Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 101:

  A company has a business requirement that all invoices go through an approval process flow. Identify three features of the Invoice Approval workflow that meets their requirement.

  A. allows automatic resubmission of an invoice if rejection occurs
  B. has predefined criteria to identify which invoices require approval
  C. provides automatic routing of invoices upon approval to another designated approver
  D. allows for corrections to invoices to be made while still in the approval routing process
  E. provides Lime limits as to how long an invoice can remain unapproved before being automatically rerouted to the next approver
  A. allows automatic resubmission of an invoice if rejection occurs
  B. has predefined criteria to identify which invoices require approval
  C. provides automatic routing of invoices upon approval to another designated approver

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  A: If an approver rejects an invoice or invoice line, you can perform one of the following actions:

  *

  Use the Force Approval option to manually approve the invoice.

  *

  Use the Initiate Approval option to resubmit the invoice to the Invoice Approval Workflow after correcting any issue that caused the approver to reject the invoice.

  *

  Use the Cancel Invoice option to cancel the approvalprocess.

  B, C: The Invoice Approval Workflow automates your invoice approval process. Based on rules you define, the workflow determines if an entire invoice (document) or invoice lines need approval, who the approvers are, and in what order approvers should approve payment of the invoice.

  If you use Invoice Approval Workflow, then every invoice and invoice line that require approval must be approved before you can pay it. Payables indicates that an invoice requires approval by setting the value in the Approval status field in the Invoices window to Required. The approval status is derived from the approval status of the document maintained at the invoice header and the approval status of the invoice lines.

  Reference: Oracle Payables User's Guide, Invoice Approval Workflow Overview

• Question 102:

  An installment meets all the selection criteria of a payment process request but still did NOT get selected for payment.

  Identify two reasons for this.

  A. The pay-through date is in the closed period.
  B. The pay-through date is in the future period.
  C. The invoice needs revalidation.
  D. The invoice has NOT been accounted.
  E. The installment was manually removed.
  A. The pay-through date is in the closed period.
  C. The invoice needs revalidation.

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  An installment can meet the selection criteria of a payment process request, yet not get selected for payment for one or more reasons. You can review installments that were not selected for payment, along with the reasons they were not

  selected, on the Not Selected tab of the Review Installments page.

  The reasons are as follows:

  *

  Payment date in closed period (A)

  *

  Invoice needs revalidation (C)

  *

  Rejected by approver

  

  Withholding tax calculation error

  

  Credit reduces payment amount below zero

  

  Invoice requires approval

  

  Invoice never validated

  

  Payment date before system date not allowed

  

  Installment on hold

  

  Supplier site on payment hold

  

  Installment manually removed

  

  Zero amount installments excluded

  Note:

  *

  installment

  One of many successive payments of a debt. You specify how you want payments made when you define your payment terms.

  *

  Pay-Through-Date

  An Oracle Applications feature you use during automatic payment processing. You define a payment cycle (the number of days between regular payment batches), and Oracle Applications calculates the Pay- Through-Date by adding the

  number of days in the payment cycle to the payment date. Oracle Applications selects an invoice for payment if either the due date or discount date is before the Pay-Through-Date

  *

  A payment process request is a grouping of installments that are processed for payment. For each request, you can specify selection criteria, payment attributes, and processing options.

  Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Why didn't an installment get selected for payment?

• Question 103:

  Which three activities are performed by the Expense Auditor in the Auditing Work Area?

  A. Initiating and monitoring reimbursement processing
  B. Managing daily upload of credit card data
  C. Reviewing and reprocessing expense reports
  D. Viewing payment requests created for employees and corporate card issuers
  E. Managing corporate expense policies and rules
  A. Initiating and monitoring reimbursement processing
  C. Reviewing and reprocessing expense reports
  D. Viewing payment requests created for employees and corporate card issuers

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  Expense auditors perform the following tasks:

  

  Audit expense reports.

  

  Generate overdue and missing receipt notifications.

  

  Check in expense report receipt packages.

  

  Manage expense report audit list membership

  Reference: Oracle Fusion Applications Workforce Deployment, Expenses Guide, Audit Expense Report: Overview

• Question 104:

  Which three attributes can be viewed for a Quick Payment from the Manage Payments page?

  A. Ledger
  B. Error Message
  C. Supplier Number
  D. Interest
  E. Business Unit
  A. Ledger
  C. Supplier Number
  E. Business Unit

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  Note: A single payment that you create for one more invoices without submitting a payment process request.

