Oracle Financials Cloud Certification 1Z0-1056-24 Sample Questions Reliable
Prepare for the Actual Oracle Financials Cloud 1Z0-1056-24 Exam Practice Materials Collection
NEW QUESTION # 54
When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.
Which receipt rule should you define?
- A. One per Site. per due date
- B. One per Customer
- C. One per Invoice
- D. One per Customer, per due date
Answer: B
Explanation:
This is the receipt rule that should be defined to produce the minimum number of payments when defining the receipt method for automatic receipt processing. This rule creates one payment per customer regardless of how many invoices or due dates exist for that customer. Verified [How You Define Receipt Methods - Oracle]
NEW QUESTION # 55
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 # 56
In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.
At which details?
- A. Site Address
- B. Party
- C. Account
- D. Organization
- E. Customer
- F. Site
Answer: F
Explanation:
This is the level at which you can use the Age of Latest Payment data point to determine the number of days passed since the last payment was received from a customer. The Age of Latest Payment data point is calculated at the account level and shows the age of the most recent payment for each customer account. Verified [How You Define Scoring Components - Oracle]
NEW QUESTION # 57
You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method.
Which bank account setup controls receipt application to short-term debt?
- A. risk elimination days
- B. clearing days
- C. collection days
- D. recall days
- E. short-term debt clearing days
- F. lead days
Answer: E
NEW QUESTION # 58
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 billing amount for all performance obligations in the customer contract
- C. the extended SSP amounts for all performance obligations in the customer contract
- D. the SSP amounts for all performance obligations in the customer contract
- E. the allocated amount for all performance obligations in the customer contract
Answer: B
NEW QUESTION # 59
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 exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
- B. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
- C. You can select only a Closed accounting period.
- D. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
Answer: B
NEW QUESTION # 60
Which role provides access to Receivables - Revenue Adjustments Real Time OTBI Subject area?
- A. Accounts Receivable Manager
- B. Revenue Manager
- C. Billing Specialist
- D. Accounts Receivable Specialist
Answer: D
NEW QUESTION # 61
A Billing Specialist creates an adjustment for an incorrect invoice that exceeds a user's approval limit.
What is the status of the adjustment?
- A. Approval Required
- B. Pending Approval
- C. Forwarded for Approval
- D. Pending Research
Answer: B
NEW QUESTION # 62
Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)
- A. Trading Community Hierarchy Management Duty
- B. Payment Settlement Management Duty
- C. Import Payables Invoices Duty
- D. Receipt Creation Duty
Answer: B,C
NEW QUESTION # 63
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. 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.
- B. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
- C. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
- D. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable.
- E. The program allows table hierarchies for customer bank accounts, but not for other customer information.
Answer: C
NEW QUESTION # 64
Which statement is true about AutoAccounting?
- A. AutoAccounting is used to determine the default General Ledger accounts only for transactions that you import by using AutoInvoice.
- B. AutoAccounting is set up at the Legal Entity level.
- C. You cannot override the default General Ledger accounts thatAutoAccounting creates.
- D. IfAutoAccounting cannot determine all the accounting flexfield segments, it derives what it can and displays an incomplete accounting flexfield.
Answer: D
NEW QUESTION # 65
To determine the best approach to converting a client's data, you must know which setup is set-enabled and can be shared.
Identify three set-enabled setups in Receivables. (Choose three.)
- A. Revenue Types
- B. Revenue Contingencies
- C. Collectors
- D. Receivable Specialists
- E. Standard Memo Lines
Answer: A,B,E
NEW QUESTION # 66
Your customer receives their invoices via the XML delivery method. They want to receive billing transactions for specific sites only. Now you have been tasked with creating a very focused delivery method of XML transactions for this customer site that should be receiving the invoice.
To define this setup, you must add a new lookup code to the AR Features lookup type in the Manage Receivables Lookups task. Which lookup code would you use?
- A. AR_XML_INVOICE_ENHANCED
- B. AR_CUSTOMER.DELIVERY
- C. AR_NTERFACE.XML
- D. AR_XML.DELIVERY.METHOD
- E. AR.INVOICE.XML.ENHANCED
Answer: D
Explanation:
This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified [Overview of Oracle Receivables - Oracle]
NEW QUESTION # 67
Which statement is true when you create an Implementation Project for Oracle Financials Cloud?
- A. You must plan your Implementation Project carefully because you cannot delete it or make changes later.
- B. The Implementation Project is preconfigured and cannot be deleted or changed.
- C. When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
- D. You must select the offering "Financials" and each individual product or option to perform the setup for each product in Oracle Financials Cloud.
- E. You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.
Answer: E
NEW QUESTION # 68
What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)
- A. by Quote Number and time frame
- B. by Item and time frame
- C. by Source Document Line andtime frame
- D. by Source Document and time frame
- E. by Customer and time frame
Answer: B,C,D
NEW QUESTION # 69
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 have the Print Option set to Do Not Print
- D. transactions that were included in a previous Balance Forward Bill
Answer: B
NEW QUESTION # 70
To meet the business needs of most organizations, "Common Set" is seeded InFusion for all set-enabled objects with the exception of _________________.
- A. Customer Site
- B. AutoCash Rules
- C. Aging Methods
- D. AutoMatch Rule Sets
- E. Revenue Scheduling Rules
Answer: A
NEW QUESTION # 71
The AutoAc counting rule for the Revenue account is defined as follows:
When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?
- A. Revenue Reference Accounts were entered for all salespersons.
- B. No Sales Credit salesperson has no reference accounts.
- C. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- D. Salesperson is not required on the transaction and is left blank.
- E. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
Answer: A,B,D
Explanation:
These are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type. The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified [How You Define AutoAccounting - Oracle]
NEW QUESTION # 72
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Ace Oracle 1Z0-1056-24 Certification with Actual Questions Nov 23, 2025 Updated: https://www.realvce.com/1Z0-1056-24_free-dumps.html
Oracle Financials Cloud Certified Official Practice Test 1Z0-1056-24: https://drive.google.com/open?id=1Cz4ZUsxNhRj4loEFf4JW-3kxobpmyMii