Oracle 1Z0-1056-24 Exam Preparation Guide and PDF Download
Verified & Correct 1Z0-1056-24 Practice Test Reliable Source Mar 12, 2026 Updated
NEW QUESTION # 56
What information does the Collector see in the Activities List area of the Collections Dashboard?
- A. customer search as per the parameter specified
- B. summary of aged transactions
- C. customer's profile for each assigned customer
- D. tasks assigned to the Collector, such as follow-up calls
- E. status of processing activities from the Process Monitor
Answer: D
NEW QUESTION # 57
Identify two credit memo options. (Choose two.)
- A. Paid amount only
- B. Paid freight
- C. Tax only
- D. Advance
- E. Invoice lines
Answer: C,E
NEW QUESTION # 58
When discussing the Receivables to Ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report.
Which statement is true?
- A. You can include or exclude intercompany transactions, or you can reconcile by intercompany activity only.
- B. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts.
- C. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts.
- D. You can select only a Closed accounting period.
Answer: A
NEW QUESTION # 59
What is the impact on transactions of changing the billing cycle for a customer or group of customers?
- A. Existing transactions with activity adapt the new billing cycle.
- B. Existing transactions with no activity retain the old billing cycle.
- C. The billing cycle does not have any impact on new transactions.
- D. New transactions after this change inherit the new billing cycle.
Answer: D
NEW QUESTION # 60
Which statement is true when you create an Implementation Project for Oracle Financials Cloud?
- A. When you select the offering "Financials," it automatically allows you to perform the setup for all Oracle Financials Cloud products.
- B. You need to make only the project name unique, and then you can perform the setup for any product family, such as Financials, Procurement, Human Capital Management, and Supply Chain Management.
- C. The Implementation Project is preconfigured and cannot be deleted or changed.
- D. You must plan your Implementation Project carefully because you cannot delete it or make changes later.
- E. You must select the offering "Financials" and each individual product or option to perform the setup for each product in Oracle Financials Cloud.
Answer: B
NEW QUESTION # 61
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Define Balance Forward Payment Terms, where:
Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.) Payment terms are accessible to all business units Discounts are applicable to the full invoice amount Discounts are applicable even when the customer does not send a full payment Payment terms are effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Payment Terms icon in the Receivables work area.
Click on the Create button.
In the Payment Terms window, enter the following information:
Name:XXNet 30 (Replace XX with your allocated user ID.)
Description:Net 30 payment terms
Billing Cycle:All Cycles
Due Date:Next Business Day
Discount Days:30
Discount Amount:2%
Discount Type:Percentage
Discount Allowed:Yes
Discount Allowed Even If Partial Payment:Yes
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
Click on the Business Units tab.
Select the check box next to All Business Units.
Click on the Save button.
The payment terms will now be accessible to all business units.
NEW QUESTION # 62
Company ABC wants their logo displayed in all customer invoices. How do you meet this business requirement?
- A. Extend the "Print Receivables Transactions" program.
- B. Use Web Services to integrate with an external system that can handle this requirement.
- C. Enable the setting "Allow Change to Printed Transactions" in Receivables System Options.
- D. Modify the Invoice Print Layout Bill Presentment Template.
Answer: B
NEW QUESTION # 63
Identify two late charge interest calculation methods. (Choose two.)
- A. Overdue Transactions only
- B. Adjusted Balance
- C. Average Daily Balance
- D. Previous Balance
Answer: A,C
NEW QUESTION # 64
You have created payment terms in a system and associated them in the USA reference data set. All the payment terms in the system are shown as follows. Business Unit X has a set assignment of Enterprise Set for payment terms.
Payment Term = Net 30; Reference Data Set = Enterprise Set
Payment Term = Net 45; Reference Data Set = Enterprise Set
Payment Term = 1%/10 Net 30; Reference Data Set = USA Set
Payment Term = Net 45; Reference Data Set = USA Set
If an invoice is created in Business Unit X, which payment term set is available for use in a transaction?
- A. Net 30 (Enterprise Set), Net 45 (Enterprise Set)
- B. 1%/10 Net 30 (USA Set), Net 45 (USA Set)
- C. Net 30 (Enterprise Set), Net 45 (USA Set)
- D. Net 45 (Enterprise Set), Net 45 (USA Set)
Answer: A
NEW QUESTION # 65
Identify the receivables system option that relates to customers.
