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Oracle Fusion Financials 11g Accounts Receivable Essentials - 1z1-506 real prep

1z1-506
  • Exam Code: 1z1-506
  • Exam Name: Oracle Fusion Financials 11g Accounts Receivable Essentials
  • Updated: Sep 20, 2024
  • Q & A: 123 Questions and Answers
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Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

1. The collections Manager wants to see a summary of delinquency data for a specific customer. Which tab will display the summary delinquency data?

A) Transactions lab
B) Contacts tab
C) Profile lab
D) Customer Aging tab


2. In what scenario would you delete the receipt?

A) The receipt has been applied to the wrong transaction.
B) The receipt has been created but NOT yet applied to the transaction.
C) The payment needs to be returned to the customer.
D) No payment is received from the customer for the receipt amount.


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


4. The Accounts Receivable Specialist associated duty include which three duties?

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


5. In a scenario receipts are factored receipt class that requires confirmation, remittance, and clearance. Select the valid accounting entry that would be generated when receipts are cleared.

A) The Factoring account is debited and the Short term debt account is credited.
B) The Short term debt account is debited and the Factoring account is credited.
C) The Cash and Bank charges accounts are debited and the Factoring account is credited
D) The Cash and Bank charges accounts are debited and the Short term debt account is credited


Solutions:

Question # 1
Answer: D
Question # 2
Answer: B
Question # 3
Answer: D
Question # 4
Answer: B,C,D
Question # 5
Answer: B

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