1Z0-506 Online Practice Questions and Answers

Users can choose to EXCLUDE specific transactions in a Balance Forward Bill. Which statement is true about transaction exclusion?

A. Transaction exclusion can be done during creation of the transaction.

B. Transaction exclusion for a statement can be done at each transaction level.

C. Transaction exclusion can NOT be done during the creation of a transaction.

D. Transaction exclusion for a statement can be done at the individual transaction as well as the transaction group level.

Which three transaction types are used to generate late charges?

A. Invoice Interest

B. Debit Memo

C. Credit Memo

D. Adjustments against the original transaction

E. Cash Receipts

What are the three drilldown options available in the task pane for Receipt Remittance?

A. Create receipt remittance batch

B. Manage fund transfers

C. Manage receipt remittance batches

D. Apply credit memo

E. Lockbox transmission history

An invoice for $100 has revenue deferred due to unmet payment based contingencies and the Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 has been issued against this Invoice.

Explain how revenue accounting will occur.

A. Unearned revenue will be debited for $50.

B. Earned revenue will be credited for $50.

C. Unearned revenue will be credited for $100.

D. Earned revenue will be debited for $50.

An invoice was created with unit price error on one invoice item.

What is the next step you perform form the Billing Work Area to correct this error?

A. Click the Create Transaction link on the task pane and create a new transaction with the right unit price.

B. Click the Credit Transaction link on the task pane and create a credit memo for the transaction.

C. Click the Manage Transaction link on the task pane and create a credit memo for the transaction.

D. Click the Manage Adjustments link on the task pane and create an adjustment against the transaction.

What are the three valid statements related to third-party control accounts that have the type Customer?

A. The subledger journal entry lines that use this account MUST have customer information.

B. When the third party control account is assigned to a journal line, information such as name and site MUST be provided.

C. The subledger Journal entry lines that use this account need not have customer information

D. The customer sub ledger third-party balances will be updated when Journal is completed to Final Status.

E. The customer subledger third party balances will be updated when Journal is completed to Draft Status.

The Receipt Remittances Region on the Receivable Balances Work Area has tabs containing Information on receipts.

What are two tabs in the Receipt Remittance Region?

A. Unapplied Receipts

B. Pending Approval

C. Pending Clearance

D. Pending Confirmation

E. On Account Receipts

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

A. Update Receivables Invoice

B. Update Receivables Credit memo

C. Review Customer Account Activities

D. Dispute Receivables Transaction

Which two Collection Preferences can be selected as the default transaction class for the transaction tab?

A. Guarantee

B. Credit Memo

C. Charge back

D. Deposit

E. Debit Memo

The Billing Specialist receives information that the invoice was billed with the incorrect freight amount.

What action is required?

A. 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.

B. 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.

C. The freight amount must be correct; the Billing Specialist must review it again.

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

E. 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.