for properly. Fast2test builds its 144 practice questions around the official outline, so your effort goes into topics that actually get tested.

Oracle 1Z0-1056-24 Exam Overview:

Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle 1Z0-1056-24 Exam — Your Questions, Answered

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

Question 1

When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)

A. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
B. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
C. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
D. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
E. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.

Question 2

Which two Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose two.)

A. Deposit
B. Debit Memo
C. Charge Back
D. Guarantee
E. Credit Memo

Question 3

Which two statements are true regarding the Promise to Pay feature in the Collections application?

A. You can cancel a promise made in error if it is before the promise due date.
B. Promise information is updated by scheduling the Promise Reconciliation process.
C. You cannot cancel a promise made in error if it is before the promise due date.
D. Mass promise to pay amounts automatically become partial payments.

Question 4

Manage Transaction Types
Scenario
A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.
Task:
Define a new Transaction Type for the class invoice, where:
Name of the transaction type is XXinvoice (Replace XX with 03.
which is your allocated User ID.)
Customer bills assigned to this transaction type must be printed
Transaction type is meant for billing transactions With open balances
Balances need to be maintained for invoices associated with this
transaction type
Freight charges must be allowed
Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due Invoices associated with this transaction type must be accounted for in the General Ledger application.
Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness

Question 5

To meet the business needs of most organizations, "Common Set" is seeded InFusion for all set-enabled objects with the exception of _________________.

A. AutoMatch Rule Sets
B. Revenue Scheduling Rules
C. AutoCash Rules
D. Customer Site
E. Aging Methods

Solutions: