Try Free Oracle 1Z0-1056-23 Updated Questions & Answers

Question 1

You are an IT contractor for a client who wants to increase internal controls on bank accounts set up in the Cash Management application. According to their new policy, a Cash Manager s ability to add. review, or make changes to bank accounts must be regionalized and restricted by their org structure.

Which statement is true about the restrictions applied to the setup?

ACash Managers can create and manage bank accounts for only those legal entities to which they are given access.

BCash Managers can create and manage bank accounts for only those business units to which they are given access.

CCash Managers can only create but not manage bank accounts for those legal entities to which they are given access.

DCash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.

Correct answer: A

This is the true statement about the restrictions applied to the setup. Cash Managers can access bank accounts based on their legal entity access privileges. They can create and manage bank accounts for only those legal entities that they are authorized to access. Verified Reference: [How You Manage Bank Accounts - Oracle]

Question 2

When you run Auto lnvoice. the process may generate a list of records that fail validation.

Using which two methods/features, can you display the Auto lnvoice errors in an Excel workbook?

AThe Incomplete Infotile

BThe Manage Transactions task

CThe Import Exceptions Infotile

DThe Manage Auto lnvoice Lines task

Correct answer: C, D

To display the Auto Invoice errors in an Excel workbook, you can use either of these methods/features:

The Import Exceptions Infotile in the Billing work area, which shows the number of records that failed validation and allows you to export them to Excel.

The Manage Auto Invoice Lines task in the Billing work area, which enables you to search for and view import errors and export them to Excel. The other options are not correct because:

The Incomplete Infotile shows the number of incomplete transactions, not import errors.

The Manage Transactions task allows you to create and update transactions, not view import errors. Verified Reference: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-autoinvoice.html#FAOFC-GUID-D0F4B5E1-CF4C-4B6F-B2A8-AF8B9E9C7D1A

Question 3

Upon approval of a remittance batch of type Factored with Recourse, the Receivables application creates a receipt and establishes risk.

How does Receivables establish risk?

ABy recording short-term debt

BBy generating a bills receivables adjustment

CBy recording an entry to the Remitted Bills Receivable account

DBy creating an on-account credit memo

Correct answer: C

When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable account and increases the balance of the Remitted Bills Receivable account. Verified Reference: [How You Remit Bills Receivable - Oracle]

Question 4

In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?

ADays Early

BTime

CDaysLate

DNot Applicable

Correct answer: C

This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified Reference: [How You Define Strategy Tasks by Transaction Type - Oracle]

Question 5

Which three receipt types can be reversed in the Cloud?

AReceipts applied to open receipts

BMiscellaneous receipts

CCredit card chargebacks posted to GL

DReceipts that are archived

EInvoice-related receipts

Correct answer: B, C, E

These are the three receipt types that can be reversed in the Cloud. Receipts applied to open receipts and receipts that are archived cannot be reversed. Verified Reference: [How You Reverse Receipts - Oracle]

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