Oracle Financials Cloud: Receivables 2018 Implementation Essentials (1Z1-1006) Free Practice Test

Question 1

The process of remitting receipts to a bank results in fund transfer errors.
Identify three corrective actions to resolve this. (Choose three.)

A. receipt reversal

B. change of instrument

C. clearing payment information

D. credit reversal

E. debit memo reversal

Correct Answer: A,B,C

Question 2

Which two statements are true when you are using the Intercompany Reconciliation Process? (Choose two.)

A. You need to submit the Extract Intercompany Reconciliation Data job.

B. The Clearing Company Balancing Lines appear in the Intercompany Reconciliation Summary Report.

C. The Transaction Summary Report shows only transactions with a status of received.

D. The Reconciliation Period Summary Report shows the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

E. The ledger balancing lines are generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.

Correct Answer: D,E

Question 3

Your customer wants to override the calculated tax line amount for their receivable transaction.
What steps should the customer perform to ensure that only one of their employees has this privilege?

A. Enable the "Allow tax rate override" and "Allow manual tax lines" profiles at the user level, set, the value to Yes for the selected employee, and grant the "Tax Manager <Business Unit>" data role to the employee.

B. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable application and create a tax rule to grant this privilege only to the selected employee.

C. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and grant the employee the "Tax Manager <Business Unit>" data role.

D. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and set the "Transaction Tax Line Override" profile option to Yes for the selected employee.

E. Set the "Transaction Tax Line Override" profile option to Yes for the selected employee and assign the employee the "Tax Manager <Business Unit>" data role.

Correct Answer: E

Question 4

Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.

A. The transaction is partially paid.

B. The transaction type is not associated with a credit memo type.

C. The invoice is not closed.

D. The transaction is an invoice.

E. The transaction date falls in a closed period.

Correct Answer: B

Question 5

Your client's legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method.
Does this prevent you from using the Oracle Fusion Trading Community Model Data Import program?

A. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.

B. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable.

C. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.

D. The program allows the use of parent, child, and grandchild table hierarchies, but it requires multiple Customer Master records for each customer within the hierarchy.

E. The program allows table hierarchies for customer bank accounts, but not for other customer information.

Correct Answer: A

Question 6

An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has been issued against this invoice.
Explain how revenue accounting will occur.

A. Unearned revenue will be credited for $100 USD.

B. Earned revenue will be debited for $50 USD.

C. Earned revenue will be credited for $50 USD.

D. Unearned revenue will be debited for $50 USD.

Correct Answer: C

Question 7

In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)

A. by setting SM to "Requires Complete" and SMM to "Percent"

B. by setting SM to "Allow Partial" and SMM to "Period"

C. by setting SM to "Allow Partial" and SMM to "Percent"

D. by setting SM to "Requires Complete" and SMM to "Quantity"

E. by setting SM to "Requires Complete" and SMM to "Period"

Correct Answer: A,B

Question 8

When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?

A. automatically by using the Adjustment Reversal and Chargeback Reversal activities

B. manually by using Adjustment Reversal activities

C. manually by using Chargeback Reversal activities

D. automatically, but without using the Adjustment Reversal and Chargeback Reversal activities

E. manually, but without using the Adjustment Reversal and Chargeback Reversal activities

Correct Answer: A

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Oracle Financials Cloud: Receivables 2018 Implementation Essentials (1Z1-1006) Free Practice Test