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Oracle Financials Cloud: Receivables 2016 Implementation Essentials

Question No: 11

The client has implemented automatic revenue recognition using Revenue Polity

Definitions. The payment term threshold of 150 days has been entered in the revenue policy. An invoice of $5,000 is imported with payment term that has four equal installment terms.

->Net 60

->Net 90

->Not 120

->Net 180

Select the amount of revenue that would be deferred in this case.

A. $1, 250 B. $2,500 C. $1.750 D. $5,000 E. $4, 750

Answer: D

Explanation: Use the Payment Terms Threshold column to enter the maximum time period in days before payment terms become extended.

When you enter or import a transaction with payment terms or an installment schedule that exceeds the payment terms policy, Receivables:

Assigns the Extended Payment Term contingency to the transaction. Defers revenue on the entire transaction.

Recognizes revenue on the transaction only to the extent of payments received.

For example, you enter a payment terms threshold of 180 days on your revenue policy, and you later enter or import an invoice with payment terms that have four installments:

Net 60

Net 90

Net 120

Net 200

Receivables defers the entire revenue amount on the invoice because the last installment exceeds the 180-day threshold by 20 days.

Reference: Oracle Fusion Applications Financials Implementation Guide, Payment Terms Threshold

Question No: 12

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?

  1. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.

  2. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.

  3. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.

  4. 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.

  5. 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: C,D Explanation:

http://docs.oracle.com/cd/E28271_01/fusionapps.1111/e20375/F569969AN6AB90.htm

Removal Events: Explained

The event-based revenue management process in Oracle Fusion Receivables manages the recognition of revenue on transactions with revenue contingencies. If a transaction has one or more revenue contingencies, Receivables defers revenue to an unearned revenue account until the contingencies expire.

The extent of the revenue deferral, and the subsequent timing of revenue recognition, depends on the nature of the contingency:

->Time-based contingencies must expire before the contingency can be removed

and revenue recognized.

->Payment-based contingencies require payment before the contingency can be removed and revenue recognized.

->Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.

->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.

Question No: 13

Which two determinant types are used in reference data assignment?

  1. Business Unit

  2. Account Segment

  3. Project Segment

  4. Project Unit.

Answer: A,D Explanation:

Determinant TypesThe partitioned reference data is shared using a business context setting called the determinant type. A determinant type is the point of reference used in the data assignment process. The following table lists the determinant types used in the reference data assignment.

Determinant Type Description

Asset Book

Information about the acquisition, depreciation, and retirement of an asset that belongs to a ledger or a business unit.

Business Unit

The departments or organizations within an enterprise. Cost Organization

The organization used for cost accounting and reporting on various inventory and cost centers within an enterprise.

Project Unit

A logical organization within an enterprise that is responsible for enforcing consistent project management practices.

Reference Data Set

References to other shared reference data sets. https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm#FAIGL194 553

Question No: 14

The collections Manager wants to see a summary of delinquency data for a specific customer. Which tab will display the summary delinquency data?

  1. Customer Aging tab

  2. Profile lab

  3. Contacts tab

  4. Transactions lab

Answer: A

Reference: Oracle Fusion Applications Financials Implementation Guide, Aged or Staged Dunning: Explained

Question No: 15

Which three interest rate calculation formula methods are supported in Receivables?

  1. Declining Balance

  2. Average

  3. Flat Rate

  4. Simple

  5. Compound

Answer: C,D,E

Explanation: Interest Calculation FormulasYou select the calculation formula in

the Interest Calculation Formula field in the Charge Calculation Setup region in the Credit Limits and Late Charges tab of the Customer Profile Class pages, or on the applicable customer or customer site profile.

