Free Oracle 1Z1-1056 Practice Test & Real Exam Questions

Exam Code/Number: 1Z1-1056
Exam Name/Title: Oracle Financials Cloud: Receivables 2019 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud

Exam Questions: 110
Updated On: Jun 14, 2026

Question #1

Your customer has three business units. The customer wants to share customer account addresses across these business units.
Which reference data set can be used to achieve this?

A. Assign a COMMON reference data set to the business units, which share the account addresses.

B. Create a new reference data set for account addresses and assign it to the business units.

C. Assign an enterprise reference data set to the business units, which share the account addresses.

D. Create a separate reference data set for each business unit and assign it to each unit.

Discussion 0

Correct Answer: A Vote an answer

Question #2

In what three ways will changing customer information impact the collection process? (Choose three.)

A. Changing the Collector impacts the individual working with the delinquent customer.

B. Business-unit-level changes will not impact the display of delinquent customers on the dashboard.

C. Making changes on the Profile tab impacts the collection process.

D. Changing information on the Profile tab does not have an impact on the level at which collections are done.

E. Adding or modifying customer contact name on the Contacts tab impacts where the correspondence is sent.

Discussion 0

Correct Answer: A,C,E Vote an answer

Question #3

You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer.
Which two conditions are failing? (Choose two.)

A. The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.

B. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.

C. The Collections Administrator creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should have the Collection Manager and Customer Profile Administrator roles assigned.

D. The customer does not have the default strategy and default collector assigned at the customer account and site level.

E. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.

F. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.

Discussion 0

Correct Answer: B,C Vote an answer

Question #4

Which two are rules applicable to issue of refunds? (Choose two.)

A. You can issue a credit card refund to a customer who has made a cash payment.

B. You cannot refund more than either the original receipt amount or the remaining unapplied amount.

C. You can refund receipts that are factored.

D. You can refund receipts that were either remitted or cleared.

Discussion 0

Correct Answer: B,D Vote an answer

Question #5

A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.
How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?

A. by defining an item group and assigning that to the rule

B. by defining a grouping rule on the customer class

C. by defining an exclusion rule to exclude customer classes that are "Retail"

D. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute

E. by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute

Discussion 0

Correct Answer: D Vote an answer

Question #6

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 #7

Your customer has three sites defined in the system, site 1, site 2, and site 3. All sites have their own billing strategy defined and Balance Forward Billing is enabled for site 1 and Site 2 at the account level.
How will bills be generated?

A. Sites 1 and 2 activities will be included in a single bill.

B. Sites 1, 2, and 3 activities will be included in a single bill.

C. Sites 2 and 3 activities will be included in a single bill.

D. Sites 1 and 3 activities will be included in a single bill.

Discussion 0

Correct Answer: A Vote an answer

Question #8

Which statement is true about AutoAccounting?

A. IfAutoAccounting cannot determine all the accounting flexfield segments, it derives what it can and displays an incomplete accounting flexfield.

B. AutoAccounting is used to determine the default General Ledger accounts only for transactions that you import by using AutoInvoice.

C. You cannot override the default General Ledger accounts thatAutoAccounting creates.

D. AutoAccounting is set up at the Legal Entity level.

Discussion 0

Correct Answer: A Vote an answer

Question #9

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 #10

When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?

A. manually, but without using the Adjustment Reversal and Chargeback Reversal activities

B. manually by using Adjustment Reversal activities

C. manually by using Chargeback Reversal activities

D. automatically by using the Adjustment Reversal and Chargeback Reversal activities

E. automatically, but without using the Adjustment Reversal and Chargeback Reversal activities

Discussion 0

Correct Answer: D Vote an answer

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