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Everything You Want to Know About the Oracle Financials Cloud: Receivables 2019 Implementation Essentials (1Z1-1056) Exam

Oracle Financials Cloud: Receivables 2019 Implementation Essentials Sample Questions:

Question 1

When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?

A. You can select only a Closed accounting period.
B. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
C. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
D. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.

Question 2

Which statement is true about Balance Forward Billing?

A. Balance Forward Bills must be enabled at each bill-to-site level.
B. Transactions included on a Balance Forward Bill can be updated.
C. Balance Forward Bills can be created for a future date.
D. The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.

Question 3

Which two setups are required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices? (Choose two.)

A. First enter a payable transaction to calculate tax and then enter the receivable transaction.
B. Ensure if any tax-specific rules that are defined should cover both the sales_transaction and purchase_transaction business category.
C. Tax for intercompany is loaded by using Create Taxable Transactions in Spreadsheet.
D. The payable options and the receivable system options should have the same tax application options.
E. Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
F. Intercompany system options enable use of the same tax rate code for the payable and receivable invoices.

Question 4

A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?

A. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
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, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
D. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.

Question 5

What do you need to total in order to find the total transaction price for a customer contract that is calculated by Revenue Management?

A. the selling price for all performance obligations in the customer contract
B. the SSP amounts for all performance obligations in the customer contract
C. the billing amount for all performance obligations in the customer contract
D. the allocated amount for all performance obligations in the customer contract
E. the extended SSP amounts for all performance obligations in the customer contract

Solutions: