Oracle 1Z0-506 Online Practice Questions and Exam Preparation

Oracle 1Z0-506 Online Questions & Answers

• Question 21:

  An Invoice was billed incorrectly and the Billing Specialist has created an adjustment for the Invoice. The Billing Specialist submitted it for approval but it was rejected by the Billing Manager.

  What is true in this scenario?

  A. The adjustment is closed and the process is ended without any invoice or accounting impact.
  B. The adjustment is routed back to the Billing Specialist for further action and is in the More Research status.
  C. The adjustment is closed and the invoice balance is reduced by the adjustment amount.
  D. The adjustment is routed back to the Billing Specialist with the Rejected status.
  D. The adjustment is routed back to the Billing Specialist with the Rejected status.

• Question 22:

  You have created payment terms and associated them with the reference data set. Business unit X has a set assignment of Enterprise set for payment terms.

  Payment Term = Net 30, Reference Data Set = Enterprise Set Payment Term = Net 45, Reference Data Set = Enterprise Set Payment Term = 1%/10 Net 30, Reference Data Set = USA Set Payment Term = Net 45, Reference Data Set =

  USA Set If an Invoice is raised under business unit X.

  Which payment terms are applicable to the transaction?

  A. Net 30 (Enterprise Set). Net 45 (USA Set)
  B. Net 30 (Enterprise Set), Net 45 (Enterprise Set)
  C. 1%/10 Net 30 (USA Set), Net 45 (USA Set)
  D. Net 45 (Enterprise Set), Net 45 (USA Set)
  B. Net 30 (Enterprise Set), Net 45 (Enterprise Set)

• Question 23:

  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
  C. 5

• Question 24:

  A debit memo reversal must be used to reverse the receipt if the receipt .

  A. is non-invoice related
  B. has an open claim associated with it
  C. has been reconciled in Cash Management
  D. has a remitted credit card refund application
  D. has a remitted credit card refund application

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  You must create a debit memo reversal under each of these circumstances:

  *

  You are reversing a receipt from which you have created a chargeback, and this chargeback has had activity against it, such as another receipt, a credit memo, or an adjustment.

  *

  You are reversing a receipt with a remitted credit card refund application.

  *

  You are reversing a receipt (Receipt A) that was applied to another receipt (Receipt B), if the reversal would draw the balance of Receipt B negative.

  Reference:

  Fusion Applications help, Debit Memo Reversals: Points to Consider

• Question 25:

  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.

  ---

  Note:

  *

  Reverse Receipt You can use this action to reverse receipts or refunds. This action raises a business event, reverses the receipt, reopens the original transaction, and removes payment

  *

  When you reverse a receipt, Oracle Fusion Receivables automatically creates reversal journal entries in the general ledger and reopens all of the debit and credit items that were closed by the receipt. You can reverse a receipt that was applied to transactions with adjustments or chargebacks, provided the adjustments and chargebacks have not posted to general ledger

• Question 26:

  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 27:

  What is true about the aged dunning method?

  A. Aged dunning sends dunning letters based on the age of the oldest translation and the number of days since the last letter was sent.
  B. Aged dunning sends dunning letters based on the age of the oldest transaction.
  C. The content of the dunning letter will NOT change as the oldest aged transaction moves into next aging bucket.
  D. Multiple aged dunning letters are sent to the same customer who has more than one delinquent transaction.
  B. Aged dunning sends dunning letters based on the age of the oldest transaction.

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  Companies sending collection letters to their customers based on the oldest aged transaction can use the Aged Dunning method. Delinquent transactions are identified automatically when the Delinquency Identification concurrent process is

  run. Preconfigured dunning notice templates are available, or the deploying company can create their own dunning notice templates. As the oldest aged transaction moves into the next aging bucket, the content of the dunning letter can

  change. A single consolidated letter can be sent to eliminate sending multiple aged dunning letters to the same customer who has more than one delinquent transaction. The templates are associated to aging buckets in the dunning

  configuration process.

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, Aged Dunning Method

• Question 28:

  The AutoCash Rule Set defines the order in which the system will apply the receipt to an open debit Item.

  Which Autocash Rule is NOT defined in the receivables setup?

  A. Clear past due invoices grouped by Payment Terms
  B. Clear past due invoices
  C. Apply to the oldest invoice first
  D. Apply to the latest invoice first
  D. Apply to the latest invoice first

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  The AutoCash rules are: Match Payment with Invoice Clear the Account Clear Past Due Invoices Clear Past Due Invoices Grouped by Payment Terms Apply to the Oldest Invoice First

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, Define AutoCash Rule Sets

• Question 29:

  Which functionality is NOT provided by the Receivables to Ledger Reconciliation Report?

  A. Limiting the display using the ad hoc parameter
  B. Drilldown to see reconciling details
  C. Drilldown to see what needs to transfer and post to the general ledger
  D. Graphical and visualization components for viewing the reconciliation details
  E. The reasons for the reconciling differences
  C. Drilldown to see what needs to transfer and post to the general ledger

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  Incorrect answers:

  B: Leverage the Payables to Ledger Reconciliation and the Receivables to Ledger Reconciliation reports using the interactive Oracle Transactional Business Intelligence (OTBI) reporting technology to:

  Expand account balance information from summarized to detail data for optimal reconciliations

  Facilitate manageability and clarity for the reconciliation process

  E: If discrepancies exist, the process of matching each transaction to its respective accounting entry is automatically performed, finding all transactions and accounting entries that contributed to the out-of-balance situation. Exceptions are

  automatically identified. For example: Transactions that do not have complete accounting Amounts that do not tie to the accounting entry amount Manually entered journals that posted to the general ledger account Journals that did not come

  from the subledger modules Note: Periodically you need to reconcile the transactions in your accounts receivable system, both before and after you post to the general ledger. The Receivables to General Ledger Reconciliation extract and

  report help to simplify this process and reduce the amount of manual reconciling activity required.

  Reference:

  Fusion Applications help, Reconciling Accounts: How It Works with the Subledgers

• Question 30:

  A dunning letter issued at the customer business operational-level includes which transactions?

  A. Only account level transactions.
  B. Only customer-level transactions
  C. Only bill-to-location-level transactions
  D. Customer-, account-, AND bill-to-location level transactions
  D. Customer-, account-, AND bill-to-location level transactions

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  What's the difference between customer, account, and site at the Business Level? Transactions set at the customer level to view or modify, encompasses all of the transaction activity associated with the customer. For example, a dunning

  letter at the customer level is inclusive of transactions at the customer and account level. Transactions set at the account level to view or modify, are for a particular account and include transactions for all the bill-to sites under that account.

  Transactions set at the site level to view or modify, are specific to the bill-to location.

  Reference:

  Oracle Fusion Applications Financials Implementation Guide, What's the difference between customer, account, and site at the Business Level?