Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 1:

  Identify three actions performed by the Payables department for iSupplier invoices.

  A. Validating invoices
  B. creating accounting
  C. creating Non Purchase Order matched invoices
  D. creating Purchase Order matched invoices
  E. processing payments
  A. Validating invoices
  B. creating accounting
  E. processing payments

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  It is the supplying company that creates PO and non-PO invoices through iSupplier. So this would be their Receivables department, not their Payables dept. The buying company's Payables dept would receive the AP invoices and therefore create the accounting and pay them.

  Reference: Oracle iSupplier Portal User's Guide, Invoice and Payment Information

• Question 2:

  What are the two Online Accounting options available in Oracle Fusion Payables?

  A. Account in Final
  B. Account in Draft
  C. Account in Final and Transfer to Ledger
  D. Account in Draft and Transfer to Ledger
  E. Account and Post to Ledger
  A. Account in Final
  B. Account in Draft

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  Final will create journal entries, which can be transferred to GL. Draft will create journal entries, which are not final, which means they are not ready to be transferred to GL.

  

• Question 3:

  Select three true statements about the Invoice Validation process.

  A. creates tax lines and distributions
  B. creates withholding invoices
  C. validates project information
  D. creates Accounting Entries
  E. updates Supplier Balance
  A. creates tax lines and distributions
  B. creates withholding invoices
  E. updates Supplier Balance

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  The following settings affect the invoice validation process:

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  (A) Apply withholding tax: If you set this option on the Manage Tax Reporting and Withholding Tax Options page to At invoice validation, the invoice validation process calculates withholding.

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  (B) Create withholding invoice: If you set this option on the Manage Tax Reporting and Withholding Tax Options page to At invoice validation, the invoice validation process creates withholding invoices.

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  (E) Invoice tolerances: The invoice validation process checks for matching variances using the quantity and amount tolerance templates assigned to a supplier. If a supplier does not have quantity or amount tolerance templates, invoice validation uses the tolerances specified on the Manage Invoice Options page.

  Note:

  Invoice validation performs various actions, such as calculating tax, checking that matching variances fall within specified amount or quantity tolerance limits, and placing holds for exception conditions.

  Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, How Invoices Are Validated

• Question 4:

  A company has implemented the Supplier Portal WITHOUT the invoice approval workflow. When a supplier enters an invoice WITHOUT a purchase order match, what is the status of the invoice request?

  A. Incomplete
  B. Complete
  C. In Process
  D. In Progress
  E. Invalid
  D. In Progress

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  Note:

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  You can use the invoice approval workflow to automate your invoice approval process. The workflow determines if an invoice requires approval, and if so, automatically routes the invoice to the applicable approvers who then approve or

  reject the invoice.

  *

  Standard invoice request:

  An invoice submitted without a purchase order by a supplier through Oracle Fusion Supplier Portal that is pending review and approval by the appropriate persons within the deploying company.

• Question 5:

  Identify two privileges granted to the job role Accounts Payable Supervisor.

  A. running Payables Data Extraction Program
  B. managing Accounting Period Status
  C. preparing French DAS2 Contractor Letters
  D. managing Payables Activities
  E. initiating Payables Invoice Approval Task Flow
  B. managing Accounting Period Status
  D. managing Payables Activities

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  Duties assigned directly and indirectly to the job role Accounts Payable Supervisor include:

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  (B) Accounts Payable Period Status Review Duty Reviews Oracle Fusion Payables period status.

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  (D) Payables Invoice Creation Duty Creates invoices using standard user interface or spreadsheet. Payables Invoice Hold Resolution Duty Resolves conditions causing invoice holds that did not result from data entry errors. Payables Invoice Inquiry Duty Views Oracle Fusion Payables invoices. Payables Invoice Management Duty Views invoices and related documents along with installments, holds, and approval history in- formation. Payables Invoice Processing Duty Views invoices and related documents and takes action, such as approving and resolving holds. Payables Invoice Transaction Analysis Duty Analyzes Payables Invoice transactional information Payables Payment Creation Duty Submits payment process requests and single payments and maintains payment process request templates. Payables Payment Processing Duty Manages Oracle Fusion Payables payments. Payables Payment Request Inquiry Duty Views Oracle Fusion Payables payment requests. Payables Payment Transaction Analysis Duty Analyzes Payables Payment transactional information

  Note:

  Job Role: Accounts Payable Supervisor

  Oversees the activities of Accounts Payables Specialists. Initiates and manages pay runs. Re- solves nondata entry holds.

  Reference: Oracle Fusion Applications Financials Security Reference Manual

• Question 6:

  A Payment Process Request was submitted. Subsequently, the user realized that there are some errors in the payment file.

  The payment process was terminated by terminating the payment file.

  Which three statements are true?

  A. The application sets the status of the payment file to terminated.
  B. The application sets the status of the payment file to Canceled.
  C. The application sets the status of each payment in the payment file to Canceled.
  D. The application sets the status of each payment in the payment file to terminated.
  E. The application informs the source product of the terminated documents payable, unlocks the documents, and resets their status so that the documents are available for future selection.
  A. The application sets the status of the payment file to terminated.
  C. The application sets the status of each payment in the payment file to Canceled.
  E. The application informs the source product of the terminated documents payable, unlocks the documents, and resets their status so that the documents are available for future selection.

