Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 31:

  Identify two benefits of using the iSupplier Invoice approval process.

  A. automatic routing for approval
  B. manual routing for approvals
  C. manual Hold Resolution
  D. automatic Hold Resolution
  A. automatic routing for approval
  C. manual Hold Resolution

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  Note:

  Oracle iSupplier Portal provides visibility to payment status for all invoices, and provides a messaging capability that can be used to process any disputes that may arise from documents that have been placed on-hold. This greatly reduces

  calls to your Purchasing and Payables departments. Oracle iSupplier Portal lowers the cost of the invoicing process to create a win-win for you and your suppliers.

• Question 32:

  Identify three invoice options that can be configured on the Manage Invoice Options page for Self-Service Invoices.

  A. Limit the invoice to single purchase order.
  B. Require validation before approval.
  C. Allow invoice backdating.
  D. Allow unit price change for quantity based matches.
  E. Require invoice grouping.
  A. Limit the invoice to single purchase order.
  C. Allow invoice backdating.
  D. Allow unit price change for quantity based matches.

  ---

  Self-Service Invoices

  This table lists the options you can set for invoices created in Supplier Portal.

  Option, Description

  *

  Limit invoice to single purchase order

  Limits an invoice to the schedules belonging to a single purchase order.

  *

  Allow invoice backdating

  Allows a supplier to enter an invoice for a date in the past.

  *

  Allow unit price change for quantity-based matches Allows a supplier to enter a unit price on the invoice that is different from the unit price on the purchase order.

  Reference: Fusion Applications Help, Invoice Options: Critical Choices

• Question 33:

  In which two scenarios is the invoice line type Prepayment automatically generated?

  A. a prepayment created with invoice type as Prepayment
  B. a prepayment applied to the invoice
  C. a prepayment is unapplied to the invoice
  D. a manually created invoice line with type as Prepayment
  E. at the time of validating a Prepayment Invoice
  B. a prepayment applied to the invoice
  C. a prepayment is unapplied to the invoice

  ---

  Invoice line types categorize the lines on an invoice. You can select some invoice line types, such as the Item line type. Other line types, such as the Prepayment line type, are automatically generated.

  This table describes the types of invoice lines.

  Invoice Line Type, Description

  *

  Prepayment

  Prepayment application or unapplication. Prepayment lines are created automatically.

  *

  Item

  Details of goods and services.

  *

  Freight

  Freight charges on an invoice. Freight charges can be allocated to Item lines.

  *

  Miscellaneous

  Other charges on an invoice, such as installation or service. Miscellaneous charges can be allocated to Item lines.

  *

  Tax

  Tax lines that are either generated automatically or entered manually.

  Withholding tax

  Withholding tax lines that are either generated automatically or entered manually.

  Reference: Fusion Applications Help, Invoice Line Types: Explained

• Question 34:

  A company has different payment terms for different suppliers. Payment terms with some suppliers also include discounts.

  Which report needs to be executed to identify the maximum discounts possible by the earliest payment to the suppliers or where they should have taken a discount but did not?

  A. Payables Discounts Report
  B. Payables Discounts taken Report
  C. Payables Discounts lost Report
  D. Payables Discounts taken and Lost Report
  E. Payables Discounts Taken and Lost Report by Supplier
  D. Payables Discounts taken and Lost Report

  ---

  Use the Discounts Taken and Lost report to identify payments for which you could have taken a discount, but did not. If you find that you are losing discounts, you can change your system and supplier defaults and modify your payment batch

  selection criteria to make sure that you take all valid discounts.

  Selected Report Parameters

  Start/End Payment Date. Enter the first and last dates of a range for which you want to review discounts taken and lost.

  Supplier Type. Enter the supplier type for which you want to review discounts taken and lost or leave the field blank to submit the report for all supplier types.

  Supplier Name. Enter the name of a supplier for which you want to review discounts taken and lost, or leave the field blank to submit the report for all suppliers.

