1Z0-1056-22 Online Practice Questions and Answers

A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on openinvoices, 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 programcreates the adjustments only for the amounts within the Billing Specialist's approval limits.

Which is NOT a valid Infotile in the Accounts Receivables Work Area?

A. Unidentified Receipts

B. Lockbox Exceptions

C. Receipt Batches

D. Unapplied Receipts

E. Unapplied Credits

Which three benefits do intercompany reconciliation reports provide to anaccountant?

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.

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 willbe credited for $100 USD.

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

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

Three salespersons are assigned to a transaction line with a revenue split of 40:50:10. If you transfer 5% to a new sales person, what is the new revenue splitbetween the four sales persons?

A. 38.34 : 48.34 : 8.32 : 5

B. 35: 45 : 5: 5

C. 38: 47.5: 9.5: 5

D. 40: 50: 5: 5

As an Implementation Consultant, you want to define approval limits for Receivables. Which two statements are correct? (Choose two.)

A. Theapproval limits are used by the auto adjustment program.

B. The approval limits are set per user, document type, and currency.

C. The implementation user can create their own approval limits.

D. The approval limits per user and per currency are shared across the document types.

What is the order used to group transaction lines during the AutoInvoice Import process?

A. Transaction Source, Customer Site Profile, Customer Account Profile, system options

B. System options, Customer Site Profile, Transaction Source, Customer Account Profile

C. Transaction Source, Customer Account Profile, Customer Site Profile, system options

D. Transaction Source, Customer Account Profile, system options, Customer Site Profile

You are investigating the Receivables to General Ledger Reconciliation Report and must explain any variances to your Accounting Manager.

What two variance amounts should you expect to investigate in this report? (Choose two.)

A. Tax Variance

B. Intercompany Variance

C. Accounting Variance

D. Receivables Variance

You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days.

Which actions are true? (Choose two.)

A. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.

B. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.

C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.

D. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to PendingRemittance.

E. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.

When a customer opts to make a payment by a creditcard, this receipt is identified as a(n) _______________.

A. miscellaneous receipt

B. quick cash receipt

C. manual receipt

D. automatic receipt

E. AutoLockbox receipt