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Last Updated: Oct 04, 2026
No. of Questions: 144 Questions & Answers with Testing Engine
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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Customer and Account Configuration | - Customer Setup
|
| Topic 2: Collections and Billing Extensions | - Advanced Receivables Functions
|
| Topic 3: Processing Customer Payments | - Receipt Management
|
| Topic 4: Receivables Configuration | - System Setup
|
| Topic 5: Managing Customer Billing | - Transaction Processing
|
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%. The customer has made a payment of $500 USD and you are required to process the cash application to apply the $500 USD to the item line and $0 USD to tax.
How would you achieve this?
- A. Set the credit classification revenue recognition policy to look for Line First and Tax Later.
- B. Set the payment terms revenue recognition policy to look for Line First and Tax Later.
- C. Set Application Rule Set to Line First--Tax After at the transaction type level and/or a default value at system options.
- D. Set Application Rule Set to Line First--Tax After at the transaction source level and/or a default value at the receipt method.
- E. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.
Correct Answer: C 🗳️
Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.
When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?
- A. Process Lockbox Receipts
- B. Process Receipts and Remittances through Lockbox
- C. Process Receipts through Lockbox
- D. Process Lockbox Receipts and Remittance Reference
Correct Answer: A 🗳️
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You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer.
Which two conditions are failing? (Choose two.)
- A. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.
- B. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections Preferences in the Functional Setup Manager for Advanced Collections.
- C. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and Site levels.
- D. The customer does not have the default strategy and default collector assigned at the customer account and site level.
- E. The Collections Manager creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should be configured as a resource.
- F. The Collections Administrator creates a bankruptcy request in the Customer Relationship Management (CRM) application and a collector should have the Collection Manager and Customer Profile Administrator roles assigned.
Correct Answer: B,F 🗳️
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
Correct Answer:
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.
Which four output file types are available when you run the "Print Receivables Transactions" program?
- A. Excel
- B. Word
- C. JPG
- D. PDF
- E. Zipped PDFs
- F. HTML
Correct Answer: A,D,E,F 🗳️
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