  Reference: Discounts Taken and Lost report

• Question 35:

  Identify three benefits that a buyer company and supplier can receive from the Supplier Portal.

  A. Expedite invoice processing and increase efficiency by allowing authorized suppliers to enter their invoices against approved purchase orders.
  B. Suppliers can view their purchase order information.
  C. Reduce human error and prevent unauthorized purchasing with an automatic approval process for unmatched invoices.
  D. Suppliers can view and update their master information.
  E. Enhance supplier relationship and reduce communication overhead by providing suppliers a quick view of invoice and related payments regardless of whether invoices were submitted online or processed manually.
  A. Expedite invoice processing and increase efficiency by allowing authorized suppliers to enter their invoices against approved purchase orders.
  C. Reduce human error and prevent unauthorized purchasing with an automatic approval process for unmatched invoices.
  E. Enhance supplier relationship and reduce communication overhead by providing suppliers a quick view of invoice and related payments regardless of whether invoices were submitted online or processed manually.

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  KEY BENEFITS

  

  Improve communications with suppliers

  

  Deliver best in class supplier collaboration

  

  Easy supplier setup and support

  

  Reduce errors and inquiries

  

  Faster issue resolution

  Reference; Oracle Fusion Supplier Portal, Oracle Data Sheet

• Question 36:

  Which section of the Accounts Payable dashboard displays information about supplier sites on payments hold?

  A. Invoice Requiring Attention
  B. Payment Process Requests
  C. Stop Payment Requests
  D. Supplier Sites on Payment Hold
  E. Payment Files Requiring Attention
  D. Supplier Sites on Payment Hold

• Question 37:

  Which section of the Payment Dashboard lists all the processes submitted within the last 72 hours?

  A. Payment Process requests
  B. Stop Payment Requests
  C. Schedule Requests
  D. Process Monitor
  E. Supplier Sites on Payment Hold
  A. Payment Process requests

  ---

  A: 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. You can create and submit a payment process request on the Submit Payment Process Request page, or you can create a payment process request template and submit the template for processing

• Question 38:

  Select three types of invoice transactions for which invoice distributions are generated automatically.

  A. Purchase order or receipt-matched lines
  B. Interest invoices generated during payment
  C. Invoice validation
  D. Invoice created through the Image Integration tool
  E. Tax lines generated by Oracle Fusion Tax
  A. Purchase order or receipt-matched lines
  C. Invoice validation
  E. Tax lines generated by Oracle Fusion Tax

  ---

  A: When you match an invoice to a purchase order or receipt, Payables creates invoice distributions using the purchase order distribution accounting information. Reference: Oracle Payables User's Guide

• Question 39:

  Which tab invokes the worklist content in the Expense Report region?

  A. In Progress Tab
  B. Requiring My Approval Tab
  C. Pending Approval Tab
  D. Processed Tab
  C. Pending Approval Tab

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  Note: BUSINESS_ENTITY_CODE: WF_WORKLIST Workflow Worklist Content Approve workflow entities (Expense Reports, PO Request, HR Offer, HR Vacancy)

• Question 40:

  Which two actions are performed on the Manage Invoices page when using the Invoice Approval workflow?

  A. initiate approval
  B. stop approval
  C. force approval
  D. cancel approval
  E. restart approval
  A. initiate approval
  B. stop approval

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  If you are using the Invoice Approval workflow, you can perform the following actions on the Manage Invoices and Edit Invoices pages to initiate the approval process and handle approval exceptions:

  

  Initiate approval

  

  Stop approval

  

  Hold from approval

  

  Force approve

  

  Resubmit for approval

  Note: To submit an invoice for approval, select the Initiate approval action. You can select this action when the Approval Status on an invoice is Required. The workflow process starts and routes the invoice to the applicable approver who then approves or rejects the invoice. The Approval Status on the invoice is updated to Initiated.

  Reference: Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide , Invoice Approval Actions: Points to Consider