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Q21. What is the action you perform on a transaction once you drill down to the edit transaction window from the Billing Work Area page?

A. Incomplete Transaction

B. Complete and Review

C. Reverse the Transaction

D. Create a New Transaction

Answer: B

Explanation: Reference: Fusion Applications help, Process Billing Adjustments FAQs


Q22. 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 Create Automatic Receipts UI the receipt, and create a debit memo.

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

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

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

Answer: C

Explanation:

Note:

* Reverse Receipt

You can use this action to reverse receipts or refunds. This action raises a business event, reverses the receipt, reopens the original transaction, and removes payment

* When you reverse a receipt, Oracle Fusion Receivables automatically creates reversal journal entries in the general ledger and reopens all of the debit and credit items that were closed by the receipt.

You can reverse a receipt that was applied to transactions with adjustments or chargebacks, provided the adjustments and chargebacks have not posted to general ledger


Q23. Which transaction will be included when selecting transactions of specified customers in the Create Balance Forward Billing Program?

A. Transactions that have a Bill Type of Imported

B. Transactions that were included on a previous Balance Forward Bill

C. Transactions that have the selected payment terms

D. Transactions that have the Print Option set to Do Not Print

Answer: C

Explanation: In the Trans and Customers Tab, check ‘Show Billing Number’.

Once done, create a transaction with the same customer. The important point to note here is to have the transaction with the same Payment Term. The payment term should be the one attached with the Billing Cycle. Also, ensure that the transaction has the Print option (More tab) set to ‘Print’. The transactions marked with ‘Do Not Print’ are not included in the Balance Forward Billing program.

Incorrect:

D: The transactions marked with 'Do Not Print' are not included in the Balance Forward Billing program


Q24. 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.

Answer:

Explanation: Note:

How can I credit only part of the balance due on a transaction?

Use the Transaction Amounts region of the Credit Transaction page to enter a partial credit amount or percentage on line, tax or freight. The amount or percentage entered is prorated across all respective lines of the credit memo.


Q25. A debit memo reversal must be used to reverse the receipt if the receipt .

A. is non-invoice related

B. has an open claim associated with it

C. has been reconciled in Cash Management

D. has a remitted credit card refund application

Answer: D

Explanation: You must create a debit memo reversal under each of these circumstances:

* You are reversing a receipt from which you have created a chargeback, and this

chargeback has had activity against it, such as another receipt, a credit memo, or an adjustment.

* You are reversing a receipt with a remitted credit card refund application.

* You are reversing a receipt (Receipt A) that was applied to another receipt (Receipt B), if the reversal would draw the balance of Receipt B negative.

Reference: Fusion Applications help, Debit Memo Reversals: Points to Consider


Q26. 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.

Answer:

Explanation: Note:

How can I credit only part of the balance due on a transaction?

Use the Transaction Amounts region of the Credit Transaction page to enter a partial credit amount or percentage on line, tax or freight. The amount or percentage entered is prorated across all respective lines of the credit memo.


Q27. When a customer opts to make a payment by a credit card, this receipt is identified as a (n) _____ .

A. manual receipt

B. automatic receipt

C. QuickCash receipt

D. Autolockbox receipt

E. miscellaneous receipt

Answer: B


Q28. 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

Answer: B

Explanation: Use the Communication region to maintain customer contact persons for a customer account. Information that you can maintain for each contact includes:

Name and job title.

Contact points, such as phone and fax numbers, e-mail and instant message addresses, and URLs.

Job responsibilities.

Addresses. You can either enter new addresses specific to the contact, or you can enter addresses of account sites belonging to the customer account.

Note:

Use the customer account record to maintain detailed information about each of your customer accounts.

There are these points to consider when entering and updating customer account information:

Payment Details Communication Information Account Relationships Account Profiles

Reference: Oracle Fusion Applications Financials Implementation Guide , Communication

Information


Q29. Which two display columns that impact the Collections Dashboard are defined in the Global Setup Preference Region?

A. Display of open transactions

B. Display of customer profile

C. Default exchange rate

D. Default transaction class

E. Display of closed receipts

Answer: A,D

Explanation: Selections made in the Global Preference region impact the view the collectors see from the Collections Customer Work Area and Collections Dashboard.

Global Preferences define the following:

✑ Display of open transactions

✑ Default transaction class that appears

✑ Display of closed transactions

✑ Number of days for prior and future transactions to be displayed

✑ Default aging method

✑ Delimiter used to separate data and the number of characters required to do a search

Reference: Oracle Fusion Applications Financials Implementation Guide, Global Preferences


Q30. What two items are required for customer invoicing?

A. Lockbox

B. Customers

C. Remit-to address

D. Customer Profile Classes

Answer: B,C

Explanation: B: A customer is a party, either an organization or a person, with whom you have a selling relationship. This selling relationship can result, for example, from the purchase of products and services or from the negotiation of terms and conditions that provide the basis for future purchases.

You create customers to properly record and account for sales transactions, as well as to identify other attributes of the selling relationship. Recording a sales transaction requires that a customer, stored as a party in Oracle Fusion Trading Community Model, has both an account and an account site with a bill-to purpose.

C: The remit-to address lets your customers know where to send payment for their open debit items. After you create a remit-to address, you can assign it to the bill-to addresses of the customers and customer sites that you designate by country and, if applicable, by region and postal code range.

During the import process, AutoInvoice rejects all invoices for which it cannot determine a remit-to address. In order for AutoInvoice to import an invoice, you must either define a remit-to address for the geographical location of each applicable bill-to site or define a remit-to address to use as default for one or more locations.