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

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Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:

1. Upon approval of a remittance batch of type Factored with Recourse, the Receivables application creates a receipt and establishes risk.
How does Receivables establish risk?

A) By recording an entry to the Remitted Bills Receivable account
B) By creating an on-account credit memo
C) By generating a bills receivables adjustment
D) By recording short-term debt

2. 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) Earned revenue will be debited for $50 USD.
B) Unearned revenue will be debited for $50 US
C) Unearned revenue will be credited for $100 USD.
D) Earned revenue will be credited for $50 USD.

3. Which statement is true when you create an Implementation Project for Oracle Financials Cloud?

A) The Implementation Project is preconfigured and cannot be deleted or changed.
B) When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
C) You must plan your Implementation Project carefully because you cannot delete it or make changes later.
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.

4. How can a Collector assigned to a Customer modify a strategy that is assigned from the Collections Dashboard?

A) The Collector can modify the strategy from the Profile > Strategies tab.
B) The strategy can be modified from the Manage Customers page.
C) Only a Collections Administrator can modify the strategy.
D) A strategy is automatically assigned based on Scoring and cannot be manually assigned to a Customer by a Collector.

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

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