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  You can decide to terminate the payment process by terminating the payment file. When you take this action, the application sets the status of the payment file to Terminated and informs the source product of the terminated documents payable. Then, for each payment in the payment file, the application sets the status to Canceled. The source product unlocks the documents and resets their status so that they are available for future selection.

  Reference: Fusion Applications Help, Process Payment Files FAQs

• Question 7:

  Identify two duty roles that are granted to a Tax Administrator.

  A. French DAS2 Reporting Duty
  B. Financial Application Lookups Administration Duty
  C. Internal Contact Relationship Information Inquiry Duty
  D. Classification Administration Duty
  E. Customer Account Addresses Inquiry Duty
  B. Financial Application Lookups Administration Duty
  D. Classification Administration Duty

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  Reference: Oracle Fusion Applications Financials Security Reference Manual

• Question 8:

  Which two invoice actions are NOT allowed if prepayments have been applied to an invoice?

  A. Cancel an invoice.
  B. Reverse an invoice distribution.
  C. Modify an invoice distribution.
  D. Add an invoice line.
  E. Modify the accounting information.
  A. Cancel an invoice.
  C. Modify an invoice distribution.

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  A: You cannot cancel an invoice to which you have applied a prepayment. You must first unapply any prepayments and void the payment that paid the prepayment. You can then cancel the prepayment.

  C: When you apply a prepayment, in addition to updating fields in the Apply/Unapply Prepayments window, Payables updates the following fields. For Quick Invoices and Expense Reports, these values appear after import:

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  For the invoice:

  Invoice Workbench: Prepaid Amount; Status is updated to reflect that the invoice has been paid or partially paid

  Distributions window: Prepayment Number; Prepayment Distribution

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  For the prepayment:

  Invoice Workbench: If you have applied all Item distributions, the invoice Status will change from Available to Fully Applied Distributions window: Prepay Amt Remaining Note:

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  You can enter only one Item type distribution for each prepayment.

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  You cannot apply prepayments to standard invoices when there are no item distributions or item lines without a valid distribution set. Reference: Oracle Applications, Cancelling Invoices

• Question 9:

  What are the three benefits derived by a Payables Manager when implementing Oracle fusion Payables?

  A. Simplified and expeditious reporting
  B. Fulfilling of demands for local compliance
  C. Streamlining reconciliation to the general lodger
  D. Improvement in processing speed and manageability
  E. Streamlining accounting policy changes
  A. Simplified and expeditious reporting
  C. Streamlining reconciliation to the general lodger
  D. Improvement in processing speed and manageability

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  Note:

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  A Payables Manager typically has to run multiple reports (A) or queries to identify invoice hold and approval issues and access multiple screens to resolve problems. Oracle Fusion Payables provides a Payables Manager Dashboard that pushes exceptions that occurred from automated invoice and payment processing, such as missing exchange rates on a foreign currency invoice or issues with the payment information. It also tracks the status of supplier invoices, such as invoices requiring approval, invoices on hold, suppliers on hold, and more--all from a consolidated page. The Payables Manager can then take action directly from the dashboard to resolve issues.

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  The Payables Manager Dashboard alerts you to exceptions, like missing exchange rates that occur during automated invoice and payment processing. It also tracks the status of supplier invoices and identifies which invoices require approval, as well as which invoices and payments are on hold and more

  Reference: Oracle Fusion Financials: Next Generation Financial Management Solution, Oracle White Paper, Role-Based Dashboards Deliver Work to You

• Question 10:

  Which three fields are required to create an invoice without a purchase order through the Supplier Portal?

  A. Supplier Name
  B. Remit to name
  C. Taxpayer ID
  D. Tax Registration Number
  E. Requester E-Mail
  A. Supplier Name
  B. Remit to name
  C. Taxpayer ID

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  Creating an Invoice Without a Purchase Order

  The process of creating invoices that do not have matching purchase orders is similar, although some information is not required, and some must be entered.

  To create an invoice without a purchase order:

  1.

  From the iSupplier Portal Home page, click the Finance tab.

  2.

  On the Create Invoices page, select Without PO from the Create Invoice menu, and click Go.

  3.

  Enter information as needed. The following fields are required. Supplier Invoice number Remit to name Currency Customer tax payer ID See screenshot below.

  

  Note: What's a self-service invoice?

  An invoice that a supplier enters through Oracle Fusion Supplier Portal.

  Self-service invoices that are matched to a purchase order are recorded as standard invoices or credit memos in Oracle Fusion Payables.

  Self-service invoices that are not matched to a purchase order are recorded as invoice requests. Invoice requests must be approved using the Invoice Approval workflow before becoming standard invoices or credit memos in Payables.

  Reference: Creating an Invoice Without a Purchase Order, Oracle iSupplier Portal User's Guide