Part5:Oracle Fusion Financial Receivables Certification:1Z0-1056-20

QUESTION 17
The process of remitting receipts to a bank results in fund transfer errors. Identify three corrective actions to resolve this. (Choose three.)

 

Option's:
A.    receipt reversal
B.    clearing payment information
C.    credit reversal
D.    debit memo reversal
E.    change of instrument 

 

Answer: A,B,E 

Explanation: References:

QUESTION 18
Your customer has a state tax % and a city tax % as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD.
What will be the resulting tax and invoice amounts for your tax invoice?

 

Option's:
A.    state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.
B.    state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.
C.    state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.
D.    state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.
E.    State tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of
$1,300 USD.

Answer: E

Answer Explanation: State tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of
$1,300 USD.

QUESTION 19
Your Customer Upload Batch with an error and you identify the error as being due to an incorrect Payment Method. How will you correct the error?

 

Option's:
A.    by using the Customer Import Interface work area
B.    by using the correct Customer Payment Method spreadsheet
C.    by using the correct Customer Data spreadsheet
D.    by importing the correct data by using a new spreadsheet upload 

 

Answer: B

Answer Explanation: By using the correct Customer Payment Method spreadsheet.

QUESTION 20
An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the Invoice Accounting
 
Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has been issued against this invoice. Explain how revenue accounting will occur?

 

Option's:
A.    Earned revenue will be debited for $50 USD.
B.    Unearned revenue will be credited for $100 USD.
C.    Earned revenue will be credited for $50 USD.
D.    Unearned revenue will be debited for $50 USD. 

 

 

Answer: C

Answer Explanation: Earned revenue will be credited for $50 USD