Part6:Oracle Fusion Financial Receivables Certification:1Z0-1056-20

QUESTION 21
Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

 

Options:
A.    For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.
B.    For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
C.    For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
D.    For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
E.    For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
F.    For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.

Answer: C,E

Answer Explanation: For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity & For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.

QUESTION 22
Your customer has three business units. The customer wants to share customer account addresses across these business units.
Which reference data set can be used to achieve this?

 

Option's:
A.    Create a new reference data set for account addresses and assign it to the business units.
B.    Assign a COMMON reference data set to the business units, which share the account addresses.
C.    Assign an enterprise reference data set to the business units, which share the account addresses.
D.    Create a separate reference data set for each business unit and assign it to each unit.

Answer: B

Explanation: References:Assign a COMMON reference data set to the business units, which share the account addresses.

 

QUESTION 23
A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's approval limits.
What would be the result?

 

Option's:
A.    The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits.
B.    The program can be run only if the amount is within the Billing Specialist's approval limits.
C.    The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits.
D.    The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.
 

 Answer: A Explanation:
Referencehttps://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/adjust.htm#n_adj

 

QUESTION 24
Which three interest rate calculation formula methods are supported in Receivables? (Choose three.)

 

Option's:
A.    Average
B.    Flat Rate
C.    Declining Balance
D.    Simple
E.    Compound 

 

Answer: B,D,E

Answer Explanation: Flat Rate, Simple & Compound  are the three interest date calculation formula methods are supported in receivables.