Oracle Oracle Certifications 1Z0-506 Questions & Answers

• Question 101:

  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.

  Correct Answer: C

• Question 102:

  What are the three steps required to implement the Lockbox feature?

  A. Set up Receipt Sources.

  B. Set up Receipt Classes and Receipt Methods.

  C. Set up Lockbox and Lockbox Transmission Formats.

  D. Set up late charges.

  E. Set up credit card refunds.

  Correct Answer: ACE

• Question 103:

  Your company operates in an environment of a highly inflationary economy and fluctuating exchange rates.

  Which data conversion level should you use?

  A. Balance Level

  B. Only Journal Level

  C. Only Subledger Level

  D. Adjustment Only

  E. Subledger Level or Journal Level

  Correct Answer: C

• Question 104:

  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 Cash and Bank charges accounts are debited and the Short term debt account is credited

  B. The Cash and Bank charges accounts are debited and the Factoring account is credited

  C. The Short term debt account is debited and the Factoring account is credited.

  D. The Factoring account is debited and the Short term debt account is credited.

  Correct Answer: C

• Question 105:

  The client has implemented automatic revenue recognition using Revenue Polity Definitions. The payment term threshold of 150 days has been entered in the revenue policy. An invoice of $5,000 is imported with payment term that has four equal installment terms.

  Net 60

  Net 90

  Not 120

  Net 180

  Select the amount of revenue that would be deferred in this case.

  A. $1, 250

  B. $2,500

  C. $1.750

  D. $5,000

  E. $4, 750

  Correct Answer: D

• Question 106:

  AutoCash rules apply to .

  A. manual receipts

  B. automatic receipts

  C. QuickCash

  D. credit card

  Correct Answer: B

• Question 107:

  Identify the different dunning letter versions provided to the customer.

  A. Final Demand, Soft, Medium

  B. Regular, Medium, Hard

  C. Regular, Final Demand, Medium

  D. Soft, Regular, Hard

  Correct Answer: D

• Question 108:

  A company has implemented a flat interest calculation late charges. Determine the late charge based on:

  Amount Overdue = $1,500

  Interest Rate = 20%

  Days Overdue = 10

  Days in period = 30

  Outstanding Charges = $80

  A.

  $300

  B.

  $100

  C.

  $105.33

  D.

  $1,580

  Correct Answer: B

• Question 109:

  In what scenario would you delete the receipt?

  A. No payment is received from the customer for the receipt amount.

  B. The payment needs to be returned to the customer.

  C. The receipt has been applied to the wrong transaction.

  D. The receipt has been created but NOT yet applied to the transaction.

  Correct Answer: C

• Question 110:

  Which feature allows Collectors to comment on interactions with customers?

  A. Client Application Components

  B. Customer Application Comments

  C. Common Application Components

  D. Consumer Application Comments

  E. Complex Application Components

  Correct Answer: C