Oracle 1Z0-506 Online Practice Questions and Exam Preparation

Oracle 1Z0-506 Online Questions & Answers

• Question 111:

  The Accounts Receivables Specialist, while reviewing a customer account, saw a customer complaint about a percentage that was NOT applied to an invoice. The Accounts Receivables Specialist decides to initiate a dispute process for this transaction.

  What is the action he has to perform to invoke the dispute?

  A. Navigate to the Collections Workbench page and invoke the dispute.
  B. Navigate to the Review and Manage Transaction Page-and invoke the dispute.
  C. Navigate to the Review Customer Accounts Details user interface and invoke the dispute.
  D. Navigate to the Manage Revenue Adjustments Page and invoke the dispute.
  B. Navigate to the Review and Manage Transaction Page-and invoke the dispute.

• Question 112:

  After reviewing an incomplete invoice, the Billing Manager clicked the Complete Button In the Transactions Window.

  What changes will this action create? Select three.

  A. The invoice can now be printed.
  B. The invoice gets send for a dunning follow-up.
  C. The invoice is eligible for transfer to the General Ledger.
  D. Payment schedules get created using the payment terms specified.
  E. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
  A. The invoice can now be printed.
  C. The invoice is eligible for transfer to the General Ledger.
  D. Payment schedules get created using the payment terms specified.

• Question 113:

  An Invoice with an original balance of $100 has a receipt application for $75. The Collector enters a dispute for $50 for this invoice and submits it for approval. Select the valid statement.

  A. A Credit Memo for $50 will be created.
  B. A Credit Memo for $25 will be created.
  C. A Credit Memo will NOT be created, because the disputed amount is greater than the invoice balance.
  D. A Credit Memo for $50 and a Debit Memo for $25 will be generated.
  D. A Credit Memo for $50 and a Debit Memo for $25 will be generated.

  ---

  Note: Processing a collections dispute allows the collector to record and request a dispute based on various sections of the customer's transaction. The dispute process allows the collector to select a transaction, along with the appropriate

  section and reason for the dispute, then submit the dispute for processing. The dispute is forwarded to the appropriate levels of approval in the BPM Worklist Credit Memo Request Approval process. If the dispute is approved, the appropriate

  credit memo is created automatically. You can only submit one dispute at a time. For example, if you are disputing tax and shipping on the same transaction; the tax would be one dispute and shipping a different dispute.

  Note: Credit Card Chargebacks: Explained

  A customer may request a refund for all or part of a previously remitted credit card receipt directly with the credit card issuer.

  Under this procedure, the credit card issuer credits the customer account for the disputed amount, deducts the amount from your merchant bank account, and notifies you that a credit card chargeback took place.

• Question 114:

  Identify two credit memo options.

  A. Tax only
  B. Advance
  C. Paid freight
  D. Invoice lines
  E. Paid amount only
  A. Tax only
  C. Paid freight

  ---

  Note:

  Tax-Only and Freight-Only Credit Memos (i.e., when the amount of the Credit assigned to the Lines is 0.00 or if Tax or Freight were the only items on the original invoice) should be processed as On Account Credit Memos and later applied to

  Invoices.

• Question 115:

  An invoice was created with unit price error on one invoice item.

  What is the next step you perform form the Billing Work Area to correct this error?

  A. Click the Create Transaction link on the task pane and create a new transaction with the right unit price.
  B. Click the Credit Transaction link on the task pane and create a credit memo for the transaction.
  C. Click the Manage Transaction link on the task pane and create a credit memo for the transaction.
  D. Click the Manage Adjustments link on the task pane and create an adjustment against the transaction.
  B. Click the Credit Transaction link on the task pane and create a credit memo for the transaction.

  ---

  Note:

  How can I credit only part of the balance due on a transaction? Use the Transaction Amounts region of the Credit Transaction page to enter a partial credit amount or percentage on line, tax or freight. The amount or percentage entered is

  prorated across all respective lines of the credit memo.

• Question 116:

  Where are the alerts and approvals displayed in the Collection Work Area?

  A. Delinquent Customer List Region
  B. Activities List
  C. Watch list
  D. Notification Pop-up
  B. Activities List

• Question 117:

  The interactive Receivables to General ledger Reconciliation Report allows reconciliation.

