Valid 1Z0-1056-24 Test Answers & Oracle 1Z0-1056-24 Exam PDF
Oracle 1Z0-1056-24 Certification Real 2026 Mock Exam
NEW QUESTION # 73
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Define Balance Forward Payment Terms, where:
Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.) Payment terms are accessible to all business units Discounts are applicable to the full invoice amount Discounts are applicable even when the customer does not send a full payment Payment terms are effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Payment Terms icon in the Receivables work area.
Click on the Create button.
In the Payment Terms window, enter the following information:
Name:XXNet 30 (Replace XX with your allocated user ID.)
Description:Net 30 payment terms
Billing Cycle:All Cycles
Due Date:Next Business Day
Discount Days:30
Discount Amount:2%
Discount Type:Percentage
Discount Allowed:Yes
Discount Allowed Even If Partial Payment:Yes
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
Click on the Business Units tab.
Select the check box next to All Business Units.
Click on the Save button.
The payment terms will now be accessible to all business units.
NEW QUESTION # 74
You need to make decisions about how an application should behave, such as date ranges and defaults.
What should you consider before defining Collections Preferences?
- A. the employees who are involved with the collections process and how the collectors will be assigned
- B. scheduled processes
- C. customer contact information
- D. system privileges
- E. user application privileges
Answer: A
NEW QUESTION # 75
Which statement is true about AutoAccounting?
- A. You cannot override the default General Ledger accounts thatAutoAccounting creates.
- B. AutoAccounting is used to determine the default General Ledger accounts only for transactions that you import by using AutoInvoice.
- C. IfAutoAccounting cannot determine all the accounting flexfield segments, it derives what it can and displays an incomplete accounting flexfield.
- D. AutoAccounting is set up at the Legal Entity level.
Answer: C
NEW QUESTION # 76
What is the order used to group transaction lines during the AutoInvoice Import process?
- A. Transaction Source, Customer Account Profile, system options, Customer Site Profile
- B. Transaction Source, Customer Site Profile, Customer Account Profile, system options
- C. Transaction Source, Customer Account Profile, Customer Site Profile, system options
- D. System options, Customer Site Profile, Transaction Source, Customer Account Profile
Answer: B
NEW QUESTION # 77
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. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
- B. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
- C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
- D. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 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: B
NEW QUESTION # 78
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
- A. The invoice is sent for a dunning follow-up.
- B. The invoice is eligible for transfer to the General Ledger.
- C. The invoice can now be printed.
- D. The payment schedules are created using the payment terms specified.
- E. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
Answer: B,C,D
Explanation:
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
The invoice can now be printed or delivered to the customer by the preferred delivery method.
The invoice is eligible for transfer to the General Ledger and posting to the customer account.
The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
The invoice is not sent for a dunning follow-up until it becomes overdue.
The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-9E7F8B0A-5F6E-4B6E-AF0B-9C1E5D7D2A8A
NEW QUESTION # 79
Identify two late charge interest calculation methods. (Choose two.)
- A. Previous Balance
- B. Overdue Transactions only
- C. Adjusted Balance
- D. Average Daily Balance
Answer: B,D
NEW QUESTION # 80
A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days).
When will revenue be recognized?
- A. only after manual intervention
- B. immediately
- C. after 100 days
- D. after 60 days
Answer: C
NEW QUESTION # 81
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. Sites 2 and 3 activities will be included in a single bill.
- B. Sites 1, 2, and 3 activities will be included in a single bill.
- C. Sites 1 and 3 activities will be included in a single bill.
- D. Sites 1 and 2 activities will be included in a single bill.
Answer: D
NEW QUESTION # 82
What are the three setup steps required to implement the Lockbox feature? (Choose three.)
- A. Receipt Classes and Receipt Methods
- B. late charges
- C. Lockbox and Lockbox Transmission Formats
- D. Receipt Sources
- E. credit card refunds
Answer: A,C,D
NEW QUESTION # 83
Which two statements are true regarding the Promise to Pay feature in the Collections application?
- A. Promise information is updated by scheduling the Promise Reconciliation process.
- B. You cannot cancel a promise made in error if it is before the promise due date.
- C. Mass promise to pay amounts automatically become partial payments.
- D. You can cancel a promise made in error if it is before the promise due date.
Answer: C
NEW QUESTION # 84
Manage Aging Methods
Scenario
Your organization needs to create their own a-bucket aging method for reporting purposes.
Task
Create a new 4-bucket Aging Method in the Collections application, where:
Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.) Aging method is accessible to all business units Aging buckets are 45 days apart Last bucket is 91 days
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Aging Methods icon in the Receivables work area.
Click on the Create button.
In the Aging Method window, enter the following information:
Name:XXAging Method (Replace XX with your allocated user ID.)
Description:Custom aging method for reporting purposes.
Aging Buckets:
1:0 to 45 days
2:46 to 90 days
3:91 to 135 days
4:136 to 180 days
Last Bucket:181 days
Available to All Business Units:Yes
Click on the Save button.
The new aging method will be created.
NEW QUESTION # 85
If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?
- A. Delete Contracts from the Manage Customer Contracts UI.
- B. Delete the source data that was imported into Revenue Management and import new source data.
- C. Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI.
- D. Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run the Identify Customer Contracts program again.
- E. Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.
Answer: D
NEW QUESTION # 86
In what three ways will changing customer information impact the collection process? (Choose three.)
- A. Changing information on the Profile tab does not have an impact on the level at which collections are done.
- B. Business-unit-level changes will not impact the display of delinquent customers on the dashboard.
- C. Changing the Collector impacts the individual working with the delinquent customer.
- D. Making changes on the Profile tab impacts the collection process.
- E. Adding or modifying customer contact name on the Contacts tab impacts where the correspondence is sent.
Answer: C,D,E
NEW QUESTION # 87
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. The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.
- D. Balance Forward Bills can be created for a future date.
Answer: A
NEW QUESTION # 88
Which three interest rate calculation formula methods are supported in Receivables? (Choose three.)
- A. Declining Balance
- B. Average
- C. Compound
- D. Flat Rate
- E. Simple
Answer: C,D,E
NEW QUESTION # 89
Which two items are required for customer invoicing? (Choose two.)
- A. Remit-to-address
- B. Customers
- C. Lockbox
- D. Customer Profile Class
Answer: C,D
NEW QUESTION # 90
Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?
- A. transactions that have the Print Option set to Do Not Print
- B. transactions that have the selected payment terms
- C. transactions that were included in a previous Balance Forward Bill
- D. transactions have a Bill Type of Imported
Answer: B
NEW QUESTION # 91
Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.
When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?
- A. Process Receipts through Lockbox
- B. Process Lockbox Receipts and Remittance Reference
- C. Process Lockbox Receipts
- D. Process Receipts and Remittances through Lockbox
Answer: C
Explanation:
This process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 92
Which two statements are true about processing Receivables adjustments that impact tax amounts?
- A. There is no need to retrieve the tax rate code.
- B. Receivables can look at System Options and retrieve the tax rate code.
- C. Receivables can look at the adjustment activity and retrieve the tax rate code.
- D. Receivables can look at invoice and retrieve the tax rate code.
Answer: B,D
NEW QUESTION # 93
You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days.
Which actions are true? (Choose two.)
- A. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Pending Remittance.
- B. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.
- C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.
- D. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.
- E. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.
Answer: A,D
NEW QUESTION # 94
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