Free Oracle 1Z0-1056-20 Practice Test & Real Exam Questions

Exam Code/Number: 1Z0-1056-20
Exam Name/Title: Oracle Financials Cloud: Receivables 2020 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud

Exam Questions: 112
Updated On: Jul 12, 2026

Question #11

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 of the tax code.

B. 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.

C. 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.

D. 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.

E. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.

F. For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.

Discussion 0

Correct Answer: B,E Vote an answer

Question #12

Your client's legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method.
Does this prevent you from using the Oracle Fusion Trading Community Model Data Import program?

A. The program allows the use of parent, child, and grandchild table hierarchies, but it requires multiple Customer Master records for each customer within the hierarchy.

B. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.

C. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.

D. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable.

E. The program allows table hierarchies for customer bank accounts, but not for other customer information.

Discussion 0

Correct Answer: B Vote an answer

Question #13

Which three receipts can be automatically applied by a system? (Choose three.)

A. receipts created in a lockbox and uploaded

B. receipts that are manually created

C. receipts created in a spreadsheet and uploaded

D. receipts that are unapplied

E. miscellaneous receipts

Discussion 0

Correct Answer: A,B,E Vote an answer

Question #14

When you move revenue on an invoice line from an unearned account to an earned revenue account, Receivables ______________.

A. removes the invoice line revenue contingencies

B. leaves the invoice line revenue contingencies until Reconcile Revenue Contingencies is run

C. leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run

D. removes the pending sales credits

Discussion 0

Correct Answer: A Vote an answer

Question #15

Which two duties are included in the Accounts Receivable Specialist associated role? (Choose two.)

A. Payment Settlement Management Duty

B. Import Payables Invoices Duty

C. Receipt Creation Duty

D. Trading Community Hierarchy Management Duty

Discussion 0

Correct Answer: A,B Vote an answer

Question #16

After a customer bankruptcy is approved, what happens in the Collections application?

A. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.

B. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.

C. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.

D. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.

Discussion 0

Correct Answer: C Vote an answer

Question #17

A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?

A. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

B. Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

C. Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.

D. Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

Discussion 0

Correct Answer: B Vote an answer

Question #18

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. only after manual intervention

B. immediately

C. after 100 days

D. after 60 days

Discussion 0

Correct Answer: C Vote an answer

Question #19

The process of remitting receipts to a bank results in fund transfer errors.
Identify three corrective actions to resolve this. (Choose three.)

A. receipt reversal

B. clearing payment information

C. debit memo reversal

D. credit reversal

E. change of instrument

Discussion 0

Correct Answer: A,B,E Vote an answer

Question #20

What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)

A. by Customer and time frame

B. by Source Document and time frame

C. by Quote Number and time frame

D. by Item and time frame

E. by Source Document Line andtime frame

Discussion 0

Correct Answer: B,D,E Vote an answer

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