- A. Receipt Method
- B. Automatic Site Numbering
- C. Default Country
- D. Reciprocal Customer
Answer: A,C
NEW QUESTION # 66
If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?
- A. Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI.
- B. Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.
- C. Delete the source data that was imported into Revenue Management and import new source data.
- D. Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run the Identify Customer Contracts program again.
- E. Delete Contracts from the Manage Customer Contracts UI.
Answer: D
NEW QUESTION # 67
Which information does the collector see after clicking on the Activities Infotile in the Collections Work Area?
- A. Summary of aged transactions.
- B. List of broken payment promises.
- C. Tasks assigned to the collector such as follow-up calls.
- D. List of delinquent customers.
Answer: C
NEW QUESTION # 68
What are three functions of the Create Automatic Receipt Write-offs program? (Choose three.)
- A. scheduling periodic write-offs as receipt adjustments for small remaining balances
- B. scheduling periodic write-offs as receipt adjustments for old remaining balances
- C. scheduling periodic write-offs to occur in future periods
- D. limiting write-offs by a percentage of the original receipt amount
- E. creating write-offs for specific currencies and customers
Answer: A,D,E
NEW QUESTION # 69
Identify the dunning letter template set provided by an application.
- A. Final Demand, Soft, Medium
- B. Soft, Regular, Hard
- C. Regular, Medium, Hard
- D. Regular, Final Demand, Medium
Answer: A
NEW QUESTION # 70
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.) Bills are generated every day Cycle is effective as Of January 1,2023
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Balance Forward Billing icon in the Receivables work area.
Click on the Cycles tab.
Click on the Create button.
In the Balance Forward Billing Cycle window, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on the Payment Terms tab.
Click on the Create button.
In the Balance Forward Billing Payment Term window, enter the following information:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.) Due Date:Next Business Day Overdue Days:30 Click on the Save button.
The new balance forward billing payment term will be created.
NEW QUESTION # 71
In the customer hierarchy of Customer Corporation, Customer Worldwide is the parent company of Customer USA and Customer Japan. Customer West is a subsidiary of Customer USA.
Which three statements are true if the Customer Corporation hierarchy is assigned to a Pay Below Paying relationship? (Choose three.)
- A. Customer USA can pay for Customer Worldwide, Customer West, and its own transactions.
- B. Customer Japan can pay its own transactions.
- C. Customer Japan can pay for Customer West, Customer USA, and its own transactions.
- D. Customer Worldwide can pay for Customer USA, Customer Japan, Customer West, and its own transactions.
- E. Customer USA can pay for Customer West and its own transactions.
Answer: B,C,E
NEW QUESTION # 72
Which two statements are true regarding the Promise to Pay feature in the Collections application?
- A. You can cancel a promise made in error if it is before the promise due date.
- B. Mass promise to pay amounts automatically become partial payments.
- C. Promise information is updated by scheduling the Promise Reconciliation process.
- D. You cannot cancel a promise made in error if it is before the promise due date.
Answer: B
NEW QUESTION # 73
Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?
- A. transactions that were included in a previous Balance Forward Bill
- B. transactions that have the Print Option set to Do Not Print
- C. transactions have a Bill Type of Imported
- D. transactions that have the selected payment terms
Answer: D
NEW QUESTION # 74
Your customer wants to override the calculated tax line amount for their receivable transaction.
What steps should the customer perform to ensure that only one of their employees has this privilege?
- A. Enable the "Allow tax rate override" and "Allow manual tax lines" profiles at the user level, set, the value to Yes for the selected employee, and grant the "Tax Manager <Business Unit>" data role to the employee.
- B. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and set the "Transaction Tax Line Override" profile option to Yes for the selected employee.
- C. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable application and create a tax rule to grant this privilege only to the selected employee.
- D. Enable "Allow override of calculated tax lines" within the tax configuration owner options for the receivable invoice event and grant the employee the "Tax Manager <Business Unit>" data role.
- E. Set the "Transaction Tax Line Override" profile option to Yes for the selected employee and assign the employee the "Tax Manager <Business Unit>" data role.
Answer: E
NEW QUESTION # 75
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