Oracle Financials Cloud: Receivables 2024 Implementation Professional (1Z0-1056-24) Free Practice Test

Question 1

Which two are rules applicable to issue of refunds? (Choose two.)

A. You can issue a credit card refund to a customer who has made a cash payment.

B. You can refund receipts that were either remitted or cleared.

C. You can refund receipts that are factored.

D. You cannot refund more than either the original receipt amount or the remaining unapplied amount.

Correct Answer: B,D

Question 2

A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.
How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?

A. by defining an item group and assigning that to the rule

B. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute

C. by defining a grouping rule on the customer class

D. by defining an exclusion rule to exclude customer classes that are "Retail"

E. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute

Correct Answer: E

Question 3

Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Define Remittance Bank Account where:
Bank Account is associated with Receipt Method
Primary bank account is linked the Denver branch of Bank of America
Bank account number ends with 2870
Remittance bank account is effective as of January 1, 2023
GL Accounts section must contain the values below for company segment 120 Supremo Fitness

Correct Answer:

See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Remittance Bank Accounts icon in the Receivables work area.
Click on the Create button.
In the Remittance Bank Account window, enter the following information:
Name:XXRemittance Bank Account (Replace XX with your allocated user ID.) Bank Account Number:The bank account number that you want to associate with the receipt method.
Bank Name:Bank of America
Branch Name:Denver
Account Type:Checking
Effective Date:January 1, 2023
Primary:Yes
GL Accounts:
Company Segment:120 Supremo Fitness
Account Code:12000
Account Name:Accounts Receivable - Supremo Fitness
Company Segment:120 Supremo Fitness
Account Code:12001
Account Name: Allowance for Doubtful Accounts - Supremo Fitness
Click on the Save button.
The new remittance bank account will be created.

Question 4

Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?

A. transactions have a Bill Type of Imported

B. transactions that have the selected payment terms

C. transactions that were included in a previous Balance Forward Bill

D. transactions that have the Print Option set to Do Not Print

Correct Answer: B

Question 5

Which three actions can be performed in the Collections Work Area, which will have an impact on the collection process?

A. Applying a customer payment in the Aging Tab.

B. Processing a payment promise in the Transactions Tab.

C. Adding new customer contacts in the Contacts tab.

D. Changing the collector in the Profile Tab.

E. Creating a credit memo in the Transactions Tab.

Correct Answer: B,C,D

Question 6

What is the impact on transactions of changing the billing cycle for a customer or group of customers?

A. The billing cycle does not have any impact on new transactions.

B. Existing transactions with no activity retain the old billing cycle.

C. Existing transactions with activity adapt the new billing cycle.

D. New transactions after this change inherit the new billing cycle.

Correct Answer: D

Question 7

You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer.
Which two conditions are failing? (Choose two.)

A. The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.

B. The customer does not have the default strategy and default collector assigned at the customer account and site level.

C. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.

D. The Collections Administrator creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should have the Collection Manager and Customer Profile Administrator roles assigned.

E. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.

F. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.

Correct Answer: C,D

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Oracle Financials Cloud: Receivables 2024 Implementation Professional (1Z0-1056-24) Free Practice Test