Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 91:

  In which two ways will an invoice be impacted when an inclusive prepayment is unapplied from it?

  A. The unpaid invoice amount is increased by the amount of the prepayment.
  B. An installment is created for the prepayment amount.
  C. The invoice validation status changes to Needs Revalidation.
  D. The invoice paid status changes from Partially Paid to Unpaid.
  E. The invoice accounting status changes to Partially Accounted.
  A. The unpaid invoice amount is increased by the amount of the prepayment.
  D. The invoice paid status changes from Partially Paid to Unpaid.

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  If you mistakenly apply a prepayment to an invoice, you can unapply it. Payables automatically creates a reversal distribution and a new scheduled payment for the prepayment in the amount that you unapply. Payables also increases the Amount Available for the prepayment by the unapplied amount. Payables updates the status of the invoice to unpaid or partially paid.

  Reference: Unapplying Prepayments

• Question 92:

  Identify three statuses that appear in the Processed Tab in the Expense Report region.

  A. Saved
  B. Ready for Payment
  C. Paid
  D. Pending Your Resolution
  E. Partially paid
  F. Rejected
  B. Ready for Payment
  C. Paid
  D. Pending Your Resolution

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  Under Track Submitted Expense Reports, you may see the Report Status of:

  Hold Pending Receipts - The person did not fax the receipts in the system. Expense report will not go to approver unless receipts are faxed in. Pending Your Resolution - The expense statement is waiting for you to do something Pending Manger Approval - It's waiting for your manger to approve it Pending Payable Approval - Waiting for accounts payable to verify everything's ok Pending System Administrator Action - Contact RUFIS with your expense number Ready for Payment - A cheque should be issued soon Paid - Cheque was issued. Under Update Expense Reports section, you may see Report Status of: In Progress - Report was not completed Withdrawn - Report was submitted and then withdrawn

• Question 93:

  Which three tabs are available on a Single Payment Request?

  A. Payment Details
  B. Additional Information
  C. Processing Options
  D. Accounting
  E. Advanced
  A. Payment Details
  B. Additional Information
  C. Processing Options

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  The figure below shows the six subtabs of the Payment Process Requests tab that are visible when you create a single payment request.

  

• Question 94:

  What are the two types of Holds available?

  A. Installment holds
  B. Supplier Site holds
  C. Supplier Location holds
  D. Invoice Line holds
  E. Payment holds
  A. Installment holds
  B. Supplier Site holds

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  Holds are constraints that Oracle Fusion Payables automatically applies to an invoice or supplier, or that you manually place on an invoice, to prevent payment and, in some cases, creation of accounting entries.

  You can release some holds manually and Payables provides a predefined holds resolution workflow for manually releasable holds. Other holds require that you fix the exception condition before Payables releases the hold.

  The different types of holds are as follows:

  Installment holds

  Supplier site holds Invoice holds System holds

  Reference: Fusion Applications Help, Types of Holds: Explained

• Question 95:

  An invoice is created, paid, and is accounted for. Two adjustments are made to the invoice and validated with the same accounting date. Which statement is correct?

  A. A Payment Adjustment Event is created for both adjustments.
  B. Only one Payment Adjustment Event is created because the first Payment Adjustment Event has NOT been accounted.
  C. The Payment Adjustment Event created in the first instance will be overwritten by the second.
  D. A Payment Adjustment Event is created in the second instance even though the first event had NOT been accounted.
  E. A Payment Adjustment Event is NOT created in both the cases.
  A. A Payment Adjustment Event is created for both adjustments.

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  Note: Payment Adjustment Event

  A payment adjustment event occurs when you change the invoices recorded on a Manual payment. For the newly selected invoices, the accounting entries for this event relieve the liability accounts in the amount of the payment. For the

  originally paid invoices, the entries reverse the invoice liability that the payment had relieved.

  Payables also reverses any gains or losses for the originally paid invoices, and records any gains or losses for the newly selected invoices.

