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Oracle 1z0-506 Exam Syllabus Topics:

Section	Weight	Objectives
Transaction Processing	25%	- Invoicing 1. Correct and adjust transactions 2. Manage credit and debit memos 3. Create and update invoices - Revenue Management 1. Review revenue accounting 2. Define revenue recognition policies 3. Manage contingencies
Collections and Period Close	13%	- Collections Management 1. Process disputes and follow-ups 2. Use collections dashboard 3. Manage dunning and correspondence - Period Close 1. Complete receivables period close 2. Reconcile to general ledger 3. Generate reports and inquiries
Receipt Processing and Application	20%	- Receipt Application 1. Apply receipts to open items 2. Manage unapplied and on-account receipts 3. Process chargebacks and adjustments - Receipt Creation 1. Enter manual receipts 2. Import receipts via lockbox 3. Process automatic receipts
Customer Management	20%	- Credit Management 1. Set up credit limits 2. Configure credit checking rules - Customer Accounts 1. Create and maintain customer accounts 2. Define profile classes 3. Manage customer sites and contacts
Receivables Setups	22%	- Transactions Setup 1. Set up memo lines 2. Define transaction types 3. Configure transaction sources - System Options 1. Configure accounting options 2. Define receivables system options 3. Set up autoaccounting - Receipts Setup 1. Set up remittance bank accounts 2. Configure autoCash rule sets 3. Define receipt classes and methods

Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

Question 1

Select three valid statements related to the Shared Service Model.

A. Shared Service Personnel can view Invoices across various business units.
B. Shared Service Personnel can do cross-business unit cash application.
C. Shared Service Personnel can see customer account details across business units.
D. Shared Service Personnel can process invoices for various business units.
E. Shared Service Personnel can report data across all business units but can enter transactions ONLY against one business unit.

Question 2

The Accounts Receivable Specialist associated duty include which three duties?

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

Question 3

There are concurrent programs that run related to data in the Overview Region of the review Customer Accounts Details user interface. Which program is run to synchronize the updated receivables data?

A. Refresh Receivables transactional Events for Summary Tables Program.
B. Process Receivables transactional Events for Summary Tables Program.
C. Process Receivables Past Due Transactions for summary Tables Program
D. Refresh Receivables Past Due Transactions for summary Tables Program

Question 4

The Billing Specialist receives information that the invoice was billed with the incorrect freight amount.
What action is required?

A. The freight amount must be correct; the Billing Specialist must review it again.
B. Perform Debit memos when the original invoice has hilling errors (such as incorrect freight amounts, line item pricing, tax amounts, or finance charges) or the entire invoice should be created.
C. A Dispute Request can be submitted by the Billing Specialist through the Billing Work Area.
D. Perform Credit Memos when the original invoice has billing error (such as incorrect freight amounts, line item pricing, tax amounts, and finance charges) or the entire invoice should be corrected.
E. Perform adjustments when the original invoice has hilling errors (such as incorrect freight amounts, line item pricing, tax amounts, or finance charges) or the entire invoice should be corrected.

Question 5

The drilldown option available in the task pane for receipts does NOT include ____________.

A. Correct Funds Transfer Errors
B. Create Receipt via Spreadsheet
C. Create Remittance via Spreadsheet
D. Lockbox Transmission History

Solutions:

Question 1
Answer: A,C,D

Question 2
Answer: A,D,E

Question 3
Answer: A

Question 4
Answer: D

Question 5
Answer: A