Online 1Z0-1056-24 Practice Test

Question 1

Which configuration step is required for processing Collections disputes?

Options :

A : Define Aging Method to be used with disputed transactions.

B : Define Dispute Thresholds in Collections Preferences.

C : Set ''Send Dispute Notice'' Option to ''Yes'' in Collections Preferences.

D : Define a ''Collections'' Approval Group as well as a ''Billing'' Approval Group in the BMP Worklist.

Answer: B

Question 2

Which flexfields are required to be used by auto invoice to identify transactions and transaction lines, if you load the interface using a customized form?

Options :

A : Linelevel transaction flexfield, Header-level transaction flexfield, Reference flexfield

B : Linelevel transaction flexfield, Header-level transaction flexfield

C : Linelevel transaction flexfield, Invoice transaction flexfield, Reference flexfield, Link to transaction flexfield

D : Linelevel transaction flexfield, Header-level transaction flexfield, Link to transaction flexfield

Answer: C

Question 3

Which three actions are facilitated through the Reconciliation Summary Report? (Choose three.)

Options :

A : drilldown to see reconciliation details and to make reconciling corrections

B : drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition

C : drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity

D : drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger

E : drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel

Answer: A,B,C

Question 4

A Billing Specialist has created and completed an invoice for $100 USD for Customer The Specialist prints the invoice and realizes that the invoice should have been created for Customer B. The accounting for the transaction for Customer A is posted to the General Ledger.

How can this be corrected?

Options :

A : Create an adjustment for the entire amount and create a negative adjustment for Customer B.

B : Create an on-account credit memo for $100 USD for the invoice and enter a new invoice for Customer B.

C : Change the status of the invoice to Incomplete and enter a new invoice for Customer B.

D : Navigate to the credit transaction link in the Billing work area, credit the entire amount, and enter a new invoice for Customer B.

Answer: B

Question 5

Your company wants to generate Intercompany transactions only if the amount Involved is equal to or greater than $3,000 USD.

How should you configure Intercompany System Option*; to meet this requirement?

Options :

A : Set 'Minimum Transaction Amount' to 3,000 and 'Minimum entered Currency' to USD.

B : Set 'Minimum Transaction Amount' to 2,999.99 and 'Minimum Entered Currency' to ALL

C : Define intercompany approval rule, to automatically reject intercompany transactions that do not meet the minimum amount requirement.

D : Set 'Minimum Invoice Amount' to 3,000 and 'Invoice Currency' to USD in Payables Invoice Options and Receivables System Options.

Answer: D

EXPERTY DESIGNED 1Z0-1056-24 PRACTICE TEST