The interest calculation formulas are:

->Flat Rate: Use a flat rate to calculate the late charge amount. Receivables ignores the number of days that a payment is overdue. If you use balance forward billing and the average daily balance calculation method, then this is the calculation formula used. The formula is:

Amount Overdue * (Interest Rate/100)

->Simple: Calculate late charges on overdue transactions only. If you use interest tiers and charge schedules to create late charges and penalties, then this is the calculation formula used. The formula is:

Amount Overdue * (Interest Rate/100) * (Number of Days Late/Number of Days in Period)

->Compound: Calculate late charges on the sum of overdue transactions and prior late charges. The formula is:

(Amount Overdue Prior Late Charges) * (Interest Rate/100) * (Number of Days Late/Number of Days in Period) https://docs.oracle.com/cd/E37583_01/doc.1116/e22896/F455009AN181AF.htm

Question No: 16

ABC, Inc. has business units A and B. ABC, Inc. acquires XYZ Corporation and adds business unit C. The Receivable Manager can see only transactions for business units A and B, but NOT C.

Why is business unit C NOT visible to the Receivables Manager?

  1. Business units A and B represent different legal entities as compared to business unit C.

  2. The Receivable Manager is NOT assigned with a data role relevant to business unit C.

  3. Business units A and B belong lo different ledgers than business unit C.

  4. Business units A and C belong to different subledgers than business unit C.

Answer: B

Question No: 17

What are the three valid statements related to third-party control accounts that have the type Customer?

  1. The subledger journal entry lines that use this account MUST have customer information.

  2. When the third party control account is assigned to a journal line, information such as name and site MUST be provided.

  3. The subledger Journal entry lines that use this account need not have customer information

  4. The customer sub ledger third-party balances will be updated when Journal is completed to Final Status.

  5. The customer subledger third party balances will be updated when Journal is completed to Draft Status.

Answer: A,B,D

Explanation: If third party control accounts are enabled for the application, and the account entered is a third party control account, you must enter third party information in the journal entry.

Scenario

For example, if an account is defined as a third party control account with a type of Supplier, then the subledger journal entry lines which use that account must include supplier information. When a valid third party control account is assigned to a journal line, you are required to provide third party information, such as name and site.

Submit the Third Party Balances Report to display subledger balance and account activity information for suppliers and customers. The Customer or Supplier subledger third party balances will be updated when the journal is completed to a Final status.

Reference: Fusion Applications Help, Validating a Third Party Control Account: Examples

Question No: 18

You want the flexibility to void a debit memo or credit memo if there is no activity on the transaction.

What setup is needed on the Void transaction type definition to achieve this objective?

  1. Set the Open Receivables option to Yes and the Post to GL option to Yes.

  2. Set the Open Receivables option to No and the Post to GL option to Yes.

  3. Set the Open Receivables option to Yes and Post to GL Option to No.

  4. Set the Open Receivables option to No and the Post to GL option to No.

Answer: D

Explanation: To be able to void a debit memo, credit memo, on-account credit or invoice, define a Void transaction type with #39;Open Receivables#39; and #39;Post to GL#39; set to No. Then, as long as there is no activity against the transaction and it has not been posted to your general ledger, you can make it invalid by simply changing the transaction type to #39;Void#39;.

Reference: Oracle Receivables, Transaction Types

Question No: 19

A Receivables Manager wants to override the receipt remittance bank account with the remittance batch bank account. Select three valid setups that will enable an override of the receipt remittance bank account.

  1. Enable the Allow Override option on the receipt.

  2. Both the receipt and remittance batch bank account should have different General Ledger at accounts defined.

  3. Enable the Ignore the Override option on the remittance batch.

  4. Enable the Override Bank option on the receipt remittance bank.

  5. Disable the Ignore Override option on the remittance batch.

Answer: A,D,E

Explanation: At remittance time, Receivables lets you override a receipt#39;s remittance bank account with the remittance batch bank account. Three options control system behavior:

  • The Override option on the receipt

  • The Override Bank option on the receipt#39;s remittance bank

  • The Ignore Override option on the remittance batch

    Reference: Oracle Receivables User Guide, Overriding the Receipt Remittance Bank

    Question No: 20

    Which task does NOT belong to the task list Define Business Units?

    1. Verify Service Clients.

    2. Manage Service Provider Relationships.

    3. Manage Set Assignments for Set Determinants.

    4. Verify Data Role Generation for the Business Unit Business Function

    Answer: D

    Reference: Oracle Fusion Applications Financials Implementation Guide, Define Business Units

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