Free Download Latest 2014 Pass4sure&Lead2pass Oracle 1Z0-506 Practice Tests

16 Aug

Vendor: Oracle
Exam Code: 1Z0-506
Exam Name: Oracle Fusion Financials 11g Accounts Receivable Essentials Exam

Collections Dashboard is an Interactive Work Status tool that helps to prioritize and find items that need attention. Which is a valid Work Status as defined in the Collections Dashboard?

A.    New
B.    Under Process
C.    Open
D.    Closed

Answer: C

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

Answer: B

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.

Answer: C

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.

Answer: ACE

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

Answer: C

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.

Answer: C

Dunning can be configured using ___________.

A.    only one business unit
B.    only multiple business units
C.    both by single business unit or multiple business units
D.    can NOT be configured by business units

Answer: C

AutoCash rules apply to__________.

A.    manual receipts
B.    automatic receipts
C.    QuickCash
D.    credit card

Answer: B

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

Answer: D

The interactive Receivables to General ledger Reconciliation Report allows reconciliation.

A.    only by ledger
B.    only by specific organization
C.    only by account balancing segment
D.    by ledger, specific organization, OR account balancing segment

Answer: A

You have confirmed an automatic receipt in error. What is the correct method to rectify the error?

A.    Unconfirm the automatic receipt.
B.    Remove the receipt from the batch.
C.    Reverse and recreate the receipt.
D.    Delete the automatic receipt batch.

Answer: C

What are the three validation steps required for implementing dispute processing?

A.    Transaction types are set up with appropriate Credit Memo types.
B.    Periods for which the transaction can be disputed are Open.
C.    The Document Sequencing required is set up.
D.    BPM Work List for approval configuration is validated.
E.    The Recognize Revenue program is scheduled.

Answer: ABD

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.

Answer: C

When adding a customer and using profile classes to organize the customer accounts, which three options are true?

A.    Fusion Receivables assigns the profile class DEFAUIT when creating a customer account.
B.    Fusion Receivables assigns a DEFAULT profile class when creating an account site.
C.    Profile class updates and assignments are managed using effective date ranges.
D.    Updates applied to a particular account or site effect the profile class record.
E.    Receivables allows customized details of the profile class once the profile class has been assign
to an account or site.
F.    Receivable does NOT allow customization to the account profile information after it is assigned to
an account or site.

Answer: ACE

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.

Answer: C

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