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Oracle Financials Cloud: Receivables 2024 Implementation Professional : 1Z0-1056-24
- Exam Code: 1Z0-1056-24
- Exam Name: Oracle Financials Cloud: Receivables 2024 Implementation Professional
- Updated: Sep 10, 2026
- Q & A: 144 Questions and Answers
About Oracle 1Z0-1056-24 Exam Questions
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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Manage Customers and Transactions | 25% | - Customer Account Configuration
|
| Topic 2: Process Receipts and Collections | 25% | - Receipt Processing
|
| Topic 3: Period Close and Reporting | 25% | - Receivables Accounting and Reporting
|
| Topic 4: Configure Receivables | 25% | - Manage Receivables System Options
|
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
Question #1
A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days).
When will revenue be recognized?
- A. only after manual intervention
- B. after 100 days
- C. immediately
- D. after 60 days
Answer: B
Question #2
After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.
Which two Receivables Activities DO NOT have account assignments to review and change?
- A. Unearned Discounts
- B. Earned Discounts
- C. Debit Memo Reversal
- D. Miscellaneous Receipt
- E. Adjustment Activities
Answer: A,B
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Question #3
Identify two late charge interest calculation methods. (Choose two.)
- A. Previous Balance
- B. Adjusted Balance
- C. Average Daily Balance
- D. Overdue Transactions only
Answer: C,D
Question #4
When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?
- A. manually by using Adjustment Reversal activities
- B. automatically, but without using the Adjustment Reversal and Chargeback Reversal activities
- C. manually, but without using the Adjustment Reversal and Chargeback Reversal activities
- D. automatically by using the Adjustment Reversal and Chargeback Reversal activities
- E. manually by using Chargeback Reversal activities
Answer: D
Question #5
Manage Transaction Types
Scenario
A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.
Task:
Define a new Transaction Type for the class invoice, where:
Name of the transaction type is XXinvoice (Replace XX with 03.
which is your allocated User ID.)
Customer bills assigned to this transaction type must be printed
Transaction type is meant for billing transactions With open balances
Balances need to be maintained for invoices associated with this
transaction type
Freight charges must be allowed
Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due Invoices associated with this transaction type must be accounted for in the General Ledger application.
Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness
Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Transaction Types icon in the Receivables work area.
Click on the Create button.
In the Transaction Typewindow, enter the following information:
Name:XXinvoice
Class:Invoice
Transaction Action:Create
Transaction Source Type:Customer
Print Customer Bills:Yes
Allow Freight Charges:Yes
Allow Cash Applications:Yes
Accounting:
Reference Account:41000
Company Segment:120 Supremo Fitness
Click on the Save button.
The new transaction type will be created and the customer bills associated with this transaction type will be printed. The balances will also be maintained for invoices associated with this transaction type. Freight charges will be allowed and cash applications to invoices assigned to this transaction type must not exceed the invoice balance due. The invoices associated with this transaction type will be accounted for in the General Ledger application. The revenue GL account 41000 will be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness.
Steps to confirm the Oracle Applications Cloud version:
Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.
Click on About This Application in the Settings and Actions menu.
Copy the complete version number from the About this Application pop-up in the Oracle Application Cloud window.
Paste the version number in the box below.
Click Confirm.
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