Free Oracle Financials Cloud: Receivables 2021 Implementation Essentials Exam 1Z0-1056-21 Exam Practice Test

Debit Memo Reversal is a new receivable that replaces the item closed by the original receipt. When should the Debit Memo Reversal method be used to reverse a receipt?

• You are reversing a receipt that you previously applied to a chargeback and this chargeback was not accounted.
• You are reversing a receipt that you previously applied to a chargeback and this chargeback was posted to your general ledger.
• You are reversing a receipt that you previously applied to a chargeback and this chargeback has had no activity (another receipt or credit memo or adjustment) against it.
•   You are reversing a Miscellaneous receipt.

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.)

• Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.
• 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.
• Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.
• The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.
• Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.
• The customer does not have the default strategy and default collector assigned at the customer account and site level.

Which role provides access to Receivables – Revenue Adjustments Real Time OTBI Subject area?

• Revenue Manager
• Accounts Receivable Manager
• Accounts Receivable Specialist
• Billing Specialist

The method that is used to capture receipts data in mass while you are offline and upload the receipts at a later date is called ______________.

• automatic receipts creation
• receipts creation in a spreadsheet
• manual receipt entry
• Lockbox receipts creation

What is the initial status of a newly created bill receivable?

• Pending posting
• Awaiting approval
• New
• Awaiting submission
• Pending remittance

The Business Intelligence repository contains metadata that defines columns, which you can include in an analysis. Which three types of columns are available when you create or edit an analysis? (Choose three.)

• Hierarchy
• Function
• Fact
• Attribute
• Sum

ABC Company uses euros as the ledger currency, and it receives an invoice with three line items in Norwegian krone. For this example, the conversion rate between the krone and the euro is 6.55957. The lines total of invoice is 7.93 euro. However, the invoice amount shows a total of 7.92 euro. The user was not able to run the accounting. Where should you define the header-level rounding account?

• Customer Account Level
• Transaction Source
• Receivable System Option
• Customer Site Level
• Transaction Type

If a receipt cannot be automatically matched or transaction information is not available, Receivables can use the AutoCash rule set. In which three places is the rule set found? (Choose three.)

• System Options
• Receipt Class
• Customer Site
• Receipt Method
• Customer Account Answer: C D E Explanation If transactions cannot be matched or transaction information is not available, Receivables uses the AutoCash rule set defined for the customer profile either at the customer site or

What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)

• by Quote Number and time frame
• by Source Document and time frame
• by Item and time frame
• by Customer and time frame
• by Source Document Line andtime frame

When importing Receivable transactions into Fusion Receivables, the Autoinvoice log gives the error message “Error: Item validation org not set up for the BU.” What action should you take to solve the issue?

• Set up Item validation organization in Inventory Item.
• Validate the Item validation organization in inventory Org.
• Set up Item validation organization in Inventory Org.
• Set up Item validation organization in Receivables System Options.