Download Oracle Financials Cloud: Receivables 2021 Implementation Essentials.1z0-1056-21.ExamTopics.2026-07-17.21q.vcex

Vendor: Oracle
Exam Code: 1z0-1056-21
Exam Name: Oracle Financials Cloud: Receivables 2021 Implementation Essentials
Date: Jul 17, 2026
File Size: 105 KB
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Demo Questions

Question 1
What is the initial status of a newly created bill receivable?
  1. Pending posting
  2. Awaiting approval
  3. New
  4. Awaiting submission
  5. Pending remittance
Correct answer: E
Question 2
If a customer has more than one transaction with the same number within a Lockbox transmission, then in which two receipt statuses are the receipts left? (Choose two.)
  1. On-account, if the Customer Account Number or MICR is provided and there are no matching recommendations
  2. Unapplied, if the Customer Account Number or MICR number is provided
  3. Unidentified, if the Customer Account Number or MICR is not provided and there are no successful matching recommendations
  4. Applied, if the Customer Account Number or MICR number is provided
Correct answer: B, C
Question 3
When entering the values in the natural account spreadsheet of the rapid implementation for General Ledger workbook, which three accounts types are used to set up the default Receivable account combinations? (Choose three.)
  1. Liability- Unearned revenue
  2. Revenue- Revenue
  3. Liability-Accounts Payable
  4. Owner’s equity
  5. Asset - Remitted Receipts
Correct answer: C, D, E
Question 4
When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.
Which receipt rule should you define?
  1. One per Customer per due date
  2. One per Customer
  3. One per site per due date
  4. One per invoice
Correct answer: D
Question 5
The Business Intelligence repository contains metadata that defines columns, which you can include in an analysis.
Which three types of columns are available when you create or edit an analysis? (Choose three.)
  1. Hierarchy
  2. Function
  3. Fact
  4. Attribute
  5. Sum
Correct answer: A, C, D
Question 6
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)
  1. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
  2. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
  3. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
  4. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
  5. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
Correct answer: C, E
Question 7
To determine the best approach to converting a client’s data, you must know which setups are Reference: Data Set enabled and can be shared.
Which three are Reference: Data Set enabled setups in Receivables? (Choose three.)
  1. Revenue Contingencies
  2. Receivables Activities
  3. Customer Account Sites
  4. Standard Memo Lines
  5. Revenue Transactions
Correct answer: A, D, E
Question 8
When importing Receivable transactions into Fusion Receivables, the Autoinvoice log gives the error message “Error: Item validation org not set up for the BU.”
What action should you take to solve the issue?
  1. Set up Item validation organization in Inventory Item.
  2. Validate the Item validation organization in inventory Org.
  3. Set up Item validation organization in Inventory Org.
  4. Set up Item validation organization in Receivables System Options.
Correct answer: D
Question 9
Which two statements are true about processing Receivables adjustments that impact tax amounts? (Choose two.)
  1. Receivables can look at the adjustment activity and retrieve the tax rate code.
  2. There is no need to retrieve the tax rate code.
  3. Receivables can look at System Options and retrieve the tax rate code.
  4. Receivables can look at invoice and retrieve the tax rate code.
Correct answer: C, D
Question 10
You have been asked to assign a Reference Data set to a specific Business Unit for several Receivables setups.
What are the navigational steps needed to accomplish this task?
  1. Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Legal Structures”/Task: “Manage Business Unit Set Assignment”
  2. Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Receivables”/Task: “Manage Business Unit Set Assignment”
  3. Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Financial Reporting Structures”/Task: “Manage Business Unit Set Assignment”
  4. Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Organization Structures”/Task: “Manage Business Unit Set Assignment”
Correct answer: B
Question 11
What are the two places where Receivables can look for the “Match Receipts By” setting when applying manual customer receipts? (Choose two.)
  1. Receipt Method
  2. Profile option
  3. Customer
  4. AutoMatch Rule
  5. System Options
Correct answer: A, E
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