The client entered a miscellaneous receipt by mistake; it was posted to General Ledger. Now the miscellaneous receipt needs to be reversed. Which method would you advise the client to use?

Carry out a debit memo reversal of the miscellaneous receipt.

Carry out a standard reversal of the miscellaneous receipt.

Create a receivable activity adjustment for the reversal of the miscellaneous receipt.

Create an adjustment in receivables for the reversal of the effect of the miscellaneous receipt.

Create a journal entry in General Ledger to reverse the accounting impact created by the posting of the miscellaneous receipt.

To properly associate one transaction type with another In Receivables, you have to define transact/on types In a specific order. Identify the correct order.

credit memo, invoice, debit memo

invoice, credit memo, debit memo

Invoice, debit memo, credit memo

credit memo, debit memo, invoice

debit memo, invoice, credit memo

debit memo, credit memo, invoice

Which two statements are true about invoicing rules and accounting rules? (Choose two.)

If a transaction has an invoicing rule, an accounting rule is also required.

Invoicing rules and accounting rules have no effect unless you choose the accrual method of accounting.

If a transaction has an invoicing rule, an accounting rule is optional.

If a transaction has an invoicing rule, an accounting rule is not allowed.

Invoicing rules and accounting rules have no effect until Invoices are paid.

Invoicing rules determine when invoices are due. Accounting rules affect how invoices me accounted for

Free Oracle 1Z0-518 Exam Practice Questions & Explanations

Last updated on: Sep 18, 2026
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