• Exam Code: 1z1-506
  • Exam Name: Oracle Fusion Financials 11g Accounts Receivable Essentials
  • Certification Provider: Oracle
  • Corresponding Certification:Oracle Applications
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Oracle 1z1-506 Exam Syllabus Topics:

SectionWeightObjectives
Collections and Period Close13%- Collections Management
  • 1. Manage dunning and correspondence
    • 2. Use collections dashboard
      • 3. Process disputes and follow-ups
        - Period Close
        • 1. Reconcile to general ledger
          • 2. Generate reports and inquiries
            • 3. Complete receivables period close
              Receivables Setups22%- Transactions Setup
              • 1. Set up memo lines
                • 2. Define transaction types
                  • 3. Configure transaction sources
                    - System Options
                    • 1. Set up autoaccounting
                      • 2. Define receivables system options
                        • 3. Configure accounting options
                          - Receipts Setup
                          • 1. Set up remittance bank accounts
                            • 2. Configure autoCash rule sets
                              • 3. Define receipt classes and methods
                                Receipt Processing and Application20%- Receipt Creation
                                • 1. Process automatic receipts
                                  • 2. Enter manual receipts
                                    • 3. Import receipts via lockbox
                                      - Receipt Application
                                      • 1. Process chargebacks and adjustments
                                        • 2. Apply receipts to open items
                                          • 3. Manage unapplied and on-account receipts
                                            Transaction Processing25%- Invoicing
                                            • 1. Manage credit and debit memos
                                              • 2. Correct and adjust transactions
                                                • 3. Create and update invoices
                                                  - Revenue Management
                                                  • 1. Manage contingencies
                                                    • 2. Review revenue accounting
                                                      • 3. Define revenue recognition policies
                                                        Customer Management20%- Credit Management
                                                        • 1. Set up credit limits
                                                          • 2. Configure credit checking rules
                                                            - Customer Accounts
                                                            • 1. Manage customer sites and contacts
                                                              • 2. Define profile classes
                                                                • 3. Create and maintain customer accounts

                                                                  Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

                                                                  The Accounts Receivable Specialist associated duty include which three duties?

                                                                  • A. Payment Settlement Management Duty
                                                                  • B. Import Payables invoices Duty
                                                                  • C. Receivables Accounting Duty
                                                                  • D. Receipt Creation Duty
                                                                  • E. Trading Community Hierarchy Management Duty
                                                                  Reveal Solution  Discussion  0

                                                                  Correct Answer: A,C,D  🗳️

                                                                  Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

                                                                  The collections Manager runs the Determine Delinquency Using Scoring program to identify delinquent transitions. She wants to know the status of a particular transaction. On which tab she will find the status.

                                                                  • A. Transaction Details tab
                                                                  • B. Customer Aging tab
                                                                  • C. Transactions tab
                                                                  • D. Transaction aging tab
                                                                  Reveal Solution  Discussion  0

                                                                  Correct Answer: C  🗳️

                                                                  Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

                                                                  Select three values that default from Customer Profile Classes.

                                                                  • A. Statement Cycle
                                                                  • B. Legal Entity
                                                                  • C. Currency
                                                                  • D. Business Purpose
                                                                  • E. Payment Terms
                                                                  Reveal Solution  Discussion  0

                                                                  Correct Answer: A,C,E  🗳️

                                                                  Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

                                                                  An Invoice was billed incorrectly and the Billing Specialist has created an adjustment for the Invoice. The Billing Specialist submitted it for approval but it was rejected by the Billing Manager.
                                                                  What is true in this scenario?

                                                                  • A. The adjustment is routed back to the Billing Specialist with the Rejected status.
                                                                  • B. The adjustment is closed and the process is ended without any invoice or accounting impact.
                                                                  • C. The adjustment is closed and the invoice balance is reduced by the adjustment amount.
                                                                  • D. The adjustment is routed back to the Billing Specialist for further action and is in the More Research status.
                                                                  Reveal Solution  Discussion  0

                                                                  Correct Answer: A  🗳️

                                                                  The AutoCash Rule Set defines the order in which the system will apply the receipt to an open debit Item. Which Autocash Rule is NOT defined in the receivables setup?

                                                                  • A. Clear past due invoices grouped by Payment Terms
                                                                  • B. Clear past due invoices
                                                                  • C. Apply to the oldest invoice first
                                                                  • D. Apply to the latest invoice first
                                                                  Reveal Solution  Discussion  0

                                                                  Correct Answer: D  🗳️

                                                                  Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

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