Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 11:

  Which three tasks are performed during the expense report reimbursement process?

  A. Approval of expense report.
  B. Defining expense policies and rules.
  C. Creation of payables documents.
  D. Transfer of data to the payables open interface.
  E. Attachment of receipts supporting expense reports.
  A. Approval of expense report.
  C. Creation of payables documents.
  E. Attachment of receipts supporting expense reports.

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  The Process Expense Report Reimbursement process also checks whether expense report holds can be released. Payment holds are released in the following ways:

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  The expense auditor manually releases the payment hold at his discretion on the Audit Expense Report page by selecting the Release Hold option on the Actions menu.

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  Based on receipt status, Expenses detects that receipts are received or waived and automatically releases the payment hold.

• Question 12:

  Which two statements are true about the Invoice Requiring Attention section of the invoice Dashboard?

  A. displays links to all prepayment type invoices that have NOT been fully applied
  B. lists invoices entered or imported in the past seven days that are NOT yet accounted or accounted for in draft only
  C. displays Invoices in the system that are waiting for approval *
  D. displays invoices rejected in the approval process along with the reason for rejection
  E. displays all scanned invoices through the Integrated imaging solution that have NOT yet had accounts Payables invoices created
  C. displays Invoices in the system that are waiting for approval *
  D. displays invoices rejected in the approval process along with the reason for rejection

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  Note: You can review installment holds on the Manage Installments page, or in the Invoices Requiring Attention region on the Invoice Overview page.

  Installment holds are holds that you manually place on an installment to prevent payment. For example, a supplier sends you an invoice for two desks and delivers only one. You can partially pay the invoice by splitting the installment and placing a hold on one installment. You can manually release the hold after you receive the second desk, making the installment available for payment.

• Question 13:

  An invoice for $1,000 and a credit memo for $1,100 are due for payment.

  Which two outcomes will result if the Apply Credits up to Zero Amount Payment option is enabled in the Payment and Processing options of the Payment Process Request?

  A. Both the invoice and credit memo are included in the payment process request
  B. Neither the invoice nor the credit memo is included in the payment process request.
  C. Both the invoice and credit memo are paid fully.
  D. Only the invoice is paid fully but the credit memo will have a balance of $1,100.
  E. The invoice is paid fully but the credit memo is paid partially when a credit of $100 still remaining.
  A. Both the invoice and credit memo are included in the payment process request
  D. Only the invoice is paid fully but the credit memo will have a balance of $1,100.

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  Similar example:

  Credit Amount Greater Than Invoice Amount

  An invoice for 200 USD and a credit memo for 225 USD are due for payment. If the option Apply credits up to zero amount payment is:

  Enabled (A, D): Both the invoice and credit memo are included in the payment process request for a payment amount of 0 USD. The invoice is paid and the credit memo is partially paid with a remaining credit of 25 USD.

  Disabled: Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero. Both the invoice and credit memo are listed on the Not Selected tab on the Review

  Installments page.

  Reference: Fusion Applications help, Applying Credits Up to Zero Amount Payments: Examples

• Question 14:

  While extracting an invoice batch, RTS fails to extract and validate an invoice in a batch. What action is needed to complete the process?

  A. Review incomplete batches using Oracle Document Capture and resubmit them after correcting the exceptions.
  B. Review incomplete batches using Oracle Forms Recognition Runtime Service and resubmit them after correcting the exceptions.
  C. Review incomplete batches using Oracle Imaging and Process Management and resubmit them after correcting the exception.
  D. Review incomplete batches using Oracle Forms Recognition verifier and submit then after correcting the exceptions.
  E. Review incomplete batches using Enterprise Content management and submit them after correcting the exceptions.
  D. Review incomplete batches using Oracle Forms Recognition verifier and submit then after correcting the exceptions.

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  Oracle Forms Recognition Runtime Server runs in the background as a server process. Multiple instances of Oracle Forms Recognition Runtime Server can be started simultaneously in a network or on a single machine. Because all instances cooperate with each other, running multiple instances optimizes load distribution. Batches that cannot be entirely processed automatically by Oracle Forms Recognition Runtime Server are forwarded to the quality assurance application Oracle Forms Recognition Verifier to be corrected manually.

  Reference: Oracle Forms Recognition, Runtime Server User Guide

• Question 15:

  Identify three fields that will be extracted from an invoice when using the Integrated imaging solution.

