Oracle Financials Cloud: Receivables 2024 Implementation Professional - 1Z0-1056-24

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Oracle 1Z0-1056-24 Exam Syllabus Topics:

Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

Question 1

You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?

A. Intercompany Variance
B. Receivables Variance
C. Accounting Variance
D. Tax Variance

Question 2

You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:

What revenue amount would be deferred on this Imported Invoice?

A. 5000
B. 3000
C. 4000
D. 2000
E. 1000

Question 3

When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)

A. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
B. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
C. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
D. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
E. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.

Question 4

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. Unearned revenue will be debited for $50 US
D. Earned revenue will be credited for $50 USD.

Question 5

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

Solutions: