Online Access Free 1Z0-1056-24 Practice Test

Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

• A.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
• B.For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.
• C.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
• D.For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
• E.For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.
• F.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.

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

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 is associated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days).
When will revenue be recognized?

• A.after 100 days
• B.immediately
• C.only after manual intervention
• D.after 60 days

Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

• A.drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
• B.drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
• C.drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
• D.drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel
• E.drilldown to see reconciliation details and to make reconciling corrections

What validation step is required for implementing dispute processing?

• A.Periods for which the transaction can be disputed are Open.
• B.BPM Work List for approval configuration is validated.
• C.All transactions are of the invoice type.
• D.The Recognize Revenue Program is scheduled.