  A. only by ledger
  B. only by specific organization
  C. only by account balancing segment
  D. by ledger, specific organization, OR account balancing segment
  A. only by ledger

  ---

  If you implicitly map primary balancing segment values to your business unit, you can reconcile based on business unit. This allows employees from different business units to balance their respective organization activity. If you do not

  implicitly map primary balancing segment values to business unit, you must reconcile based on ledger. In this case, you will need access to all business units associated with the ledger to perform a thorough reconciliation.

  Reference:

  Oracle Fusion Applications Order Fulfillment, Receivables, Payments, Cash, and Collections Guide, Setting Up for Receivables to General Ledger Reconciliation: Points to Consider

• Question 118:

  Which two display columns that impact the Collections Dashboard are defined in the Global Setup Preference Region?

  A. Display of open transactions
  B. Display of customer profile
  C. Default exchange rate
  D. Default transaction class
  E. Display of closed receipts
  A. Display of open transactions
  D. Default transaction class

  ---

  Explanation:

  Selections made in the Global Preference region impact the view the collectors see from the Collections Customer Work Area and Collections Dashboard. Global Preferences define the following:

  

  Display of open transactions

  

  Default transaction class that appears

  

  Display of closed transactions

  

  Number of days for prior and future transactions to be displayed Default aging method

  

  Delimiter used to separate data and the number of characters required to do a search

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, Global Preferences

• Question 119:

  The Accounts Receivable Specialist associated duty include which three duties?

  A. Trading Community Hierarchy Management Duty
  B. Receipt Creation Duty
  C. Payment Settlement Management Duty
  D. Receivables Accounting Duty
  E. Import Payables invoices Duty
  B. Receipt Creation Duty
  C. Payment Settlement Management Duty
  D. Receivables Accounting Duty

  ---

  B: Receipt Creation Duty

  Processes receipt creation activities, including manual receipts, lockbox receipts, and automatic receipts.

  C: Payment Settlement Management Duty

  Manages funds capture authorizations, settlements, and settlement batches.

  Note:

  Job Role: Accounts Receivable Specialist

  Manages and implements all customer payment activities, including receiving customer payments and electronic remittance advices, performing cash handling activities, processing customer payments, and applying payments to customer

  accounts.

  Reference:

  Oracle Fusion Applications Financials Security Reference Manual

• Question 120:

  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.
  B. Delete the related data on the GL interface table.

  ---

  Note:

  *

  If you have only a few Journal Import errors, correct the errors from the Correct Journal Import Data widow, then rerun Journal Import on the corrected data.

  *

  If the number of Journal Import errors is high, delete all of the import data for your journal entry source and group ID. Correct the errors then repopulate the GL_INTERFACE table before rerunning Journal Import.

  Note 2:

  To import journal entries to General Ledger:

  1.

  Navigate to the Import Journals window.

  2.

  Enter the Source from which you want Journal Import to create journal entries.

  3.

  You can import data for the same or different sources in parallel by specifying a unique Group ID for each request. General Ledger imports data with the journal entry source and group ID combination you specify. If you do not specify a group ID, General Ledger imports data from the specified journal entry source with no corresponding group ID.

  4.

  Define the Journal Import Run Options.

  5.

  Choose whether to Import Descriptive Flexfields, and whether to import them with validation.

  If you choose not to create summary journals, you can Import Descriptive Flexfields along with your journal information. You can import descriptive flexfields With Validation and generate journals only when validation succeeds. Or, you can import descriptive flexfields Without Validation and generate all journals.

  Warning: Importing descriptive flexfields without validation may cause problems when modifying journal lines. If you import descriptive flexfields with errors, you may corrupt the journal lines to which they refer.

  6.

  Enter a Date Range to have General Ledger import only journals with accounting dates in that range. If you do not specify a date range, General Ledger imports all journals data.

  7.

  Choose Import to submit a concurrent process to import journals. General Ledger names the resulting batch as follows: : ; for example, 587-C Payables 18944: A 347.

  8.

  Review the Journal Import Execution Report to determine the number of errors in the import data, and how to correct any Journal Import errors.