1Z0-1056-21 Online Practice Questions and Answers

A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the

remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's

approval limits.

What would be the result?

A. The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits.

B. The program can be run only if the amount is within the Billing Specialist's approval limits.

C. The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits.

D. The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.

A Billing Specialist has created and completed an invoice for $100 USD for Customer A. The Specialist

prints the invoice and realizes that the invoice should have been created for Customer B. The accounting

for the transaction for Customer A is posted to the General Ledger.

How can this be corrected?

A. Create an adjustment for the entire amount and create a negative adjustment for Customer B.

B. Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer

B.

C. Change the status of the invoice to Incomplete and enter a new invoice for Customer B.

D. Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.

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

A. Import Payables Invoices Duty

B. Receipt Creation Duty

C. Trading Community Hierarchy Management Duty

D. Payment Settlement Management Duty

The Billing Manager has navigated to the Billing work area to complete a transaction. The Incomplete

Transactions Overview Region on the Billing Work Area page has a drilldown option through a column to

complete the transaction.

Identify the column.

A. Transaction Class

B. Transaction Number

C. Transaction Source

D. Transaction Date

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

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

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

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

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

Which two statements are true about configuring Collection Strategies?

A. You need to create Scoring Formulae (or use predefined Scoring Formulas).

B. You need to define an Aging Method that meets the requirements of your organization.

C. You need to SGI the (Collections Method to Strategies for the relevant business unit.

D. You need to create Strategy Tasks of the type "Automatic" only.

You are explaining the benefits of using Bill Management as a self-service electronic bill presentment

solution to an existing customer.

Which feature is not supported in Bill Management?

A. Making payments by using a credit card or the bank account

B. Managing unapplied payments

C. Managing credit memos

D. Reviewing customer account balances

E. Managing disputes

Company ABC wants their logo displayed in all customer invoices. How do you meet this business requirement?

A. Use Web Services to integrate with an external system that can handle this requirement.

B. Modify the Invoice Print Layout Bill Presentment Template.

C. Enable the setting "Allow Change to Printed Transactions" in Receivables System Options.

D. Extend the "Print Receivables Transactions" program.

Which three actions can be performed in the Collections Work Area, which will have an impact on the collection process?

A. Processing a payment promise in the Transactions Tab.

B. Creating a credit memo in the Transactions Tab.

C. Changing the collector in the Profile Tab.

D. Applying a customer payment in the Aging Tab.

E. Adding new customer contacts in the Contacts tab.

Which three benefits do intercompany reconciliation reports provide to an accountant?

A. Comparing receivables and payables account balances and identifying discrepancies.

B. Displaying intercompany receivables and payables balancing lines.

C. Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.

D. Displaying clearing company balancing lines.