Online Access Free 1Z0-1056 Exam Questions

Which two statements are true about Accounting for Tax on Receivables? (Choose two.)

• A.For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to No, Receivables derive the tax account from auto-accounting.
• B.For Credit memos, if the profile "AR: Use Invoice Accounting for Credit Memos" is set to Yes, Receivables derive the item distribution from the invoice and the tax account from auto-accounting.
• C.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables derive the tax account from auto-accounting.
• D.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account that is defined on the receivable activity.
• E.For Adjustments, if the receivable activity tax rate code source is Invoice, Receivables use the tax account of the tax code.
• F.For Miscellaneous receipts, if the receivable activity tax rate code source is Activity for the activity type of Miscellaneous Cash, Receivables use the tax account that is defined on the receivable activity.

A client rents equipment for special events. They have the following invoicing requirements: invoice must De entered and be due either immediately, or 20 or 10 days before the event. The Deferred Event Revenue Account for Rentals is to be credited at the time of invoice booking. After the events occur, the client wants all lines to debit the Deferred Event Revenue Account and credit the Event Revenue.
How can you meet this requirement?

• A.Create a Revenue Contingency with Revenue Policy as Credit, Contingency Primary Removal Event as Milestone Billing, and Optional Removal Event as Fulfillment Date.
• B.Create a Revenue Contingency with Revenue Policy as None and Contingency Primary Removal Event as Payment.
• C.Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Contingency Expiration, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.
• D.Create a Revenue Contingency with Revenue Policy as None, Contingency Primary Removal Event as Invoicing, and Optional Removal Event as Transaction Date, with Transaction Date being the Event Date.

A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation.
How would you configure the Performance Obligation Identification Rule to ensure correct grouping of these items?

• A.by defining an item group and assigning that to the rule
• B.by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain the same value for that attribute
• C.by defining an exclusion rule to exclude customer classes that are "Retail"
• D.by defining a grouping rule on the customer class
• E.by defining a grouping on an extensible line attribute and ensuring that the source lines for the specified items contain different values for that attribute

You schedule print runs of transactions and balance forward bills according to the needs of your enterprise.
Which three statements are true? (Choose three.)

• A.If you have printed a transaction, the View Print button will not display a preview of the print.
• B.If you have not printed a transaction, the View Print button (Preview of Print) displays the transaction according to the default template in BI Publisher.
• C.It is recommended that you always print directly from BI Publisher to give you more control over the templates in case you need to change them.
• D.Both the transaction, or each transaction in a balance forward bill, will be marked as printed in the system.
• E.It is not recommended to print transactions and balance forward bills directly from BI Publisher.

A customer calls the Accounts Receivables department and asks for the balance of all invoices that are due in the next 30 days. The customer also has a question about a specific invoice line.
As a Billing Specialist, which action would you take?

• A.Search for the information in the Review Customer Account Details user interface.
• B.Search for open invoices on the Manage Transaction search page.
• C.Apply, reverse, or process the receipt.
• D.Create an open debit memo.