[Jan-2026] Oracle 1Z0-1056-24 Exam Basic Questions With Answers [Q14-Q33]

Q14. A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?

Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.

Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.

Q15. Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?

transactions that have the Print Option set to Do Not Print

transactions that have the selected payment terms

transactions have a Bill Type of Imported

transactions that were included in a previous Balance Forward Bill

Q16. 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?

Process Receipts and Remittances through Lockbox

Process Lockbox Receipts

Process Lockbox Receipts and Remittance Reference

Process Receipts through Lockbox

Q17. What validation step is required for implementing dispute processing?

The Recognize Revenue Program is scheduled.

Periods for which the transaction can be disputed are Open.

BPM Work List for approval configuration is validated.

All transactions are of the invoice type.

Q18. Which two items are required for customer invoicing? (Choose two.)

Lockbox

Customers

Remit-to-address

Customer Profile Class

Q19. Which two are rules applicable to issue of refunds? (Choose two.)

You cannot refund more than either the original receipt amount or the remaining unapplied amount.

You can refund receipts that were either remitted or cleared.

You can issue a credit card refund to a customer who has made a cash payment.

You can refund receipts that are factored.

Q20. You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?

Accounting Variance

Intercompany Variance

Tax Variance

Receivables Variance

Q21. Which information does the collector see after clicking on the Activities Infotile in the Collections Work Area?

Tasks assigned to the collector such as follow-up calls.

Summary of aged transactions.

List of broken payment promises.

List of delinquent customers.

Q22. In the customer hierarchy of Customer Corporation, Customer Worldwide is the parent company of Customer USA and Customer Japan. Customer West is a subsidiary of Customer USA.
Which three statements are true if the Customer Corporation hierarchy is assigned to a Pay Below Paying relationship? (Choose three.)

Customer USA can pay for Customer Worldwide, Customer West, and its own transactions.

Customer Japan can pay its own transactions.

Customer USA can pay for Customer West and its own transactions.

Customer Japan can pay for Customer West, Customer USA, and its own transactions.

Customer Worldwide can pay for Customer USA, Customer Japan, Customer West, and its own transactions.

Q23. Which predefined dunning letter template is available in the Collections application

Regular, Medium, Hard, Difficult

Soft, Medium, Hard, Final

Regular, Medium, Hard, Easy

Soft, Regular, Medium, Hard

Q24. 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?

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

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

Assign both business units to Global Configuration Owner.

Assign the ledger to Global Configuration Owner.

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

Q25. Identify the receivables system option that relates to customers.

Reciprocal Customer

Receipt Method

Default Country

Automatic Site Numbering

Q26. Where is the summary delinquency data displayed In the Collections Work Area?

Transactions Tab

History Tab

Profile Tab

Aging Tab

Q27. What are the three seeded contract configuration rules that Revenue Management provides to automatically create contracts? (Choose three.)

by Quote Number and time frame

by Source Document and time frame

by Item and time frame

by Customer and time frame

by Source Document Line andtime frame

Q28. When running the delinquency process for a customer, the business unit for which you want to run the process does not appear in the drop-down menu.
Identify the action that you need to take.

Business unit is not a required option on the Parameters tab to run the delinquency process.

Only business units that the user has access to will appear in the list of values. Modify the security options to provide access to the user.

Select the check box to enter the default business unit if it does not appear in the drop-down menu.

Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.

Q29. Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

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.

For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.

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 Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.

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.

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.

Q30. 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

Q31. Which role provides access to Receivables – Revenue Adjustments Real Time OTBI Subject area?

Revenue Manager

Accounts Receivable Manager

Accounts Receivable Specialist

Billing Specialist

Q32. What are the two locations where the system can look for Receipt Match By Value when Receivables applies customer payments automatically for manually created receipts? (Choose two.)

Receipt Method

AutoMatch Rule

Customer

System Options

Q33. Which three benefits do intercompany reconciliation reports provide to an accountant?

Comparing receivables and payables account balances and identifying discrepancies.

Displaying intercompany receivables and payables balancing lines.

Identifying transaction portions (either receiver or provider side) that have not posted to General Ledger.

Displaying clearing company balancing lines.