Oracle Fusion Financials 11g Accounts Receivable Essentials Sample Questions:

1. 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) One legal entity per primary ledger
B) One legal entity for ALL ledgers
C) Multiple legal entities sharing the same ledger
D) One legal entity per ledger

2. What three Work Areas are used to review and manage actionable items before the closing period?

A) The Revenue Adjustments Work Area for customer payment and credit application processing.
B) The Receivables Balances Work Area for customer payment and credit application processing
C) The Revenue Adjustments Work Area for contingencies affecting revenue recognition
D) The Billing Work Area for invoicing and adjustment approval related activities
E) The Receivables Balances Work Area for invoicing and adjustment approval related activities.

3. 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 Manage Adjustments link on the task pane and create an adjustment against the transaction.
B) Click the Create Transaction link on the task pane and create a new transaction with the right unit price.
C) Click the Manage Transaction link on the task pane and create a credit memo for the transaction.
D) Click the Credit Transaction link on the task pane and create a credit memo for the transaction.

4. You have created payment terms and associated them with the reference data set. Business unit X has a set assignment of Enterprise set for payment terms.
Payment Term = Net 30, Reference Data Set = Enterprise Set
Payment Term = Net 45, Reference Data Set = Enterprise Set
Payment Term = 1%/10 Net 30, Reference Data Set = USA Set
Payment Term = Net 45, Reference Data Set = USA Set
If an Invoice is raised under business unit X.
Which payment terms are applicable to the transaction?

A) 1%/10 Net 30 (USA Set), Net 45 (USA Set)
B) Net 30 (Enterprise Set), Net 45 (Enterprise Set)
C) Net 30 (Enterprise Set). Net 45 (USA Set)
D) Net 45 (Enterprise Set), Net 45 (USA Set)

5. What are the three Multiple Receipt Creation Methods available?

A) Standard remittance
B) Manual receipt creation
C) Factor remittance
D) Automatic
E) Lock box

Solutions: