Oracle Oracle Certifications 1Z0-506 Questions & Answers

• Question 11:

  A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open Invoices, but some of the amounts have exceeded his approval limits, what will be the result?

  A. The program creates adjustments only for the amounts within his approval limit

  B. The program creates the adjustments with a status of Rejected for the amount that exceeds his approval limits.

  C. The program creates the adjustments with a status of Pending Approval for the amount that exceeds his approval limits.

  D. The program can only be run if the amount is within his approval limits.

  Correct Answer: C

• Question 12:

  You have created an Autocash Ruleset where the first rule to be applied to receipts is Match Payments with Invoice.

  Discount = Earned Only

  Late charges = NO

  Receipt = $900

  Receipt date = 14-Feb-2010

  Discount Grace Days = 5

  Which Transaction will be applied to the receipt?

  A. Invoice Amount: $800, Payment terms: 10% 10/Net 30, Invoice Date: 01 Feb 2010. Due Date 28- Feb2010

  B. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01 Feb 2010, Due Date: 20Feb-2010

  C. Invoice Amount: $1000, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb- 2010, Due Date: 28Feb 2010

  D. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Fob- 2010, Due Date 24Feb-2010

  Correct Answer: C

• Question 13:

  Identify two late charge interest calculation methods.

  A. Average Daily Balance

  B. Overdue Transactions

  C. Adjusted Balance

  D. Previous Balance

  Correct Answer: AB

• Question 14:

  The Receipts Pending Application region in the Receivables Dashboard provides Information about which two Items?

  A. Receipt Status

  B. Batch type

  C. Control Amount

  D. Receipt Date

  E. Amount

  Correct Answer: DE

• Question 15:

  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)

  Correct Answer: B

• 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

  Correct Answer: B

• 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

  Correct Answer: C

• 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.

  Correct Answer: AB

• Question 19:

  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.

  Correct Answer: D

• Question 20:

  The Billing Specialist created and completed an invoice for $100 for Customer A. She prints the invoice and realizes that the invoice should have been created for Customer B, not Customer A. The accounting for the transaction for Customer A is posted to the General ledger.

  How can this be corrected?

  A. Create an adjustment for the entire amount and create a negative adjustment for Customer B.

  B. Create an on account credit memo for $100 for the invoice and enter a new invoice for Customer B.

  C. Change the status of invoice to incomplete, and enter a new invoice for Customer B.

  D. Navigate to credit transaction link in the billing work area, credit the entire amount, and enter a new invoice for Customer B.

  Correct Answer: D