Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 21:

  A company implements Withholding Tax Setup. A user selects the applicable tax rates, completes the invoices and validates it. The Withholding tax is applied and a corresponding Withholding tax invoice created. What is required to get this result?

  A. Apply Withholding Tax at Invoice Validation and Never Create Withholding Invoice
  B. Apply Withholding Tax at Payment and Create Withholding Invoice at Invoice Validation
  C. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Payment
  D. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Invoice Validation
  E. Apply Withholding Tax at Payment and Create Withholding Invoice at Payment
  D. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Invoice Validation

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  Payables can automatically create withholding tax invoices, or you can perform this task manually. If you choose to automatically create withholding tax invoices, you must choose whether to do this during Approval or during payment

  processing.

  If you specify that you want to create withholding tax invoices during Approval, Payables creates unapproved withholding tax invoices for tax authority suppliers assigned to tax names.

  Reference: Creating Withholding Tax Invoices

• Question 22:

  What is the invoice type of an unmatched Invoice created in the Supplier Portal?

  A. Standard invoice request
  B. Standard
  C. Credit memo
  D. Payment request
  E. Credit memo invoice request
  A. Standard invoice request

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  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.

  Note:

  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.

  Credit memo invoice request: A credit 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.

  Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide FAQs for Receive and Process Invoices

• Question 23:

  During its first month end close, a company has an Invoice with a Hold status dated 15-Jan-2012.

  Its accounting practice permits the transfer of unaccounted transactions from one period to another. What will happen if it runs the Payables Unaccounted transactions Sweep program?

  A. The accounting date of the Invoice will change to the same day of next period.
  B. The accounting date- of the Invoice will change to the first day of next period.
  C. The accounting date of the invoice will change to the same day of the new period specified.
  D. The accounting date of the invoice will change to the first day of the new period specified.
  E. The accounting date of the invoice will NOT change but the user can close the existing period
  D. The accounting date of the invoice will change to the first day of the new period specified.

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  The Unaccounted Transactions Sweep Program transfers unaccounted transactions from one accounting period to another. Because you cannot close a Payables period that has unaccounted transactions in it, if your accounting practices permit it, you might want to use this program to change the accounting date of the transactions to the next open period. For example, you have invoices for which you cannot resolve holds before the close, and your accounting practices allow you to change invoice distribution GL dates. Submit the program to change invoice distribution GL dates to the first day of the next open period so you can close the current period.

  Reference: Period- End Processing in Oracle Payables (Release 11i), Submit the Unaccounted Transactions

• Question 24:

  An installment for $1000 is due for payment on January 10, 2012. The installment has two discounts: the first discount date is December 5, 2011 for $150 and the second discount date us December 20, 2011 for $100. The Pay Date Basis on

  the supplier site is Discount.

  You submit a payment process request:

  Payment Date = December 5, 2011

  Pay Through Date = December 25, 2011

  Date Basis = Pay date

  Always Take Discount option = Enabled

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

  A. The installment is NOT selected because the first discount date NOT BEFORE the Pay Through Date.
  B. The installment is selected and a discount of $150 is available because the always Take Discount option is enabled.
  C. The installment is selected and a discount of $0 is available because the payment date is after the discount dates.
  D. The installment is selected and a discount of $100 is availed because only the latest discount date is committed.
  E. The installment is NOT selected but discount of $150 is availed because the Always Take Discount option is enabled
  B. The installment is selected and a discount of $150 is available because the always Take Discount option is enabled.

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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 = Pay date The Pay Date Basis setting on the supplier site determines whether the installment is selected for payment and whether a discount is taken. If the supplier site Pay Date Basis is set to Discount, the installment is selected for payment because the Pay Through Date of March 30, 2011, is later than at least one of the discount dates. The first discount for 150 USD is taken because the Payment Date of February 8, 2011, is before the first discount date of February 15, 2011. If the Payment Date was after February 15, 2011, but before February 28, 2011, the second discount of 100 USD would be taken. The Payment Date determines the discount. If the supplier site Pay Date Basis is set to Due, 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; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Date Basis in Payment Process Requests: Examples

• Question 25:

  The following Issue is reported by the AP Invoice User:

  When creating an invoice, there is no visual Indicator that prepayments exist for that supplier and are available to be applied against the invoice. There used to be a bell icon next to the supplier number, but it is not there anymore.