  A. Purchase Order number
  B. Item number
  C. item price
  D. Invoice amount
  E. Supplier name
  A. Purchase Order number
  D. Invoice amount
  E. Supplier name

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  The predefined Payables initialization (.ini) file supports optical character recognition (OCR) and extraction of the following invoice header attributes:

  Purchase order number Invoice amount Supplier Invoice number Invoice date

  Reference: Oracle Fusion Applications Financials Implementation Guide, Setting Up Forms Recognition

• Question 16:

  A company has implemented the Supplier Portal. Select three correct statements regarding registration of a supplier in the Supplier Portal.

  A. The buyer verifies the supplier information and sends an update on the registration request.
  B. The buying company can NOT register users directly and can only initiate the process of adding new suppliers by inviting supplier users.
  C. The buying company initiates the process of adding new suppliers by inviting supplier users to register or by registering supplier users directly.
  D. The User Administrator, after getting registered as a supplier, can NOT create new user accounts directly for his or her company's users.
  E. The buyer company sends an invitation to the Supplier requesting a registration with the system, which in turn, sends a notification to the supplier.
  A. The buyer verifies the supplier information and sends an update on the registration request.
  C. The buying company initiates the process of adding new suppliers by inviting supplier users to register or by registering supplier users directly.
  E. The buyer company sends an invitation to the Supplier requesting a registration with the system, which in turn, sends a notification to the supplier.

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  Note:

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  The figure below shows the supplier contact change request process flow.

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  Enable Supplier Registration It is easy and quick to enable suppliers to use Oracle Fusion Supplier Portal. Suppliers can be quickly on- boarded through a simple online registration process. And once they are active, suppliers can easily manage their contact information to ensure that you have up to date and accurate information. Suppliers can also manage their business classifications during registration. This gives you easy access to supplier diversity information which is critical to compliance and reporting.

  

• Question 17:

  Which three business rules prevent a distribution from being reversed?

  A. If it is PO/RCV matched
  B. If it represents a prepayment application/unapplication
  C. If it represents an interest invoice line
  D. If it is already posted to a subledger
  E. If it represents a variance (IPV or ERV)
  A. If it is PO/RCV matched
  C. If it represents an interest invoice line
  E. If it represents a variance (IPV or ERV)

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  You cannot update, reverse, or delete a distribution if:

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  The Invoice is PO/RCV matched. Such reversals must be accomplished by discarding the entire Line. (A)

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  The distribution is on a Prepayment type invoice and the distribution has been applied. (C)

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  The Invoice represents a variance (IPV or ERV). A variance is only reversed as part of discarding the parent line or cancelling the invoice. (E)

  Etc.

  Reference: Oracle Payables User's Guide, Invoices

• Question 18:

  Which three statements are true when a prepayment is applied to an invoice by selecting the option Include on Invoice?

  A. The prepayment amount available for application is reduced.
  B. The unpaid invoice amount is reduced by the amount of the prepayment application.
  C. The unpaid invoice amount is not affected by the prepayment application.
  D. The invoice is updated to reflect the amount paid by prepayment in the Installments tab.
  E. The prepayment amount paid is NOT updated In the Installment tab of invoice.
  A. The prepayment amount available for application is reduced.
  B. The unpaid invoice amount is reduced by the amount of the prepayment application.
  E. The prepayment amount paid is NOT updated In the Installment tab of invoice.

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  B: When a prepayment is applied to an invoice, Payables automatically creates a negative distribution and a negative scheduled payment for the prepayment in the amount of the application.

  A: Payables also reduces the Amount Available for prepayment by the amount applied. You can see the original amount of the prepayment in the Amount field of the Invoice Overview. Payables updates the status of an invoice paid by a prepayment to reflect the invoice as being paid by the prepayment application.

• Question 19:

  What are the three payment types?

  A. Wire
  B. Check
  C. Quick
  D. Manual
  E. Refund
  C. Quick
  D. Manual
  E. Refund

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  Payment types identify how a payment is recorded in Oracle Fusion Payables. When you manage payments, you can search for payments of a specific payment type. When you create a single payment, you must specify the payment type.

  The payment tables are:

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  Payment Process Request

  A payment for one or more invoices that is processed through a payment process request.

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  Quick

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

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  Manual

  A payment created outside of Oracle Fusion Payables, but recorded in the application.

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  Refund

  A payment for a negative amount that closes out an outstanding credit balance.

  Reference: Fusion Applications help, Payment Types: Points to Consider

• Question 20:

  Which three fields appears in the Invoice Summary area when creating an invoice using the spreadsheet options?

  A. Freight
  B. Invoice Number
  C. Miscellaneous
  D. Difference
  E. Status
  A. Freight
  B. Invoice Number
  E. Status

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  B: Invoice Number: The transaction number range to include in the report.

  E: Status: Receivables prints the status of the collection, account, or transaction.