• Question 105:

  Which embedded analytics provides Information on expense reports without receipts?

  A. Recent Similar Analytics
  B. Recurring Violations
  C. Recent Returned Reports
  D. Corporate Card Required Violation
  B. Recurring Violations

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  Note:

  *

  Can I access expense analytics?

  *

  Can I see previous expense report submission data to help me with my approval decision?

  Only approvers can access expense analytics that are visible on the right side of expense reports. The analytics include recent similar expenses, recurring violations, and recent returned expense reports associated with the preparer.

  Yes. On the right side of the expense report approval notification, three tables provide you with historical expense report information for this employee on recent similar expenses, recurring violations, and recent returned expense reports.

• Question 106:

  Which expense approval rule would route the approval to the next level if the approval amount reaches the threshold?

  A. approvals by cost center managers
  B. approvals by supervisors
  C. approvals by project managers
  D. approvals by expanse templates
  E. approvals based on the position hierarchy
  E. approvals based on the position hierarchy

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  Note:

  *

  The purpose of Oracle Approvals Management (AME) is to define approval rules that determine the approval processes for Oracle applications.

  *

  An approval rule is a business rule that helps determine a transaction's approval process. Rules are constructed from conditions and actions.

  *

  You can define approvals by job, supervisor hierarchy, positions, or by lists of individuals created either at the time you set up the approval rule or generated dynamically when the rule is invoked. You can link different approval methods together, resulting in an extremely flexible approval process.

• Question 107:

  Select three reasons that a prepayment will NOT be available for applying to invoices.

  A. The prepayment validation status is Available.
  B. The prepayment is of the Permanent type.
  C. The prepayment validation status is Needs Revalidation.
  D. The prepayment validation status is Unpaid.
  E. The prepayment is of the Temporary type.
  B. The prepayment is of the Permanent type.
  C. The prepayment validation status is Needs Revalidation.
  D. The prepayment validation status is Unpaid.

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  A prepayment is a type of invoice you enter to pay an advance payment for to a supplier or employee.

  B( not E): You can enter either a Temporary or a Permanent type prepayment. Temporary prepayments can be applied to invoices or expense reports you receive.

  C, D (not A): If you want to apply a prepayment to one or more invoices or expense reports, you must first approve and pay the prepayment. You control when a prepayment is available by the Settlement Date you enter and by optionally

  applying a hold to the prepayment. When you enter an invoice for a supplier for whom you have outstanding Temporary prepayments, Payables notifies you that you have prepayments available that you can optionally apply. You can also

  review the Prepayment Status Report to check the status of all prepayments in your system

  Reference. Prepayments

• Question 108:

  An installment for $2,000 is due for payment on July 31, 2012. The Installment has two discounts: the first discount date is June 15, 2012, for $150 and the second discount date is June 30, 2012 for $100.

  You submit a payment process request: Payment Date = June 20, 2012 Pay Through Date = July 30, 2011 Date Basis = Due date

  What will be the resulting status of the installment and discount?

  A. The installment is selected and a discount of $150 is availed.
  B. The installment is, selected and a discount of $100 is availed.
  C. The installment is NOT selected because the due date is later than the Pay Through Date.
  D. The installment is selected and no discount is availed.
  E. The installment is NOT selected because the discount dates are before the Pay Through Date.
  D. The installment is selected and no discount is availed.

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  Similar example:

  An installment for 3,000 USD is due for payment on March 31, 2011. The installment has two discounts. The first discount date is February 15, 2011, for 150 USD. The second discount date is February 28, 2011, for 100 USD.

  You submit a payment process request with the following data:

  Payment Date = February 8, 2011

  Pay Through Date = March 30, 2011

  Date Basis = Due date

  The installment is not selected for payment because the installment due date of March 31, 2011, is later than the Pay Through Date of March 30, 2011. The Pay Through Date determines the installment selection

  Reference: Fusion Applications help, Date Basis in Payment Process Requests: Example

• Question 109:

  An employee submits an expense report, but before it is processed the employee is terminated. At which level is the option Processing Days Allowed After Termination configured?

  A. Employee
  B. Business unit
  C. Expense template and type set up
  D. Project attributes
  E. Define expenses configuration
  A. Employee

• Question 110:

  Identify the search method that allows a search across expense items and expense reports using any information captured in the expense item or expense report.

  A. Secured Enterprise Search
  B. Tag Search
  C. Compact Search
  D. Contextual Search
  E. Advanced Search
  C. Compact Search