Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)

A) Receipt Creation Duty
B) Trading Community Hierarchy Management Duty
C) Import Payables Invoices Duty
D) Payment Settlement Management Duty

2. If AutoAccounting is set to derive accounting segments based on a standard line, the transaction line must be either ________________ or ________________. Otherwise, AutoAccounting cannot derive a valid account code combination for revenue recognition.
Identify the two values. (Choose two.)

A) an inventory item
B) a standard memo line
C) a credit memo line
D) a debit memo line
E) a purchasing item

3. The Billing Manager has navigated to the Billing work area to complete a transaction. The Incomplete Transactions Overview Region on the Billing Work Area page has a drilldown option through a column to complete the transaction.
Identify the column.

A) Transaction Date
B) Transaction Source
C) Transaction Number
D) Transaction Class

4. Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?

A) Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
B) Intercompany invoicing must be enabled in Receivables System Options.
C) Intercompany invoicing must be enabled in Payables Invoice Options.
D) Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.

5. 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 Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
D) 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.

Solutions: