Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 111:

  A company needs to implement corporate cards with Company Pay or Both Pay Payments liability.

  Select three correct statements regarding corporate card implementation.

  A. Specific expense clearing account can be set up per card program.
  B. Setting up of expense clearing account is required only for Company Pay and Both Pay payment liability.
  C. One clearing account can be set up for all card programs.
  D. Payables uses the clearing account to record only the debits.
  A. Specific expense clearing account can be set up per card program.
  B. Setting up of expense clearing account is required only for Company Pay and Both Pay payment liability.
  D. Payables uses the clearing account to record only the debits.

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  B: Individual Pay. Employee pays the credit card provider for all credit card transactions.

  Note: When you implement the corporate credit card functionality for Internet Expenses, one of the essential decisions you need to make is whether your company or your employees are responsible for paying the credit card provider. The three payment options which you can implement in Internet Expenses are:

  Individual Pay. Employee pays the credit card provider for all credit card transactions.

  Both Pay. The employee pays the credit card provider for personal expenses, and your company pays the credit card provider for business expenses.

  Company Pay. Company pays the credit card provider for all transactions.

  Reference: Oracle Internet Expenses Implementation and Administration Guide, Company Pay Credit Card Transactions Accounting

• Question 112:

  What are the two parameters for the Payables Trial Balance Report?

  A. Supplier Name
  B. Legal Entity
  C. Supplier Number
  D. Ledger
  E. Party Name
  A. Supplier Name
  C. Supplier Number

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  A: Supplier Name From/To: Enter the range of suppliers for which you want to submit the request. Payables includes all suppliers between and including the suppliers you enter.

  C: Supplier Number From/To: Enter the range of supplier numbers for which you want to submit the request. Payables includes all suppliers with numbers between and including the supplier numbers you enter. References: Common Report Parameters

• Question 113:

  How do you classify a prepayment as permanent?

  A. Create the prepayment invoice with the prepayment type as Permanent.
  B. Leave the Apply after date field blank in the Invoice Header.
  C. Deselect the Allow Prepayment Application option in the Invoice Header page.
  D. Permanent prepayments are not allowed.
  E. Deselect the Allow Prepayment Application option In the Invoice Line.
  C. Deselect the Allow Prepayment Application option in the Invoice Header page.

• Question 114:

  During the invoice Import process, the implication assigns the accounting date from the first 5 finds.

  Which three sources will the application check for the accounting date?

  A. Invoice Line record
  B. Invoice Distribution record
  C. Invoice Header record
  D. Purchase Order Header
  E. Accounting Date parameter from the import submission
  B. Invoice Distribution record
  C. Invoice Header record
  E. Accounting Date parameter from the import submission

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  B: Each invoice distribution line has its own accounting date.

  C: When you account for an invoice, your OraclePayables application creates accounting events, accounting entry headers and accounting entry lines for those distribution lines that have accounting dates included in the selected accounting date range for the Payables Accounting Process.

• Question 115:

  Which two organizational components are part of the OTBI report for outstanding payables Invoices?

  A. Legal Entity
  B. Business Group
  C. Human Resources Organization
  D. Business Unit
  E. Inventory Organization
  A. Legal Entity
  D. Business Unit

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  Note: Payables Invoice Register

  Review detailed information about invoices.

  There is an Oracle Transaction Business Intelligence (OTBI) version of this report and an Oracle Business Intelligence Publisher (BI Publisher) version. You can run the BI Publisher report from the Scheduled Processes work area. Run the

  OTBI report from the Reports and Analytics work area.

  Parameters Used in OTBI and BI Publisher Reports

  *

  Business Unit

  *

  Supplier Type

  *

  Supplier

  Parameters in OTBI Report Only

  *

  Payment Date

  *

  Accounting Date

  *

  Payment Amount

  *

  Supplier Number

  *

  Currency

  *

  Report View

• Question 116:

  The Accounts Payable Manager voided a Payment Request issued for a foreign currency invoice due to insufficient funds. Which three statements are correct?

  A. The process places the invoice on hold automatically.
  B. Accounting and payment records for the invoices that were paid automatically are reversed.
  C. Any realized gain or loss on foreign currency invoices is recorded as paid by the payment when reversed.
  D. All related withholding tax invoices are automatically reversed.
  E. All related interest invoices are reversed if already created.
  B. Accounting and payment records for the invoices that were paid automatically are reversed.
  D. All related withholding tax invoices are automatically reversed.
  E. All related interest invoices are reversed if already created.

