Free Oracle 1Z0-1056-23 Exam Actual Questions

The questions for 1Z0-1056-23 were last updated On Feb 24, 2025

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Question No. 1

Manage Receipt Classes and Methods

Scenario

Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

Task:

Create a manual Receipt Class, where:

Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)

Receipts using this new receipt class will not be remitted

Organization will use Cash Management to clear their receipts

Show Answer Hide Answer
Correct Answer: A

Log in to Oracle Financials Cloud.

Click on theReceipt Classesicon in theReceivableswork area.

Click on theCreatebutton.

In theReceipt Classwindow, enter the following information:

Name:XXReceipt Class (Replace XX with your allocated user ID.)

Creation Method:Manual

Remittance Method:No Remittance

Bank Account:The bank account that will be used to clear receipts for this receipt class.

Click on theSavebutton.

The new manual receipt class will be created.

To make sure that receipts using this receipt class will not be remitted:

Click on theRemittance Methodstab.

Select the check box next toNo Remittance.

Click on theSavebutton.

The receipts using this receipt class will now not be remitted.


Question No. 2

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

Show Answer Hide Answer
Correct Answer: A

Log in to Oracle Financials Cloud.

Click on theBalance Forward Billingicon in theReceivableswork area.

Click on theCyclestab.

Click on theCreatebutton.

In theBalance Forward Billing Cyclewindow, enter the following information:

Name:XXCycle (Replace XX with your allocated user ID.)

Billing Frequency:Daily

Effective Date:January 1, 2023

Click on theSavebutton.

The new balance forward billing cycle will be created.

To create a Balance Forward Billing Payment Term:

Click on thePayment Termstab.

Click on theCreatebutton.

In theBalance Forward Billing Payment Termwindow, 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 theSavebutton.

The new balance forward billing payment term will be created.


Question No. 3

Manage Receipt Classes and Methods

Scenario

Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

Task:

Create Receipt Method. where:

Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)

Receipt method must be effective as of January 1. 2023

Show Answer Hide Answer
Correct Answer: A

Log in to Oracle Financials Cloud.

Click on theReceipt Methodsicon in theReceivableswork area.

Click on theCreatebutton.

In theReceipt Methodwindow, enter the following information:

Name:XXCheck (Replace XX with your allocated user ID.)

Effective Date:January 1, 2023

Receipt Class:XXReceipt Class (The receipt class that you created in the previous step.)

Bank Account:The bank account that will be used to clear receipts for this receipt method.

Click on theSavebutton.

The new receipt method will be created.


Question No. 4

You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:

What revenue amount would be deferred on this Imported Invoice?

Show Answer Hide Answer
Correct Answer: B

This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and 4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000, 2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified Reference: [How You Manage Revenue Recognition - Oracle]


Question No. 5

Manage Receipt Classes and Methods

Scenario

Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.

Task:

Define Remittance Bank Account where:

Bank Account is associated with Receipt Method

Primary bank account is linked the Denver branch of Bank of America

Bank account number ends with 2870

Remittance bank account is effective as of January 1, 2023

GL Accounts section must contain the values below for company segment 120 Supremo Fitness

Show Answer Hide Answer
Correct Answer: A

Log in to Oracle Financials Cloud.

Click on theRemittance Bank Accountsicon in theReceivableswork area.

Click on theCreatebutton.

In theRemittance Bank Accountwindow, enter the following information:

Name:XXRemittance Bank Account (Replace XX with your allocated user ID.)

Bank Account Number:The bank account number that you want to associate with the receipt method.

Bank Name:Bank of America

Branch Name:Denver

Account Type:Checking

Effective Date:January 1, 2023

Primary:Yes

GL Accounts:

Company Segment:120 Supremo Fitness

Account Code:12000

Account Name:Accounts Receivable - Supremo Fitness

Company Segment:120 Supremo Fitness

Account Code:12001

Account Name:Allowance for Doubtful Accounts - Supremo Fitness

Click on theSavebutton.

The new remittance bank account will be created.