1Z0-1056-21 Online Practice Questions and Answers

Your customer has a state tax of 20% and a city tax of 10% as non-inclusive tax rates that are applicable on a transaction line. Your invoice has two lines: Line1 with $600 USD and Line2 with $400 USD. What will be the resulting tax and invoice amounts for your tax invoice?

A. state tax of $166.67 USD for the invoice, city tax of $16.67 USD, and an invoice total of $1,184.34 USD.

B. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,257.78 USD.

C. state tax of $166.67 USD for the invoice, city tax of $91.11 USD, and an invoice total of $1,000 USD.

D. state tax of $200 USD for the invoice, city tax of $10 USD, and an invoice total of $1,210 USD.

E. state tax of $200 USD for the invoice, city tax of $100 USD, and an invoice total of $1,300 USD.

What is the impact on transactions of changing the billing cycle for a customer or group of customers?

A. The billing cycle does not have any impact on new transactions.

B. Existing transactions with no activity retain the old billing cycle.

C. Existing transactions with activity adapt the new billing cycle.

D. New transactions after this change inherit the new billing cycle.

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.)

A. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.

B. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.

C. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.

D. If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Pending Remittance.

E. If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.

You are the Billing Manager and you are responsible for reviewing adjustments and approving them. Which two tabs are available in the Adjustments Overview Region on the Billing Work Area page? (Choose two.)

A. Pending My Research

B. Pending Approval From Managers

C. Pending Approval

D. Pending My Approval

E. Approved

What are three functions of the Create Automatic Receipt Write-offs program? (Choose three.)

A. creating write-offs for specific currencies and customers

B. limiting write-offs by a percentage of the original receipt amount

C. scheduling periodic write-offs as receipt adjustments for small remaining balances

D. scheduling periodic write-offs as receipt adjustments for old remaining balances

E. scheduling periodic write-offs to occur in future periods

Which two statements are true when you are using the Intercompany Reconciliation Process? (Choose two.)

A. The Transaction Summary Report shows only transactions with a status of received.

B. The Clearing Company Balancing Lines appear in the Intercompany Reconciliation Summary Report.

C. The Reconciliation Period Summary Report shows the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.

D. The ledger balancing lines are generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.

E. You need to submit the Extract Intercompany Reconciliation Data job.

Identify the dunning letter template set provided by an application.

A. Soft, Regular, Hard

B. Regular, Medium, Hard

C. Final Demand, Soft, Medium

D. Regular, Final Demand, Medium

Your customer upload batch completes with an error and you identify the error as being due to incorrect

payment method.

Which action should you take the resolve the Issue?

A. Use the Customer Data Exceptions spreadsheet.

B. Use the Customer Payment Method Exceptions spreadsheet.

C. Troubleshoot In the Manage Customers page.

D. Correct error and resubmit the batch.

After a customer bankruptcy is approved, what happens in the Collections application?

A. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.

B. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.

C. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.

D. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.

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?

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.