Free Access Oracle.1Z0-1056-21.v2022-07-01.q50 Practice Test (Page 2)

Question 1

You entered an invoice of $12500 in the receivable and created a receipt with the amount $15000 received from the customer.
How will the system react if over application is enabled in transaction type while receipt is applied to the invoice?

A.Invoice balance is displayed as -2500.

B.Invoice balance is displayed as 0 and Miscellaneous receipt is created with 2500.

C.Invoice balance is played as 0 and On account receipt is created with 2500.

D.Invoice balance is displayed as 0.

Question 2

Identify a valid reason for a Collector being unable to enter a dispute against a particular transaction.

A.The transaction is partially paid.

B.The transaction date falls in a closed period.

C.The transaction type is not associated with a credit memo type.

D.The invoice is not closed.

E.The transaction is an invoice.

Question 3

Which statement is true about Balance Forward Billing?

A.Balance Forward Bills must be enabled at each bill-to-site level.

B.Balance Forward Bills can be created for a future date.

C.Transactions included on a Balance Forward Bill can be updated.

D.The Balance Forward Bill of a previous cycle need not be generated as Final to generate the Balance Forward Bill of the current cycle.

Question 4

When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?

A.You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.

B.You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.

C.You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.

D.You can select only a Closed accounting period.

Question 5

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

A.Legal Entity

B.Tax

C.Business Purpose

D.Payment Terms

E.Statement Cycle

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