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

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Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

1. 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) 1%/10 Net 30 (USA Set), Net 45 (USA Set)
B) Net 45 (Enterprise Set), Net 45 (USA Set)
C) Net 30 (Enterprise Set), Net 45 (Enterprise Set)
D) Net 30 (Enterprise Set). Net 45 (USA Set)

2. 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) $100
B) $300
C) $105.33
D) $1,580

3. A grouping rule you created in the system specifies that the Items should match all mandatory and optional attributes. What logic is used to create the invoices from the transaction file through Autoinvoicing?
Item A: USD (Currency), ACME (Bill-to). 5001 (Order Number), Domestic (Order Type), 1 (Transaction Number)
Item B: USD (Currency), ACME (Bill to), 5002(Order Number), Domestic (Order Type), 1 (Transaction Number)
Item C: USD (Currency), ACME (Bill to), 112 (Order Number), No Ship (Order Type), 2 Transaction Number)
Item D: USD (Currency), BONN (Bill to), 501 (Order Number), International (Order Type), 3 (Transaction Number)

A) Items A and B from Invoice 1, Items C and D from Invoice 2
B) Items A and B from Invoice 1, Item C from Invoice 2, Hem D from Invoice 3
C) Item A from Invoice 1, Item B from Invoice 2, Item C from Invoice 3, Item D from Invoice 4
D) Item A from Invoice 1, Item B from Invoice 2, Items C and D from Invoice 3

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

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

5. The rules applicable to issue refunds are____________. Select two.

A) You can refund receipts that were either remitted or cleared.
B) You can NOT refund more than either the original receipt amount or the remaining unapplied amount.
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.

Solutions: