Oracle 1Z0-506 Online Practice Questions and Exam Preparation

Oracle 1Z0-506 Online Questions & Answers

• Question 1:

  Select the true statement about Balance Forward Billing.

  A. Balance Forward Bills tan be created for a future date.
  B. Transactions included on a Balance Forward Bill can be updated.
  C. Balance Forward Bill must be enabled at each bill-to site level.
  D. Balance Forward Bill of a previous cycle need NOT be generated as Final to generate the balance Forward Bill of the current cycle.
  C. Balance Forward Bill must be enabled at each bill-to site level.

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  Bill Consolidation at Account or Site Level

  You can generate bills consolidated at either the customer account or site level:

  Account-level balance forward billing lets you generate one bill for each business unit of the customer account, addressed to the primary bill-to site of the account. Site-level balance forward billing lets you generate a balance forward bill for

  each bill-to site of a customer with multiple bill-to sites. You can exclude a site from a balance forward bill by disabling balance forward billing on the customer profile of the site.

  Note:

  * We must enable balance forward billing for a customer both at the account and site profile level in order for Receivables to pick any transactions of the customer. If balance forward billing is enabled at the site profile level but not at the account profile level, the application does not recognize the site as a balance forward billing site. Although transactions for the site continue to inherit the balance forward billing payment term, Receivables never picks them up.

  Reference:

  Fusion Applications Help, Balance Forward Billing: Explained

• Question 2:

  You have completed the period-end activities and have set the receivables period to Close Pending. Now you need to make further adjustments.

  What is the correct approach?

  A. The receivables accounting period can be re-opened when the period status is Close Pending, and last minute adjustments can be made.
  B. Once the receivables accounting period is set to Close Pending, it can NOT be re-opened, and NO further adjustments can be made.
  C. Adjustments can be made even if the receivables accounting period is set to Close Pending.
  D. Adjustments can be made anytime regardless of the receivables accounting period value.
  A. The receivables accounting period can be re-opened when the period status is Close Pending, and last minute adjustments can be made.

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  status of periods:

  Closed: Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Receivables verifies that there are no unposted items in this period. Receivables does not let you close a period that contains

  unposted items. Close Pending: Similar to Closed, but does not validate for Unposted items. Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Future: This period is not yet open, but you

  can enter transactions in this period. However, you cannot post in this period until you open it.

  Not Opened: This period has never been opened and journal entry and posting are not allowed. Open: Journal entry and posting are allowed.

• Question 3:

  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.

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  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 4:

  Tables for the Customer Master are owned by .

  A. Oracle Fusion Receivables
  B. Oracle Fusion Distributed Order Orchestration
  C. Oracle Fusion Trading Community Architecture
  D. Oracle Fusion Customer Relationship Management
  B. Oracle Fusion Distributed Order Orchestration

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  Note: During order processing, the order is created in the order capture system and sent to Distributed Order Orchestration, along with customer data. If the customer already exists in the Fusion customer master, then Distributed Order Orchestration uses a cross-reference to obtain the master customer record and the customer ID for the intended order fulfillment system. Then the decomposed order is sent, along with the customer ID and necessary attributes from the master. Note: Oracle's latest release of Customer Hub (formerly Universal Customer Master) is Release 8.2. It includes Data Governance Manager, DRM for Customer Hub (customer analytical MDM and advanced hierarchy management), MDM analytics (OBIEE maps and dashboard), and enhanced stewardship, with a rules engine and household survivorship.

• Question 5:

  You have confirmed an automatic receipt in error. What is the correct method to rectify the error?

  A. Unconfirm the automatic receipt.
  B. Remove the receipt from the batch.
  C. Reverse and recreate the receipt.
  D. Delete the automatic receipt batch.
  C. Reverse and recreate the receipt.

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  Once created, you can reapply and reverse automatic receipts in the same way as manual receipts. To reverse an automatic receipt, it must be approved.

  Reference:

  Fusion Applications help, Processing Automatic Receipts: How It Works

• Question 6:

  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.

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

• Question 7:

  There are concurrent programs that run related to data in the Overview Region of the review Customer Accounts Details user interface.

  Which program is run to synchronize the updated receivables data?

  A. Refresh Receivables transactional Events for Summary Tables Program.
  B. Process Receivables transactional Events for Summary Tables Program.
  C. Refresh Receivables Past Due Transactions for summary Tables Program
  D. Process Receivables Past Due Transactions for summary Tables Program
  C. Refresh Receivables Past Due Transactions for summary Tables Program

• Question 8:

  You have entered invoices using the Autoinvoicing Feature. How can you review the records that are in error?

  A. Click the View Autoinvoice Lines link to open a workbook wild the specific error record.
  B. Click the Manage Autoinvoice Lines link to open a workbook with the specific error record.
  C. Click the Number of Errors link in the Autoinvoice error region to open a workbook with the specific error record.
  D. Click the View Error Details link in the Autoinvoice errr region to open a workbook with the specific: error record.
  B. Click the Manage Autoinvoice Lines link to open a workbook with the specific error record.

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  Each time that you run AutoInvoice, the process generates a list of records that fail validation. You can display AutoInvoice errors as an Excel workbook in either of two ways: Click the Manage AutoInvoice Lines link to open a workbook with

  all error records. Click a Number of Errors link in the AutoInvoice Errors region to open a workbook for these specific error records.

  Reference:

  Fusion Applications help, Correcting AutoInvoice Errors: Explained

• Question 9:

  A Collections Agent wants to verify that the delinquency status are accurately assigned and all the dependent processes have occurred.

  Which three options are true in this scenario?

  A. Go to the Collector's Work Queue and see whether the delinquent accounts are listed under the Delinquent Accounts node.
  B. Navigate to the Collections tab to find all delinquencies In the Collection Header.
  C. Navigate to the Transactions tab to verify that the open work items are listed.
  D. If strategies are used, go to the Collector's Work Queue and verify that the strategy work items are listed.
  E. Select the Collections window to see the dunning events that have occurred.
  B. Navigate to the Collections tab to find all delinquencies In the Collection Header.
  D. If strategies are used, go to the Collector's Work Queue and verify that the strategy work items are listed.
  E. Select the Collections window to see the dunning events that have occurred.

• Question 10:

  The Collections Manager is identifying delinquent transactions, while submitting the Determine Delinquency lining Scoring program, in which business unit will the collections Manager be able to view the parameters list?

  A. Only those business units for which there are delinquent customers
  B. Only those business units for which the user has access
  C. Only the business unit to which the user belongs
  D. All business units in the organization
  B. Only those business units for which the user has access