  Identify the correct action that a consultant must perform in order to resolve the issue.

  A. Enable Show Available Prepayments during Invoice Entry on the Supplier Maintenance page.
  B. Enable a Show Available Prepayments during Invoice Entry on the Manage Invoice Options page.
  C. Enable Show Available Prepayments during Invoice Entry on the Payables System Setup page.
  D. Enable show Available Prepayments during Invoice Entry in the Common Options for Payables and Procurement.
  E. Show available Prepayments during Invoice Entry on the Manage Business Objects page.
  B. Enable a Show Available Prepayments during Invoice Entry on the Manage Invoice Options page.

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  You can specify default values for the following attributes on both the Manage Invoice Options page and on the supplier setup. Payables uses the default values from the Manage Invoice Options page, unless you specify a different value for the supplier.

  Currency

  Pay group

  Payment priority

  Payment terms

  Terms date basis

  Pay date basis

  Quantity tolerances

  Amount tolerances

  Reference: Oracle Fusion Applications Financials Implementation Guide, Manage Invoice Options

• Question 26:

  Identify two stages in the Payment Process Request that require manual actions to complete.

  A. Pending
  B. Retry payment creation
  C. Pending installments review
  D. Failed document validation
  E. Pending Proposed Payment review
  D. Failed document validation
  E. Pending Proposed Payment review

  ---

  E:

  *

  If proposed payment review is required, the request status is set to Pending Proposed Payment Review. This status prevents the Payment Process Request from being picked up for processing into a payment instruction. The status of the proposed payments is set to Created.

  *

  PENDING PROPOSED PAYMENT REVIEW: This status will only appear if you selected the "Stop Process for Review After Creation of Proposed Payments" option on the Processing tab of the PPR header. In this case, the system is waiting for you to review (and modify, if needed) the proposed payments for this batch. Click on the Take Action icon to be taken to the "Review Proposed Payments" window

• Question 27:

  Which two actions can a supplier perform through the Supplier Portal?

  A. View invoices
  B. View receivables
  C. View Purchase Orders
  D. View payments
  E. View Distribution Sets
  A. View invoices
  D. View payments

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  View invoice information from Oracle Payables. View payment information from Oracle Payables.

• Question 28:

  Identify three duty roles that are granted to both the Accounts Payable Supervisor and the Accounts Payable Manager.

  A. Payables Business Intelligence Management Duty
  B. Accounts Payable Period Status Review Duty
  C. Payables Balance Analysis Duty
  D. Business Intelligence Authoring Duty
  E. Disbursement Process Management Duty
  F. Accounts Payable Period Status Management Duty
  B. Accounts Payable Period Status Review Duty
  D. Business Intelligence Authoring Duty
  E. Disbursement Process Management Duty

• Question 29:

  What invoice approval status is required to apply the invoice approval action Hold from Approval?

  A. Initiated
  B. Required
  C. Rejected
  D. Held from Approval
  E. Resubmit for Approval
  B. Required

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  To delay the approval process for an invoice, select the Hold from approval action. You can select this action when the Approval Status on an invoice is Required. The Approval Status on the invoice is updated to Held from approval. The invoice still requires approval before it can be paid and you must initiate approval for the invoice at a later time.

  Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Hold from Approval

• Question 30:

  There is a business requirement to cancel all related invoices when voiding a payment. In which two scenarios the invoices can NOT be canceled?

  A. The invoice is fully matched to a Purchase Order which is fully received.
  B. The invoice has been partially paid by another payment.
  C. The Invoice has been partially paid by a Prepayment.
  D. The invoice has an associated withholding tax invoice.
  E. The invoice is already accounted.
  B. The invoice has been partially paid by another payment.
  C. The Invoice has been partially paid by a Prepayment.

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  You can cancel only unpaid invoices.

  B: You can cancel any unapproved invoice, or an approved invoice that does not have any effective payments or posting holds. If an invoice has a hold that prevents posting, you must release the hold before you cancel the invoice. You cannot cancel an invoice that has been selected for payment in a payment batch. A cancelled invoice does not show up in your invoice liability reports and you cannot pay or adjust a cancelled invoice. You can cancel single invoice distributions by reversing them.

  C: 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. Reference: Oracle Applications, Cancelling Invoices