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  B: When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.

  D: If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page.

  Reference: Oracle Payables User's Guide, Voiding Payments Using the Payments Window

• Question 117:

  A company has a business requirement to pay small suppliers outside of the system, but it does NOT want to manually record each such transaction. Which solution should be implemented?

  A. Create Payment batches using a check payment method for those multiple suppliers and destroy those checks.
  B. Create payment batches using an electronic Funds Transfer (EFT) for those multiple suppliers and then do not send the resulting electronic file to the bank.
  C. Create batches using a clearing payment method for those multiple suppliers because the payment method does not generate a file.
  D. Create payment batches using a wire payment method for those multiple suppliers and then delete the resulting electron file.
  E. Create payment batches using bills payable functionality for those multiple suppliers and then delete the resulting electronic file.
  A. Create Payment batches using a check payment method for those multiple suppliers and destroy those checks.

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  Check. Payment in a payment batch, Quick payment, or manual payment. Usually a paper check you give to your supplier. Incorrect answers:

  B: You pay electronic payments either through the EDI Gateway, or by delivering a payment batch file to your bank. For both methods, Payables creates a file during payment batch creation. For EDI Gateway payments, the file is processed through the EDI Gateway and delivered to your bank to create payments. For electronic funds transfers, the file is formatted and delivered to your ap.out directory for you to deliver to your bank.

  Reference: You pay electronic payments either through the EDI Gateway, or by delivering a payment batch file to your bank. For both methods, Payables creates a file during payment batch creation. For EDI Gateway payments, the file is processed through the EDI Gateway and delivered to your bank to create payments. For electronic funds transfers, the file is formatted and delivered to your ap.out directory for you to deliver to your bank.

• Question 118:

  An employee traveled to a different city on a business trip. During the course of travel, the employee used the corporate card provided by his company for both business and personal expenses.

  Upon his return, the employee created an expense report. The company is processing the expense report as Both Pay Corporate Card Transactions.

  What will the result be?

  A. Both business and personal expenses will be reimbursed to the employee.
  B. Reimbursement will be made to the employee and the corporate card Issuer.
  C. Only business expenses incurred using the corporate card will be reimbursed to the card Issuer.
  D. All expenses incurred using a corporate card will be paid to the card Issuer.
  E. Reimbursements will be made to the employee instead of the corporate card issuer.
  C. Only business expenses incurred using the corporate card will be reimbursed to the card Issuer.

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  Both Pay. The employee pays the credit card provider for personal expenses, and your company pays the credit card provider for business expenses.

  For the Both Pay scenario, your company pays the credit card provider for transactions that are categorized as business expenses. Employees are expected to pay the credit card provider for all credit card transactions reported as personal expenses. Reference: Oracle Internet Expenses Implementation and Administration Guide, Processing Corporate Credit Cards

• Question 119:

  Select three correct statements regarding a supplier submitting invoices online through the Supplier portal.

  A. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are NOT fully billed.
  B. After submitting the invoice, a supplier can validate it.
  C. A supplier can submit a single invoice against multiple-purchase orders, provided the currency and organization for all the items on an invoice are the same.
  D. A supplier can submit a single Invoice against multiple purchase orders, even if different currencies and organizations, are specified for the items on the invoice.
  E. After submitting the invoice, a supplier can NOT make changes to it.
  A. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are NOT fully billed.
  C. A supplier can submit a single invoice against multiple-purchase orders, provided the currency and organization for all the items on an invoice are the same.
  E. After submitting the invoice, a supplier can NOT make changes to it.

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  A: Suppliers can create invoices against open, approved, standard purchase orders, or blanket releases that are not fully billed.

  C: Suppliers can enter a credit memo against a fully billed purchase order as well as invoice against multiple purchase orders.

  E: In Oracle Purchasing, the buyer creates the purchase order, and the process sends notification to the supplier. The supplier then acknowledges the purchase order, and optionally can reject shipments and make changes to a purchase order line or shipment. After making any optional changes, the supplier submits the acknowledgement. The buyer receives notification in Oracle Purchasing, and responds to the change request submitted during acknowledgement. The purchase order is revised automatically in Oracle Purchasing. The supplier receives notification of the revised purchase order and can view the revised purchase order in Oracle iSupplier Portal.

  Incorrect answers:

  B: The buyer (not the supplier) validates the invoice.

  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, Reference: Oracle iSupplier Portal, Implementation Guide,