Oracle 1Z0-506 Online Practice Questions and Exam Preparation

Oracle 1Z0-506 Online Questions & Answers

• Question 1:

  What three Items must be set up in the Application Set Up Manager to facilitate refunds?

  A. Credit card refunds
  B. Non credit card refunds
  C. Automatic Receipt Handling
  D. Credit Card Chargeback
  E. Late charges
  A. Credit card refunds
  C. Automatic Receipt Handling
  D. Credit Card Chargeback

• Question 2:

  Select three values that the dunning letter generation program includes.

  A. Invoice
  B. Unapplied
  C. Credit memo
  D. Debit memo
  E. Prepayments
  A. Invoice
  B. Unapplied
  D. Debit memo

• Question 3:

  The Accounts Receivables Specialist reviews receipt with a status of Pending from the Review Customer Account Details UI in the Receivables work area. She has to reverse a particular receipt.

  What action does she take?

  A. Navigate to the Create Automatic Receipts UI the receipt, and create a debit memo.
  B. Navigate to the Create Receipts UI and create a new receipt for the customer.
  C. Navigate to the Manage Receipts UI, reverse the receipt, and create a credit memo.
  D. Navigate to the Manage Receipts UI, reverse the receipt, and create a debit memo.
  C. Navigate to the Manage Receipts UI, reverse the receipt, and create a credit memo.

• Question 4:

  The Billing Specialist receives information that the invoice was billed with the incorrect freight amount.

  What action is required?

  A. Perform Credit Memos when the original invoice has billing error (such as incorrect freight amounts, line item pricing, tax amounts, and finance charges) or the entire invoice should be corrected.
  B. Perform adjustments when the original invoice has hilling errors (such as incorrect freight amounts, line item pricing, tax amounts, or finance charges) or the entire invoice should be corrected.
  C. The freight amount must be correct; the Billing Specialist must review it again.
  D. A Dispute Request can be submitted by the Billing Specialist through the Billing Work Area.
  E. Perform Debit memos when the original invoice has hilling errors (such as incorrect freight amounts, line item pricing, tax amounts, or finance charges) or the entire invoice should be created.
  A. Perform Credit Memos when the original invoice has billing error (such as incorrect freight amounts, line item pricing, tax amounts, and finance charges) or the entire invoice should be corrected.

• Question 5:

  You can click the manager Invoice Lines from the Billing Work Area to find Autoinvoice Exceptions.

  What parameters are used to summarize the exceptions for review?

  A. Business Unit, Transaction Type, Invoice Date, Currency
  B. Business Unit, Customer Name, Transaction Source, Total Amount
  C. Business Unit, Transaction Source, Creation Date, Currency
  D. Business Unit, Transaction Source, Transaction Type, Creation Date
  D. Business Unit, Transaction Source, Transaction Type, Creation Date

• Question 6:

  Which three actions are facilitated through The Reconciliation Summary Report?

  A. Drill down from any of the summarized Receivables and Accounting amounts to see the detailed activity.
  B. Drill down on the difference amounts to see specific reconciling items and the potential cause of the out of balance condition.
  C. Drill down to see details of what still needs to be transferred and posted to the General Ledger.
  D. Drill down to see reconciliation details and make reconciling for corrections.
  E. Drill down to view the data and use standard Excel functionalities like sum, find, sort, and filtering WITHOUT downloading to Excel.
  A. Drill down from any of the summarized Receivables and Accounting amounts to see the detailed activity.
  B. Drill down on the difference amounts to see specific reconciling items and the potential cause of the out of balance condition.
  D. Drill down to see reconciliation details and make reconciling for corrections.

  ---

  explanation:

  Note:

  *

  Payroll Reconciliation Summary Report, Oracle HRMS Payroll Processing Management Guide Generates payroll reconciliation summary report for a specific payroll or quick-pay run, or for a specific period. Run this report from the Submit

  Request window.

  Run the Payroll Reconciliation Payment Summary Report - Text to produce a text file.

  Run the Payroll Reconciliation Payment Summary XML process to produce a PDF/Excel file.

  *

  The Reconciliation Summary Report compares promises with payments and with broken promises. The report shows the following fields by schedule or by collector:

  1.

  Number of promises to pay made

  2.

  Promise to pay amount

  3.

  Number of payments made

  4.

  Payments amount received in currency

  5.

  Number of broken promises

  6.

  Amount in currency for broken promises

  7.

  Number of open promises

  8.

  Amount in currency for open promises

• Question 7:

  Select two values that are set up in Correspondence Configuration.

  A. Dunning letter options
  B. Dunning configuration set
  C. Exclude from dunning
  D. Rerun the dunning process
  A. Dunning letter options
  B. Dunning configuration set

  ---

  explanation:

  Configure dunning plans and letters to facilitate regular correspondence with your customers. All of the following options except rerun the dunning process are created in the Correspondence Configuration in Functional Setup Manager.

  The following are Dunning features:

  

  Dunning letter options

  

  Delivery options for dunning letters

  

  Dunning configuration set

  

  Dunning transactions

  

  Rerun the dunning process

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, Customer Dunning Configuration: Points to Consider

• Question 8:

  Which two Collection Preferences can be selected as the default transaction class for the transaction tab?

  A. Guarantee
  B. Credit Memo
  C. Charge back
  D. Deposit
  E. Debit Memo
  A. Guarantee
  D. Deposit

• Question 9:

  A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open Invoices, but some of the amounts have exceeded his approval limits, what will be the result?

  A. The program creates adjustments only for the amounts within his approval limit
  B. The program creates the adjustments with a status of Rejected for the amount that exceeds his approval limits.
  C. The program creates the adjustments with a status of Pending Approval for the amount that exceeds his approval limits.
  D. The program can only be run if the amount is within his approval limits.
  C. The program creates the adjustments with a status of Pending Approval for the amount that exceeds his approval limits.

  ---

  explanation:

  If you enter a remaining amount or percentage range that exceeds your adjustment approval limits, the program creates these adjustments with a status of Pending Approval. If the remaining amount or percentage range is within your

  adjustment approval limits, the program automatically approves these adjustments. Note: Use the Create Automatic Billing Adjustments program to automatically adjust the remaining balances of all open invoices, debit memos, credit memos,

  and chargebacks.

  Reference:

  Oracle Fusion Help, Automatic Adjustments: Explained

• Question 10:

  When a customer receipt does not provide sufficient information to identify the customer or invoice, which is the correct method of entering the receipt?

  A. Enter the receipt as an UNAPPLIED receipt.
  B. Enter the receipt as an UNIDENTTFIFD receipt.
  C. Enter the receipt as an on-account receipt.
  D. Enter the receipt as a miscellaneous receipt.
  B. Enter the receipt as an UNIDENTTFIFD receipt.

  ---

  explanation:

  If you do not specify a customer for a receipt, the receipt is unidentified.