1Z0-506 Real Exam Questions and Verified Answers

Question 1 Single choice

Your Subledger Accountants are attempting to import their journals to the general ledger at the end of the period. The Journal import processes have completed with a warning and no Journals were generated.

Which three steps would you take to troubleshoot this?

A
Resend the transactions from the subledgers.
B
Delete the related data on the GL interface table.
C
Confirm that data was sent from the subledger.
D
Verify the output of the Journal Import Request
E
Run the Journal Import for all the group IDs.

Show answer and explanation

Correct answer: B

Question 2 Multiple choice

Select three values that default from Customer Profile Classes.

A
Currency
B
Legal Entity
C
Payment Terms
D
Statement Cycle
E
Business Purpose

Show answer and explanation

Correct answers: A, C, D

Question 3 Single choice

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.

Show answer and explanation

Correct answer: A

Question 4 Single choice

Which option must be set up in order to adjust an invoice and enter an amount greater than the balance due?

A
Set the Allow Overapplication on receivables activity to Yes.
B
Set the Allow Overapplication on transaction type to Yes.
C
You can NOT enter on amount, greater than the balance due.
D
Set the Allow Overapplication on the profile options to Yes.

Show answer and explanation

Correct answer: B

Question 5 Multiple choice

Which three ways will changing the customer information impart the collection process?

A
Making changes In the Profile tab Impacts the collection process.
B
Business unit level changes will NOT Impact the display of delinquent customers on the dashboard.
C
Adding or modifying the customer contact name in the Contacts tab impacts where the correspondence is sent.
D
Changing the Collector impacts the individual working with the delinquent customer.
E
Changing Information in the Profile Tab does NOT have an impact on the level in which the collections are done.

Show answer and explanation

Correct answers: A, B, C

Question 6 Single choice

When running the delinquency process for a customer, the business unit for which you want to run the process is NOT appearing in the drop down menu.

Identify the action you need to take.

A
Click on the Settings button to apply the appropriate settings so that the business unit appears in the chop down menu.
B
Click the check box to enter the default business unit if it is NOT appearing in the drop down menu.
C
Only the business units the user has access to will appear in the list of values.
Modify the security options to provide access to the user.
D
The business unit is NOT a required option In the Parameters tab to run the delinquency process.

Show answer and explanation

Correct answer: C

Question 7 Single choice

The client has implemented revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and acceptance clause (100 days).

Explain when revenue will be recognized.

A
Recognized Immediately
B
Recognized after 60 days
C
Recognized after 100 days
D
Recognized only after manual intervention

Show answer and explanation

Correct answer: C

Question 8 Single choice

Oracle has seeded out of the box printing templates defined for each transaction class.

How many pre-seeded templates are available?

A
4
B
6
C
5
D
8

Show answer and explanation

Correct answer: C

Question 9 Single choice

What is the grouping order used to group transaction lines during the Autoinvoice Import process?

A
transaction Source, Customer Site Profile, Customer Account Profile, system options
B
System options. Customer Site Profile, Transaction Source, Customer Account Profile
C
Transaction Source, Customer Account Profile, Customer Site Profile, system options
D
Transaction Source, Customer Account Profile, system options. Customer Site Profile

Show answer and explanation

Correct answer: A

Question 10 Single choice

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.

Show answer and explanation

Correct answer: C