Oracle 1Z0-1056-26 Certification Sample Questions and Answers

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Oracle 1Z0-1056-26 Sample Questions:

01. Before closing the current Receivables accounting period, your team runs a period-close review to identify activity that must be resolved.
Which items should be reviewed and resolved as part of that period-close review?
(Choose three.)
a) Fully paid transactions that were already reconciled in the prior period.
b) Incomplete transactions that have not yet been completed.
c) Customer profile class assignments for newly created customers.
d) Receipts remaining in unapplied or unidentified states.
e) Transactions whose accounting has not yet been created and transferred to the general ledger.
f) Dunning correspondence schedules for overdue customer accounts.
 
02. An implementation team is confirming exactly how Receivables period statuses govern transaction and receipt activity.
Which statements about Receivables period-status gating are correct?
(Choose three.)
a) In an Open period, new transactions and receipts can be both created and accounted for that period.
b) Closing the Receivables period automatically closes the corresponding general ledger period.
c) In a Closed period, new accounted Receivables activity cannot be created for that period.
d) Period status determines which dunning plan applies to a customer's overdue transactions.
e) A future-enterable period allows entering transactions dated within it before it is opened, though they are not accounted until the period is opened.
f) A period must be Closed in Receivables before any transaction can be entered in it.
 
03. When enabling Bill Management, giving an external customer user access requires more than simply provisioning an ordinary internal application user.
What is the underlying reason for this?
a) Because external customer users must be granted the same broad access as internal AR specialists so they can manage transactions across all business units
b) Because an external customer user must be associated with a specific customer account
c) Because Bill Management stores its data in a separate ledger from Receivables and needs its own chart of accounts
d) Because customer payments made through the application require a dunning plan to be assigned before access can be granted
 
04. A collections manager wants collectors to focus each day on the accounts most likely to become uncollectible, rather than working accounts in account-number order.
Which capability produces the risk ranking used to prioritize this effort?
a) A dunning plan
b) A promise to pay
c) Collections scoring
d) A statement cycle
 
05. At period end, the Receivables subledger balance for the accounts receivable control account does not equal the balance shown in the general ledger for that same account.
Which conditions could produce this subledger-to-GL discrepancy and should be investigated?
(Choose two.)
a) A change to the day ranges used to define the aging buckets on the aging report.
b) Applying an unapplied receipt to an open transaction within the same period.
c) Receivables transactions that are accounted but have not yet been transferred and posted to the general ledger period.
d) Reassigning a collector to the customer account.
e) Manual general ledger journals posted directly to the accounts receivable control account outside Subledger Accounting.
f) Selecting a different statement cycle for the customer.
 
06. Your accounting team is reviewing how the status of a Receivables accounting period governs day-to-day activity.
Which period status allows new Receivables transactions and receipts to be both created and accounted for that period?
a) Closed
b) Future
c) Open
d) Permanently Closed
 
07. During receipt application, some receipts cannot be fully matched to specific transactions and are held in different states.
Which statements correctly describe the on-account and unidentified receipt states?
(Choose two.)
a) An on-account receipt has no identifiable customer and cannot be reported against a customer balance.
b) An on-account receipt has a known customer and is intentionally recorded against the account as an advance or credit rather than applied to a specific transaction.
c) An unidentified receipt has a known customer, but the amount has simply not yet been applied to a transaction.
d) An unidentified receipt cannot be associated with any customer until further remittance detail is obtained.
e) Both on-account and unidentified receipts have already been fully applied to open transactions.
 
08. After a payment import, several receipts land as exceptions: one payment cannot be matched to any customer, one is short of the invoice balance, and one exceeds the invoice balance.
Which follow-up actions are appropriate for resolving these receipt exceptions?
(Choose three.)
a) Automatically write off any short payment in full, regardless of amount and without review.
b) Research the payment that has no determinable customer and, once identified, move it out of the unidentified state so it can be applied.
c) Resolve the overpayment by deleting the original invoice so the receipt matches its amount.
d) Apply the overpayment up to the invoice balance and place the excess on-account (or process a refund).
e) Leave the short payment permanently unapplied so the customer's open balance overstates the cash received.
f) For the short payment, apply the amount received and resolve the remaining balance by adjustment or write-off within policy, or raise it as a dispute.
 
09. Transactions imported into Receivables have their default account combinations built during import, but corporate policy requires the final journal entries posted to the general ledger to follow a specific accounting method, with additional account rules and descriptions applied.
Which component is responsible for producing those final accounting entries?
a) AutoInvoice
b) AutoAccounting
c) transaction source
d) Subledger Accounting
 
10. While preparing to close the current Receivables period, a reviewer finds several receipts that have been recorded as cash received but have not been matched to any open transaction — they remain in an unapplied state.
What is the appropriate period-close handling of these receipts?
a) Review each receipt and apply it to open transactions, or intentionally place it on account.
b) Delete the receipts, since unapplied cash cannot be carried into a closed period and would overstate the unapplied-cash balance.
c) Leave them untouched, because unapplied receipts automatically block the period from closing until they are applied.
d) Convert them into on-account credit memos so they appear on the customer statement and reduce the aging balance.

Answers:

Question: 01

Answer: b, d, e

Question: 02

Answer: a, c, e

Question: 03

Answer: b

Question: 04

Answer: c

Question: 05

Answer: c, e

Question: 06

Answer: c

Question: 07

Answer: b, d

Question: 08

Answer: b, d, f

Question: 09

Answer: d

Question: 10

Answer: a

 

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