Most Recent Oracle 1Z0-1056-23 Exam Questions & Answers

Prepare for the Oracle Financials Cloud: Receivables 2023 Implementation Professional exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Oracle 1Z0-1056-23 exam and achieve success.

The questions for 1Z0-1056-23 were last updated on Jan 21, 2025.

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Question No. 1

it has been decided that when processing customer payments using lockbox one customer can pay for another customer's transaction.

Which two steps will help achieve this?

ASelect the Allow payment of unrelated transactions Receivables System Option.

BDefine a relationship between the two customer accounts.

CDefine a netting agreement between the two customer accounts.

DDefine a business purpose of invoice to each customer address.

EDefine and share a cash pool bank account between the customers.

Show Answer

Correct Answer: A, B

These are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer's transaction using lockbox. The relationship between the two customer accounts defines how payments are applied across different customers. Verified Reference: [How You Process Lockbox Receipts - Oracle]

Question No. 2

As an implementer. while importing data from a legacy/third-parly system, you forgot to populate the accounting distribution in the RA_INTERFACE_DlSTRIBUTIONS_ALL table. What happens when you run accounting?

AInvoice will get created but accounting will not be created.

BIt will return an error and the data will be stuck in the interface table.

CInvoice will be created and the system will use the AutoAccounting configuration to create accounting.

DNeither invoice nor accounting will be created.

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Correct Answer: C

This is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified Reference: [How You Import Transactions Using AutoInvoice - Oracle]

Question No. 3

Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?

ALine-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield

BLine-level transaction flexfield and Header-level transaction flexfield

CLine-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield

DLine-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield

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Correct Answer: B

These are the two flexfields that AutoInvoice requires to identify transactions and transaction lines, if you load the interface using a customized form. They are used to group transaction lines into transactions and assign transaction attributes. Verified Reference: [How You Define AutoInvoice Grouping Rules - Oracle]

Question No. 4

The AutoAc counting rule for the Revenue account is defined as follows:

When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?

ARevenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit

BTransaction Type was defined as Overapplication set to Yes but Post to GL set to No.

CSalesperson is not required on the transaction and is left blank.

DRevenue Reference Accounts were entered for all salespersons.

ENo Sales Credit salesperson has no reference accounts.

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Correct Answer: C, D, E

These are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type. The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified Reference: [How You Define AutoAccounting - Oracle]

Question No. 5

You created a new enterprise structure in the Cloud for a single country. In the structure, there are two legal entities: a single ledger and two business units (representing two warehouses, each owned by one of the legal entities). The tax regulations are common between the legal entities.

When assigning the tax regime to parties, what should you do to share all setup for Tax?

AAssign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.

BAssign one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.

CAssign both business units to Global Configuration Owner.

DAssign the ledger to Global Configuration Owner.

EAssign two business units to First Party Configuration with Party Overrides.

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Correct Answer: D

This is the best option to share all setup for Tax when the tax regulations are common between the legal entities. The ledger is the highest level of party hierarchy and can be assigned as the Global Configuration Owner to share the tax regime, tax rates, and tax rules across all parties under it. Verified Reference: [How You Assign Tax Regimes to Parties - Oracle]

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