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NEW QUESTION # 18
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?
- A. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
- B. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
- C. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- D. 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.
- E. 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.
Answer: A,C
Explanation:
Explanation
When you consider that recognition depends on the nature of the contingency, these two statements are true:
* Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is recognized at that point.
* Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept or reject a product after receiving an invoice, the contingency is removedafter 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because:
* Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before invoicing, not before revenue recognition.
* 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. For example, if a customer has a one-year warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later.
* Time-based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified References:
https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC-
NEW QUESTION # 19
As an implementer. while importing data from a legacy/third-parly system, you forgot to populate the accounting distribution in the RA_INTERFACE_DlSTRIBUTIONS_ALL table. What happens when you run accounting?
- A. Invoice will get created but accounting will not be created.
- B. Neither invoice nor accounting will be created.
- C. It will return an error and the data will be stuck in the interface table.
- D. Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
Answer: D
Explanation:
Explanation
This is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified References: [How You Import Transactions Using AutoInvoice - Oracle]
NEW QUESTION # 20
it has been decided that when processing customer payments using lockbox one customer can pay for another customer's transaction.
Which two steps will help achieve this?
- A. Define a business purpose of invoice to each customer address.
- B. Define and share a cash pool bank account between the customers.
- C. Select the Allow payment of unrelated transactions Receivables System Option.
- D. Define a netting agreement between the two customer accounts.
- E. Define a relationship between the two customer accounts.
Answer: C,E
Explanation:
Explanation
These are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer's transaction using lockbox.
The relationship between the two customer accounts defines how payments are applied across different customers. Verified References: [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 21
You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:
What revenue amount would be deferred on this Imported Invoice?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: C
Explanation:
Explanation
This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and
4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000,
2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified References: [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 22
In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.
At which details?
- A. Organization
- B. Site
- C. Customer
- D. Account
- E. Party
- F. Site Address
Answer: B
Explanation:
Explanation
This is the level at which you can use the Age of Latest Payment data point to determine the number of days passed since the last payment was received from a customer. The Age of Latest Payment data point is calculated at the account level and shows the age of the most recent payment for each customer account.
Verified References: [How You Define Scoring Components - Oracle]
NEW QUESTION # 23
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:
Create Balance Forward Billing Cycle, where:
* Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)
* Bills are generated every day
* Cycle is effective as Of January 1,2023
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Balance Forward Billing icon in the Receivables work area.
* Click on the Cycles tab.
* Click on the Create button.
* In the Balance Forward Billing Cycle window, enter the following information:
* Name: XXCycle (Replace XX with your allocated user ID.)
* Billing Frequency: Daily
* Effective Date: January 1, 2023
* Click on the Save button.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
* Click on the Payment Terms tab.
* Click on the Create button.
* In the Balance Forward Billing Payment Term window, enter the following information:
* Name: XXPaymentTerm (Replace XX with your allocated user ID.)
* Billing Cycle: XXCycle (The cycle that you created in the previous step.)
* Due Date: Next Business Day
* Overdue Days: 30
* Click on the Save button.
The new balance forward billing payment term will be created.
NEW QUESTION # 24
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?
- A. Process Receipts and Remittances through Lockbox
- B. Process Receipts through Lockbox
- C. Process Lockbox Receipts
- D. Process Lockbox Receipts and Remittance References
Answer: C
Explanation:
Explanation
This process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. References: [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 25
Your customer receives their invoices via the XML delivery method. They want to receive billing transactions for specific sites only. Now you have been tasked with creating a very focused delivery method of XML transactions for this customer site that should be receiving the invoice.
To define this setup, you must add a new lookup code to the AR Features lookup type in the Manage Receivables Lookups task. Which lookup code would you use?
- A. AR_NTERFACE.XML
- B. AR_XML.DELIVERY.METHOD
- C. AR.INVOICE.XML.ENHANCED
- D. AR_CUSTOMER.DELIVERY
- E. AR_XML_INVOICE_ENHANCED
Answer: B
Explanation:
Explanation
This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified References: [Overview of Oracle Receivables - Oracle]
NEW QUESTION # 26
When you run Auto lnvoice. the process may generate a list of records that fail validation.
Using which two methods/features, can you display the Auto lnvoice errors in an Excel workbook?
- A. The Manage Transactions task
- B. The Import Exceptions Infotile
- C. The Incomplete Infotile
- D. The Manage Auto lnvoice Lines task
Answer: B,D
Explanation:
Explanation
To display the Auto Invoice errors in an Excel workbook, you can use either of these methods/features:
* The Import Exceptions Infotile in the Billing work area, which shows the number of records that failed validation and allows you to export them to Excel.
* The Manage Auto Invoice Lines task in the Billing work area, which enables you to search for and view import errors and export them to Excel. The other options are not correct because:
* The Incomplete Infotile shows the number of incomplete transactions, not import errors.
* The Manage Transactions task allows you to create and update transactions, not view import errors.
Verified References:
https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-autoinvoice.html#FAOFC-GUID-D0F4
NEW QUESTION # 27
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
- A. The invoice is sent for a dunning follow-up.
- B. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- C. The payment schedules are created using the payment terms specified.
- D. The invoice can now be printed.
- E. The invoice is eligible for transfer to the General Ledger.
Answer: C,D,E
Explanation:
Explanation
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
* The invoice can now be printed or delivered to the customer by the preferred delivery method.
* The invoice is eligible for transfer to the General Ledger and posting to the customer account.
* The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
* The invoice is not sent for a dunning follow-up until it becomes overdue.
* The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:
* https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-
NEW QUESTION # 28
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 See the explanation below for solution.
Answer:
Explanation:
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 Type window, 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.
Version Number: 21A
NEW QUESTION # 29
Which three receipt types can be reversed in the Cloud?
- A. Receipts that are archived
- B. Credit card chargebacks posted to GL
- C. Invoice-related receipts
- D. Receipts applied to open receipts
- E. Miscellaneous receipts
Answer: B,C,E
Explanation:
Explanation
These are the three receipt types that can be reversed in the Cloud. Receipts applied to open receipts and receipts that are archived cannot be reversed. Verified References: [How You Reverse Receipts - Oracle]
Topic 1, Performance Based Questions
"Member Insights"
"Transaction Analysis"
Confirm the Oracle Applications Cloud Version
Note: The Oracle Applications Cloud environment might take some time to launch.
1. Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.
2. Click on About This Application in the Settings and Actions menu.
3. Copy the complete version number from the About this Application
pop-up in the Oracle Application Cloud window.
4. Paste the version number in the box below.
5. Click Confirm.
NEW QUESTION # 30
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. Not Applicable
- B. Time
- C. DaysLate
- D. Days Early
Answer: C
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 31
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create Receipt Method. where:
* Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)
* Receipt method must be effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Receipt Methods icon in the Receivables work area.
* Click on the Create button.
* In the Receipt Method window, enter the following information:
* Name: XXCheck (Replace XX with your allocated user ID.)
* Effective Date: January 1, 2023
* Receipt Class: XXReceipt Class (The receipt class that you created in the previous step.)
* Bank Account: The bank account that will be used to clear receipts for this receipt method.
* Click on the Save button.
The new receipt method will be created.
NEW QUESTION # 32
......
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