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Oracle 1z0-1056-23 Exam Syllabus Topics:

TopicDetailsTopic 1

Configure and Use Oracle Bill Management
Manage Account Receivables Reconciliation

Topic 2

Manage Resources, Salesperson, Sales credits, and Salesperson account references
Configure Sub Ledger Accounting

Topic 3

Create and Process Transactions
Manage Transaction types, Transaction sources, Items, and Memo lines

Topic 4

Create and Process Receipt Exceptions
Configuring and Using Advanced Collections

Topic 5

Configure Revenue for Receivables
Managing Customer Billing
Manage AutoInvoice Corrections

Topic 6

Manage Automatic Receipts and Funds Capture
Configure Integration with Other Applications

Topic 7

Create and Process Bills Receivables Remittances
Report with Oracle Transactional Business Intelligence (OTBI)

Topic 8

Manage the AutoInvoice Process
Report with Business Intelligence Publisher (BIP)

Oracle Financials Cloud: Receivables 2023 Implementation Professional Sample Questions (Q11-Q16):

NEW QUESTION # 11
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?

A. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
B. 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.
C. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
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.

Answer: A,E

Explanation:
Explanation
When you consider that recognition depends on the nature of the contingency, these two statements are true:
* Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is recognized at that point.
* Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept or reject a product after receiving an invoice, the contingency is removedafter 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because:
* Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before invoicing, not before revenue recognition.
* 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. For example, if a customer has a one-year warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later.
* Time-based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified References:
https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC-

NEW QUESTION # 12
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?

A. DaysLate
B. Days Early
C. Time
D. Not Applicable

Answer: A

Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]

NEW QUESTION # 13
Your organization has decided to use the Portal Upload delivery method for some of their customers. You will be using this in place of other options, such as Print Email, or XML to deliver customer invoices.
Which step must be performed in the system to deliver transactions to your customers by using the Portal Upload method?

A. Select Portal Upload as a delivery method on Customer Profile under Statement and Dunning.
B. Select Portal Upload as a delivery method on Customer Profile under Invoicing.
C. Create a custom preferred delivery method in the Manage Receivables Lookups task in Functional Setup Manager.
D. Run the Create Customer Statement process in Scheduled Processes.
E. Create a custom-preferred delivery method in the Manage Receivables System Options task in Functional Setup Manager.

Answer: B

Explanation:
Explanation
This option allows you to assign customer accounts and sites a preferred delivery method of Portal Upload for customer transactions intended for upload to a supplier portal or external system1. References: Portal Upload and Custom Delivery Methods - Oracle

NEW QUESTION # 14
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. Customer
B. Site Address
C. Organization
D. Party
E. Site
F. Account

Answer: E

Explanation:
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 References: [How You Define Scoring Components - Oracle]

NEW QUESTION # 15
While reviewing Balance Forward Bill Infertile on the Account Overview page m Bill Management, you notice that it is only displaying balance forward Mis raised in the last month.
How can you increase the number of months to view past balance forward bills?

A. Use the threshold view of Balance Forward Bill Infotile
B. Use Receivables System Options
C. Use Bill Management System Options
D. Add the number of months as a value for the BILL.MANAGEMENT lookup code

Answer: C

Explanation:
Explanation
You can use Bill Management System Options to increase the number of months to view past balance forward bills on the Account Overview page in Bill Management. You can set the value for the Number of Months for Balance Forward Bill Infotile Profile Option. Verified References: [How You Manage Balance Forward Billing - Oracle]

NEW QUESTION # 16
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