1Z0-506 Online Practice Questions and Answers

The billing Specialist creates an adjustment for an INCORRECT invoice and sends it for approval through the review and Manage Transaction link in the Billing Work Area. Since the adjustment amount is above approval limit, it is routed to the Billing Manager.

What is the status of the Adjustment when the approver sees the adjustment in his Work Queue?

A. Pending Research

B. Pending Approval

C. Approval Required

D. Waiting Approval

ABC, Inc. has business units A and B. ABC, Inc. acquires XYZ Corporation and adds business unit C. The Receivable Manager can see only transactions for business units A and B, but NOT C.

Why is business unit C NOT visible to the Receivables Manager?

A. Business units A and B represent different legal entities as compared to business unit C.

B. The Receivable Manager is NOT assigned with a data role relevant to business unit C.

C. Business units A and B belong lo different ledgers than business unit C.

D. Business units A and C belong to different subledgers than business unit C.

When adding a customer and using profile classes to organize the customer accounts, which three options are true?

A. Fusion Receivables assigns the profile class DEFAUIT when creating a customer account. B. Fusion Receivables assigns a DEFAULT profile class when creating an account site.

B. Profile class updates and assignments are managed using effective date ranges.

C. Updates applied to a particular account or site effect the profile class record.

D. Receivables allows customized details of the profile class once the profile class has been assign to an account or site.

E. Receivable does NOT allow customization to the account profile information after it is assigned to an account or site.

What three Items must be set up in the Application Set Up Manager to facilitate refunds?

A. Credit card refunds

B. Non credit card refunds

C. Automatic Receipt Handling

D. Credit Card Chargeback

E. Late charges

The communication information region in the customer account record is used to maintain what customer information?

A. Payment Instruments

B. Job Responsibilities

C. Account Relationships

D. Account Profiles

The Billing Specialist has entered an invoice in a foreign currency. After completing the invoice she realized that she has to adjust the conversion rate on the transaction. The invoice is already paid and has a receipt applied to it.

Which is the setup that is NOT relevant to the Billing Specialist?

A. Adjust the conversion rate.

B. Incomplete the transaction.

C. Reverse the transaction.

D. Recreate the transaction at a new rate.

When running the delinquency process for a customer, the business unit for which you want to run the process is NOT appearing in the drop down menu.

Identify the action you need to take.

A. Click on the Settings button to apply the appropriate settings so that the business unit appears in the chop down menu.

B. Click the check box to enter the default business unit if it is NOT appearing in the drop down menu.

C. Only the business units the user has access to will appear in the list of values. Modify the security options to provide access to the user.

D. The business unit is NOT a required option In the Parameters tab to run the delinquency process.

Select the two key system options related to customers.

A. Default country

B. Receipt Method

C. Automatic Site Numbering

D. Customer Credit Classification

E. Transaction Source

F. Reciprocal Customer

When reversing a receipt, if an adjustment or chargeback exists, how are the off- setting adjustments created?

A. Manually using the Adjustment Reversal

B. Manually using Chargeback Reversal activities

C. Automatically using the Adjustment Reversal and Chargeback Reversal activities

D. Automatically, but WITHOUT using the Adjustment Reversal and Chargeback Reversal activities

E. Manually, but WITHOUT using Adjustment Reversal and Chargeback Reversal activities

You have created an Autocash Ruleset where the first rule to be applied to receipts is Match Payments with Invoice.

Discount = Earned Only

Late charges = NO

Receipt = $900

Receipt date = 14-Feb-2010

Discount Grace Days = 5

Which Transaction will be applied to the receipt?

A. Invoice Amount: $800, Payment terms: 10% 10/Net 30, Invoice Date: 01 Feb 2010. Due Date 28- Feb2010

B. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01 Feb 2010, Due Date: 20Feb-2010

C. Invoice Amount: $1000, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Feb- 2010, Due Date: 28Feb 2010

D. Invoice Amount: $800, Payment Terms: 10% 10/Net 30, Invoice Date: 01-Fob- 2010, Due Date 24Feb-2010