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

Oracle 1z1-506 exam
  • Exam Code: 1z1-506
  • Exam Name: Oracle Fusion Financials 11g Accounts Receivable Essentials
  • Updated: Jul 18, 2026
  • Q & A: 123 Questions and Answers
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Oracle 1z1-506 Exam Syllabus Topics:
SectionObjectives
Receipts and Cash Management- Receipt Application
  • 1. Adjustments and Refunds
    • 2. Applying Receipts
      - Receipt Processing
      • 1. Manual Receipts
        • 2. Automatic Receipts
          • 3. Receipt Methods
            Reporting and Period Close- Period Close
            • 1. Reconciliation
              • 2. Close Process
                - Reporting
                • 1. Receivables Reports
                  • 2. Analytics and Dashboards
                    Transaction Processing- Accounting
                    • 1. Subledger Accounting
                      • 2. AutoAccounting
                        - Billing and Invoicing
                        • 1. Credit Memos
                          • 2. Debit Memos
                            • 3. Invoices
                              Collections and Credit Management- Credit Management
                              • 1. Credit Profiles
                                • 2. Credit Limits
                                  - Collections
                                  • 1. Collection Strategies
                                    • 2. Delinquency Management
                                      Enterprise and Receivables Configuration- Receivables System Options
                                      • 1. Transaction Sources
                                        • 2. Document Sequencing
                                          - Enterprise Structures
                                          • 1. Ledgers and Legal Entities
                                            • 2. Business Units
                                              • 3. Reference Data Sets
                                                Receivables Implementation Overview- Oracle Fusion Financials Architecture
                                                • 1. Receivables Business Flow
                                                  • 2. Integration with Other Financial Modules
                                                    Customer and Account Management- Customer Data
                                                    • 1. Account Sites
                                                      • 2. Customer Accounts
                                                        • 3. Customer Profiles
                                                          Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

                                                          1. 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) A Dispute Request can be submitted by the Billing Specialist through the Billing Work Area.
                                                          C) 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.
                                                          D) 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.
                                                          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.


                                                          2. You have entered invoices using the Autoinvoicing Feature. How can you review the records that are in error?

                                                          A) Click the Number of Errors link in the Autoinvoice error region to open a workbook with the specific error record.
                                                          B) Click the View Autoinvoice Lines link to open a workbook wild the specific error record.
                                                          C) Click the View Error Details link in the Autoinvoice errr region to open a workbook with the specific: error record.
                                                          D) Click the Manage Autoinvoice Lines link to open a workbook with the specific error record.


                                                          3. In the customer hierarchy of ABC Corporation, ABC Worldwide is the parent company of ABC USA and ABC Japan. ABC West is a subsidiary of ABC USA. Select three valid statements if the ABC corporation hierarchy is assigned to a Pay Below Paying relationship.

                                                          A) ABC Japan can pay its own transactions.
                                                          B) ABC USA can pay for ABC Worldwide, ABC West, and its own transactions.
                                                          C) ABC Japan can pay tor ABC West, ABC USA, and its own transactions.
                                                          D) ABC Worldwide can pay for ABC USA, ABC Japan, ABC West, and its own transactions.
                                                          E) ABC USA can pay for ABC West and its own transactions.


                                                          4. When a customer opts to make a payment by a credit card, this receipt is identified as a (n) _____________.

                                                          A) QuickCash receipt
                                                          B) Autolockbox receipt
                                                          C) automatic receipt
                                                          D) miscellaneous receipt
                                                          E) manual receipt


                                                          5. The client has implemented revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and acceptance clause (100 days). Explain when revenue will be recognized.

                                                          A) Recognized after 60 days
                                                          B) Recognized after 100 days
                                                          C) Recognized only after manual intervention
                                                          D) Recognized Immediately


                                                          Solutions:

                                                          Question # 1
                                                          Answer: C
                                                          Question # 2
                                                          Answer: A
                                                          Question # 3
                                                          Answer: A,D,E
                                                          Question # 4
                                                          Answer: C
                                                          Question # 5
                                                          Answer: B

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