1Z0-1056-23 Online Practice Questions and Answers

Which method is used to allocate total transaction price across performance obligations in Revenue Management?

A. Two Step Allocation Method

B. Inverted Allocation Method

C. Alternative Allocation Method

D. Relative Allocation Method

E. Residual Allocation Method

A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines isassociated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days).

When will revenue be recognized?

A. only after manual intervention

B. after 100 days

C. immediately

D. after 60 days

Your customer has a state tax of 20% and a citytax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD.

What will be the resulting tax and invoice amounts for your tax invoice?

A. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.

B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.

C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.

D. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.

E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.

Which flexfields are required to be used by auto invoice to identify transactions and transaction lines, if you load the interface using a customized form?

A. Line-level transaction flexfield, Header-level transaction flexfield, Reference flexfield

B. Line-level transaction flexfield, Header-level transaction flexfield

C. Line-level transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield

D. Line-level transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield

Which two initial tasks need to be completed in the Customer Account Profile page in order to generate and deliver XML invoices under the OAGIS (OpenApplications Group Integration Specification) 10.1 format?

A. Select the Enable OAGIS 10.1 XML Format Check Box

B. Set Preferred Delivery Method to XML

C. Set Preferred Delivery Methods to Email

D. Set Preferred Contact Method to XML

E. Select the EnableXML Invoicing Check Box for Relevant Transaction Classes

When importing Receivabletransactions 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?

A. Set up Item validation organization in Inventory Item.

B. Validate the Item validation organization in inventory Org.

C. Set up Item validation organization in Inventory Org.

D. Set up Item validation organization in Receivables System Options.

Identify two values that default from Customer Profile Classes. (Choose two.)

A. Business Purpose

B. Statement Cycle

C. LegalEntity

D. Tax

E. Payment Terms

You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days.

Which actions are true? (Choose two.)

A. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.

B. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.

C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.

D. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to PendingRemittance.

E. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.

When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?

A. First Review Date

B. Credit Review Cycle

C. Order line Credit Limit

D. Credit Limit

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:

1.

Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)

2.

Payment terms are accessible to all business units

3.

Discounts are applicable to the full invoice amount

4.

Discounts are applicable even when the customer does not send a full payment

5.

Payment terms are effective as of January 1. 2023

A. See the explanation below for solution.

B. PlaceHolder

C. PlaceHolder

D. PlaceHolder