1Z0-1056-21 Exam Dumps – Our Features

Which three receipts types can be reversed in the Cloud? (Choose three.)

• Invoice-related receipts
• Receipts applied to open receipts
• Miscellaneous receipts
• Receipts that are archived
• Credit card chargebacks posted to GL

If AutoAccounting is set to derive accounting segments based on a standard line, the transaction line must be either ________________ or ________________. Otherwise, AutoAccounting cannot derive a valid account code combination for revenue recognition. Identify the two values. (Choose two.)

• a standard memo line
• a purchasing item
• a credit memo line
• an inventory item
•   a debit memo line

Which statement is true about AutoAccounting?

• AutoAccounting is set up at the Legal Entity level.
• IfAutoAccounting cannot determine all the accounting flexfield segments, it derives what it can and displays an incomplete accounting flexfield.
• AutoAccounting is used to determine the default General Ledger accounts only for transactions that you import by using AutoInvoice.
• You cannot override the default General Ledger accounts thatAutoAccounting creates.

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.

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

• drilldown to see reconciliation details and to make reconciling corrections
• drilldown on the difference amounts to see specific reconciling items and the potential cause of the out-of-balance condition
• drilldown from any of the summarized Receivables and Accounting amounts to see detailed activity
• drilldown to see details of unaccounted revenue transactions not transferred and posted to the General Ledger
• drilldown to view data and use standard Excel functions such as sum, find, sort, and filtering without actually downloading to Excel

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.)

• 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.
• 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.
• Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
• Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
• Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.

You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days. Which actions are true? (Choose two.)

• If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.
• If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.
• If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.
• If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Pending Remittance.
• If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.

A company’s policy is always to apply customer payments to debit and credit items, starting with the oldest due date. Which function should you include in the default Auto-cash rule?

• Clear the past due invoices grouped by payment terms
• Clear the account
• Match payment with Invoice
• Apply to the oldest invoice first
• Clear past due invoices

You have been asked to assign a reference data set to a specific Business Unit for several Receivable setups. What are the navigational steps needed to accomplish this task?

• Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Receivables”/Task: “Manage Business Unit Set Assignment”
• Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Legal Structures”/Task: “Manage Business Unit Set Assignment”
• Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Financial Reporting Structures”/Task: “Manage Business Unit Set Assignment”
• Setup and Maintenance/Setup Dropdown: “Financials”/Functional Area: “Organization Structures”/Task: “Manage Business Unit Set Assignment”

When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?

• manually, but without using the Adjustment Reversal and Chargeback Reversal activities
• automatically, but without using the Adjustment Reversal and Chargeback Reversal activities
• automatically by using the Adjustment Reversal and Chargeback Reversal activities
• manually by using Chargeback Reversal activities
• manually by using Adjustment Reversal activities