1Z0-1056-21 Exam Questions & Answers

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1Z0-1056-21 Exam Questions & Answers

Vendor: Oracle

Certifications: Enterprise Resource Planning (ERP)

Exam Code: 1Z0-1056-21

Exam Name: Oracle Financials Cloud: Receivables 2021 Implementation Essentials

Updated: Jan 26, 2023

Q&As: 110

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1Z0-1056-21 Online Practice Questions and Answers

Questions 1

In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)

A. by setting SM to "Requires Complete" and SMM to "Period"

B. by setting SM to "Allow Partial" and SMM to "Percent"

C. by setting SM to "Allow Partial" and SMM to "Period"

D. by setting SM to "Requires Complete" and SMM to "Quantity"

E. by setting SM to "Requires Complete" and SMM to "Percent"

Show Answer
Questions 2

An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the

Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has

been issued against this invoice.

Explain how revenue accounting will occur.

A. Earned revenue will be debited for $50 USD.

B. Unearned revenue will be credited for $100 USD.

C. Earned revenue will be credited for $50 USD.

D. Unearned revenue will be debited for $50 USD.

Show Answer
Questions 3

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.

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