Oracle 1z0-506 Actual Free Exam Questions & Community Discussion

Exam Code/Number: 1z0-506
Exam Name/Title: Oracle Fusion Financials 11g Accounts Receivable Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Applications

Exam Questions: 123
Updated On: Sep 15, 2026

Question #9

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. $105.33

C. $1,580

D. $300

Discussion 0

Correct Answer: A Vote an answer

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Question #10

You are the Billing Manager and you are in charge of reviewing transactions and approving them. Which two tabs are available for your role in the Adjustments Overview Region on the Billing Work Area page?

A. Approved

B. Pending Research

C. Pending Approval

D. Pending Approval from Others

E. Pending My Approval

Discussion 0

Correct Answer: B,E Vote an answer

Question #11

For refund requests, Autoinvoice automatically places the on-account amount of a refund request if ____________ and ____________.

A. the receipt to be refunded has NOT yet been remitted

B. receipts with different payment types were used to pay the same transaction to be credited

C. the receipt does NOT have on account credit memo against it

D. installments that existed on the transaction were fully paid

Discussion 0

Correct Answer: C,D Vote an answer

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Question #12

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 routed back to the Billing Specialist for further action and is in the More Research status.

C. The adjustment is closed and the process is ended without any invoice or accounting impact.

D. The adjustment is closed and the invoice balance is reduced by the adjustment amount.

Discussion 0

Correct Answer: A Vote an answer

Question #13

A company operates in a country with strict legislative requirements that requires the legal entity to maintain its accounting data separate from other legal entities within the company. How will you assign legal entitles during the accounting configuration?

A. Multiple legal entities sharing the same ledger

B. One legal entity per ledger

C. One legal entity per primary ledger

D. One legal entity for ALL ledgers

Discussion 0

Correct Answer: C Vote an answer

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Question #14

The Accounts Receivables Specialist reviews receipt with a status of Pending from the Review Customer Account Details UI in the Receivables work area. She has to reverse a particular receipt.
What action does she take?

A. Navigate to the Manage Receipts UI, reverse the receipt, and create a debit memo.

B. Navigate to the Manage Receipts UI, reverse the receipt, and create a credit memo.

C. Navigate to the Create Automatic Receipts UI the receipt, and create a debit memo.

D. Navigate to the Create Receipts UI and create a new receipt for the customer.

Discussion 0

Correct Answer: B Vote an answer

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Question #15

Select the valid reason for a Collector being UNABLE to enter a dispute against a particular transaction.

A. The transaction is partially paid.

B. The transaction type is NOT associated to a credit memo type.

C. The transaction balance is zero.

D. The transaction date falls in a closed period.

Discussion 0

Correct Answer: B Vote an answer

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Question #16

The Billing Specialist created and completed an invoice for $100 for Customer A.
She prints the invoice and realizes that the invoice should have been created for Customer B, not Customer A.
The accounting for the transaction for Customer A is posted to the General ledger. How can this be corrected?

A. Create an adjustment for the entire amount and create a negative adjustment for Customer B.

B. Create an on account credit memo for $100 for the invoice and enter a new invoice for Customer

C. Navigate to credit transaction link in the billing work area, credit the entire amount, and enter a new invoice for Customer B.

D. Change the status of invoice to incomplete, and enter a new invoice for Customer B.

Discussion 0

Correct Answer: C Vote an answer

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