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Oracle 1z1-506 Exam Syllabus Topics:
| Section | Weight | Objectives |
| Transaction Processing | 25% | - Invoicing
- 1. Manage credit and debit memos
- 2. Correct and adjust transactions
- 3. Create and update invoices
- Revenue Management
- 1. Define revenue recognition policies
- 2. Manage contingencies
- 3. Review revenue accounting
|
| Receivables Setups | 22% | - Receipts Setup
- 1. Set up remittance bank accounts
- 2. Configure autoCash rule sets
- 3. Define receipt classes and methods
- System Options
- 1. Set up autoaccounting
- 2. Configure accounting options
- 3. Define receivables system options
- Transactions Setup
- 1. Set up memo lines
- 2. Configure transaction sources
- 3. Define transaction types
|
| Customer Management | 20% | - Customer Accounts
- 1. Define profile classes
- 2. Create and maintain customer accounts
- 3. Manage customer sites and contacts
- Credit Management
- 1. Configure credit checking rules
- 2. Set up credit limits
|
| Receipt Processing and Application | 20% | - Receipt Application
- 1. Process chargebacks and adjustments
- 2. Apply receipts to open items
- 3. Manage unapplied and on-account receipts
- Receipt Creation
- 1. Import receipts via lockbox
- 2. Enter manual receipts
- 3. Process automatic receipts
|
| Collections and Period Close | 13% | - Period Close
- 1. Generate reports and inquiries
- 2. Complete receivables period close
- 3. Reconcile to general ledger
- Collections Management
- 1. Process disputes and follow-ups
- 2. Use collections dashboard
- 3. Manage dunning and correspondence
|
Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:
1. Select the valid setup that creates the revenue account distribution in the case of a debit memo reversal.
A) Auto Accounting Rule for revenue line type
B) Revenue Account Specified in Debit Memo transaction type
C) Revenue account of the original transaction to which the receipt is applied
D) Cash account on the receipt
2. Select three valid statements related to the Shared Service Model.
A) Shared Service Personnel can see customer account details across business units.
B) Shared Service Personnel can report data across all business units but can enter transactions ONLY against one business unit.
C) Shared Service Personnel can view Invoices across various business units.
D) Shared Service Personnel can do cross-business unit cash application.
E) Shared Service Personnel can process invoices for various business units.
3. What are the three valid statements related to third-party control accounts that have the type Customer?
A) The customer sub ledger third-party balances will be updated when Journal is completed to Final Status.
B) The customer subledger third party balances will be updated when Journal is completed to Draft Status.
C) The subledger Journal entry lines that use this account need not have customer information
D) When the third party control account is assigned to a journal line, information such as name and site MUST be provided.
E) The subledger journal entry lines that use this account MUST have customer information.
4. Which statement is TRUE regarding Time Zone Derivation Rules for Transactions?
A) Time zone is derived from the legal entity associated ONLY lo the default, business unit of the transaction.
B) If there is a legal entity associated with the business unit used on the transaction, then the system date is used.
C) Time zone rules apply to invoices, credit memos, on account credit memos, debit memos, chargebacks, and adjustments.
D) Time zone conversion applies to the transaction date and adjustment date and NOT the accounting date on transactions.
5. A Collections Agent wants to verify that the delinquency status are accurately assigned and all the dependent processes have occurred. Which three options are true in this scenario?
A) Navigate to the Transactions tab to verify that the open work items are listed.
B) If strategies are used, go to the Collector's Work Queue and verify that the strategy work items are listed.
C) Go to the Collector's Work Queue and see whether the delinquent accounts are listed under the Delinquent Accounts node.
D) Navigate to the Collections tab to find all delinquencies In the Collection Header.
E) Select the Collections window to see the dunning events that have occurred.
Solutions:
Question # 1 Answer: D | Question # 2 Answer: A,C,E | Question # 3 Answer: A,D,E | Question # 4 Answer: C | Question # 5 Answer: A,B,C |