  Payables creates accounting entries for this event only if the Account for Payment When Payment is Issued option is enabled in the Payables Options window. For payments the accounting date for this event is the payment date. If the

  payment date is in a closed period, then the GL Date is the first day of the next open period

• Question 96:

  A company has a requirement to default the disbursement bank account during the payment process request.

  Which two actions will accomplish this?

  A. Create a payment Process Request template with the disbursement bank account so that it becomes the default.
  B. Define the Disbursement Bank Account at the user level; the payment process derives the disbursement hank account associated with the user.
  C. Define the Disbursement Bank Account at the Business Unit level; the payment process derives the disbursement hank accounts based on the business unit.
  D. Define the Disbursement Bank Account in the Payment Method; the payment process derives the disbursement bonk accounts based on the Payment Method.
  E. Define the Disbursement Bank Account in the Payment Process Profile; the payment process derives the disbursement bank accounts based on the Payment Process Profile.
  A. Create a payment Process Request template with the disbursement bank account so that it becomes the default.
  E. Define the Disbursement Bank Account in the Payment Process Profile; the payment process derives the disbursement bank accounts based on the Payment Process Profile.

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  Each document payable in a payment process request must be assigned a disbursement bank account and a payment process profile so it can proceed to the document validation phase of the payment process. Oracle Fusion Payments takes several steps to ensure their assignment.

  Settings That Affect Payment Process Attributes

  The following options affect payment processing:

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  (A) Create Payment Process Request Template page, Payment Attributes region: Disbursement bank account choice list Payment Process Profile choice list

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  Submit Payment Process Request page, Payment Attributes region: Disbursement bank account choice list Payment Process Profile choice list

  *

  (E) Create and Edit Payment Process Profiles pages, Usage Rules tab: Payment Methods radio buttons Disbursement Bank Account radio buttons Business Units radio buttons Currencies radio buttons

  Reference: Fusion Applications help, Payment Process Attributes: How They are Assigned

• Question 97:

  What are the three sections in the Payables Key Indicators Report?

  A. Recent Activity
  B. Current Activity
  C. Invoice Activity
  D. Payment Activity
  E. State of the Application
  B. Current Activity
  C. Invoice Activity
  E. State of the Application

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• Question 98:

  Which three activities are performed in the Corporate Cards Work Area?

  A. managing outstanding transactions
  B. managing historical transactions
  C. managing corporate card programs
  D. managing corporate card issuers
  E. creating payment requests
  F. managing usage policies
  A. managing outstanding transactions
  C. managing corporate card programs
  E. creating payment requests

• Question 99:

  What duty must an employee have in order to create payables documents, review reimbursements, process results, and review expense exports?

  A. Expense Audit Duty
  B. Expense Export Duty
  C. Expense Entry Duty
  D. Expense Management Analysis Duty
  E. Expense Policies and Rules Administration Duty
  C. Expense Entry Duty

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  C: Creates and updates expense items and expense reports.

  Incorrect answers:

  A: Audits expense reports for compliance with company's policies.

  B: Processes expense reports for payment request generation and subsequent payment.

  D: BI Duty role for Expense Audit Managers to review and analyze Business Unit expense violations

  E: Manages company's expense policies and reimbursement policies.

  Reference: Oracle Fusion Applications Financials Security Reference Manual

• Question 100:

  What are the three exceptions in the Payables Period Close Exceptions Report?

  A. Unapplied Prepayments
  B. Unaccounted Invoices
  C. Open Intercompany Transactions
  D. Open Interface Import Errors
  E. Incomplete Payment Process Request
  B. Unaccounted Invoices
  C. Open Intercompany Transactions
  E. Incomplete Payment Process Request

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  The types of exceptions reported are as follows:

  *

  (B)Unaccounted invoices

  *

  (C) Open intercompany transactions

  *

  (E) Incomplete payment process requests

  *

  Unaccounted payment activity

  *

  Bills payable requiring maturity event and accounting

  *

  Other exceptions

  Reference: Fusion Applications Help, Payables Period Close Exceptions Report