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

1z1-506
  • Exam Code: 1z1-506
  • Exam Name: Oracle Fusion Financials 11g Accounts Receivable Essentials
  • Updated: Aug 17, 2026
  • Q & A: 123 Questions and Answers

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Oracle 1z1-506 Exam Syllabus Topics:

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

                                                                  Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

                                                                  1. The Billing Manager has to Bill Adjustment Duty role associated with him. Which task he cannot perform?

                                                                  A) Update Receivables Credit memo
                                                                  B) Update Receivables Invoice
                                                                  C) Review Customer Account Activities
                                                                  D) Dispute Receivables Transaction


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


                                                                  3. The Collections Manager is identifying delinquent transactions, while submitting the Determine
                                                                  Delinquency lining Scoring program, in which business unit will the collections Manager be able to view the parameters list?

                                                                  A) All business units in the organization
                                                                  B) Only the business unit to which the user belongs
                                                                  C) Only those business units for which the user has access
                                                                  D) Only those business units for which there are delinquent customers


                                                                  4. Select three values that default from Customer Profile Classes.

                                                                  A) Payment Terms
                                                                  B) Legal Entity
                                                                  C) Business Purpose
                                                                  D) Statement Cycle
                                                                  E) Currency


                                                                  5. You have run the delinquency process for a customer and have navigated to the transactions tab to view the status. Why is the status for the transactions blank?

                                                                  A) There was an error when updating the status during the delinquency process. Fix it and rerun the process.
                                                                  B) The transaction status is NOT automatically updated when the process runs.
                                                                  C) The status of the current or paid in full transactions appear as blank.
                                                                  D) The status of the past due transactions appear as blank.


                                                                  Solutions:

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

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