Oracle 1Z0-506 Online Practice Questions and Exam Preparation

Oracle 1Z0-506 Online Questions & Answers

• Question 11:

  The billing Specialist creates an adjustment for an INCORRECT invoice and sends it for approval through the review and Manage Transaction link in the Billing Work Area. Since the adjustment amount is above approval limit, it is routed to the Billing Manager.

  What is the status of the Adjustment when the approver sees the adjustment in his Work Queue?

  A. Pending Research
  B. Pending Approval
  C. Approval Required
  D. Waiting Approval
  D. Waiting Approval

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  When you enter adjustments outside your approval limits for the currency of the item that you are adjusting, Receivables creates the pending adjustment in the Approve Adjustments form with a status of Waiting Approval. Adjustment with the waiting approval can only be approved by users with the appropriate approval limit of currency of the item you are adjusting.

• Question 12:

  The drilldown option available in the task pane for receipts does NOT include .

  A. Create Remittance via Spreadsheet
  B. Correct Funds Transfer Errors
  C. Lockbox Transmission History
  D. Create Receipt via Spreadsheet
  C. Lockbox Transmission History

• Question 13:

  A company operates in a country with strict legislative requirements that requires the legal entity to maintain its accounting data separate from other legal entities within the company.

  How will you assign legal entitles during the accounting configuration?

  A. One legal entity for ALL ledgers
  B. One legal entity per primary ledger
  C. One legal entity per ledger
  D. Multiple legal entities sharing the same ledger
  D. Multiple legal entities sharing the same ledger

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  Note:

  *

  Legal entities are discrete business units characterized by the legal environment in which they operate. The legal environment dictates how the legal entity should perform its financial, legal, and management reporting. Legal entities

  generally have the right to own property and the obligation to comply with labor laws for their country. They also have the responsibility to account for themselves and present financial statements and reports to company regulators, taxation

  authorities, and other stakeholders according to rules specified in the relevant legislation and applicable accounting standards. During setup, legal entities are assigned to the accounting configuration, which includes all ledgers, primary and

  secondary.

  *

  Multiple Ledgers

  Accounting operations using multiple ledgers can include single or multiple applications instances. You need multiple ledgers if one of the following is true:

  / You have companies that require different account structures to record information about transactions and balances. For example, one company may require a six-segment account, while another needs only a three-segment account

  structure.

  / You have companies that use different accounting calendars. For example, although companies may share fiscal year calendars, your retail operations require a weekly calendar, and a monthly calendar is required for your corporate

  headquarters.

  / You have companies that require different functional currencies. Consider the business activities and reporting requirements of each company. If you must present financial statements in another country and currency, consider the

  accounting principles to which you must adhere.

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, Ledgers and Subledgers: Explained

• Question 14:

  Select the valid reason for a Collector being UNABLE to enter a dispute against a particular transaction.

  A. The transaction date falls in a closed period.
  B. The transaction balance is zero.
  C. The transaction type is NOT associated to a credit memo type.
  D. The transaction is partially paid.
  C. The transaction type is NOT associated to a credit memo type.

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  Note:

  *

  If your customer disagrees about the outstanding balance for an item, you can mark that item or a specific amount due as 'in dispute.'

  *

  . If the dispute is approved, the appropriate credit memo is created automatically.

• Question 15:

  A grouping rule you created in the system specifies that the Items should match all mandatory and optional attributes.

  What logic is used to create the invoices from the transaction file through Autoinvoicing?

  Item

  A: USD (Currency), ACME (Bill-to). 5001 (Order Number), Domestic (Order Type), 1 (Transaction Number) Item

  B: USD (Currency), ACME (Bill to), 5002(Order Number), Domestic (Order Type), 1 (Transaction Number) Item

  C: USD (Currency), ACME (Bill to), 112 (Order Number), No Ship (Order Type), 2 Transaction Number) Item

  D:

  USD (Currency), BONN (Bill to), 501 (Order Number), International (Order Type), 3 (Transaction Number)

  A. Items A and B from Invoice 1, Items C and D from Invoice 2
  B. Item A from Invoice 1, Item B from Invoice 2, Items C and D from Invoice 3
  C. Items A and B from Invoice 1, Item C from Invoice 2, Hem D from Invoice 3
  D. Item A from Invoice 1, Item B from Invoice 2, Item C from Invoice 3, Item D from Invoice 4
  C. Items A and B from Invoice 1, Item C from Invoice 2, Hem D from Invoice 3

• Question 16:

  What information does the Collector see in the Activities List area of the Collections Dashboard?

  A. Information about customers who have overdue bills
  B. Tasks assigned to the Collector, such as follow up calls
  C. Customer search as per the parameters specified
  D. Status of processing activities from the Process Monitor
  B. Tasks assigned to the Collector, such as follow up calls

• Question 17:

  When reversing a receipt, if an adjustment or chargeback exists, how are the off- setting adjustments created?

  A. Manually using the Adjustment Reversal
  B. Manually using Chargeback Reversal activities
  C. Automatically using the Adjustment Reversal and Chargeback Reversal activities
  D. Automatically, but WITHOUT using the Adjustment Reversal and Chargeback Reversal activities
  E. Manually, but WITHOUT using Adjustment Reversal and Chargeback Reversal activities
  C. Automatically using the Adjustment Reversal and Chargeback Reversal activities

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  When you reverse a receipt, if an adjustment or chargeback exists, Receivables automatically generates off-setting adjustments using the Adjustment Reversal and Chargeback Reversal activities.

  Reference:

  Using Receivables Activity Types

• Question 18:

  The rules applicable to issue refunds are . Select two.

  A. You can NOT refund more than either the original receipt amount or the remaining unapplied amount.
  B. You can refund receipts that were either remitted or cleared.
  C. You can issue a credit card refund to a customer who has made a cash payment.
  D. You can refund receipts that are factored.
  A. You can NOT refund more than either the original receipt amount or the remaining unapplied amount.
  B. You can refund receipts that were either remitted or cleared.

  ---

  These rules apply to issuing refunds:

  You cannot refund more than either the original receipt amount or the remaining unapplied amount. You can only refund original receipts that were either remitted or cleared. You cannot issue a credit card refund unless the customer payment

  was made by credit card.

  Reference:

  Issuing Manual Refunds: Explained

• Question 19:

  An interactive report is based on real-time data and is always user interactive. What is true about Interactive reports?

  A. The user can NOT drill down from the Interactive reports user interface
  B. The report is always ad hoc.
  C. The user can enter parameters to limit the information to be included.
  D. Interactive reports ALWAYS require an ESS program to be run.
  C. The user can enter parameters to limit the information to be included.

  ---

  Note: Unlike classic reports which typically use page items as report parameters, the data in an interactive report is driven by declarative filters. However, the developer may desire to set these report parameters by modifying interactive report settings for an end user. These settings only affect the end user's working report and will not affect any saved report settings.

• Question 20:

  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.
  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.