Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 41:

  The Payment Process Request section of the Accounts Payables dashboard has a tab called Recently Completed.

  This tab displays all the payment process requests completed in the last_________.

  A. 21 days
  B. 30 days
  C. 15 days
  D. 7 days
  E. 10 days
  D. 7 days

• Question 42:

  A company has implemented the Integrated Imaging Solution. While extracting an invoice batch, RTS fails to extract and validate an invoice in the batch. What is the next step?

  A. The failed invoice will be removed from the batch and remaining Invoices will be sent to IPM for routing.
  B. The failed invoices will be loaded with the data available and the user needs to enter the missing information manually.
  C. The entire invoice batch will be sent to IPM tor routing including invoice failed validation.
  D. The entire batch is marked as failed and needs to be resubmitted after corrections.
  E. Only the invoices that failed validation will be marked as failed and these need to be resubmitted after corrections
  D. The entire batch is marked as failed and needs to be resubmitted after corrections.

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  Forms Recognition Verifier is the quality assurance application of the Forms Recognition suite. The application detects all documents with data recognition problems and presents them to the operator for verification.

  If Forms Recognition Runtime Service fails to extract and validate an invoice in a batch, the entire batch is marked as failed and will not be exported to the image repository.

  An accounts payable specialist reviews incomplete batches using Forms Recognition Verifier and resubmits them after correcting the exceptions.

  Reference: Oracle Fusion Applications Financials Implementation Guide, Forms Recognition Verifier

• Question 43:

  How are prepayments for invoices configured?

  A. Create the prepayment terms and associate it with the prepayment Invoice.
  B. Enable Allow Prepayments in Define General Payables Options.
  C. Enable the Profile Option for Prepayment in the Manage Payable profile options page.
  D. No additional configuration is required. Users must select the invoice type as prepayment when the invoice is created.
  E. No additional configuration is required. Users must select the payment type as prepayment when the payment is created.
  D. No additional configuration is required. Users must select the invoice type as prepayment when the invoice is created.

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  In payables there are 11 types of Invoices: That is

  1.

  Standard Invoice

  2.

  Debit memo

  3.

  Credit memo

  4.

  Expencess report

  5.

  Mixed Invoice

  6.

  Prepayment

  7.

  PO defualt

  8.

  With holding tax

  9.

  Reccuring Invoice 10.Interest Invoice 11.Quick match

  prepayment : advance payment you make to a suppliers or employee. If you enter Temporary for the Prepayment type field, then you can later apply prepayment to an invoice.

  Two types of prepayments are there, namely, temporary and permanent. In case of earlier one. it is treated as advance to the supplier and will be adjusted against any invoice on or after the settlement date but in case of later one, it is treated as deposit with the supplier.

• Question 44:

  You are assigned a duty role of Supplier Profile Management. Which three tasks tan you perform?

  A. Maintain suppliers
  B. Maintain supplier payments
  C. Maintain supplier Tax Identifiers PII data
  D. Import and merge suppliers
  E. Maintain supplier Income Tax information
  A. Maintain suppliers
  C. Maintain supplier Tax Identifiers PII data
  E. Maintain supplier Income Tax information

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  The seeded job role of Supplier Administrator includes the following PII related duty role by default: Supplier Profile Management (Sensitive) Duty

  Only users with this duty role can maintain the Taxpayer ID for individual suppliers. Individual suppliers are defined as suppliers with a Tax Organization Type of Individual or Foreign Individual.

  Supplier administrators without this duty role can still search and access individual suppliers, but are restricted from viewing or updating the Taxpayer ID for these suppliers.

  Note: Personally Identifiable Information (PII) refers to the framework in Fusion for protecting sensitive data for an individual. For managing supplier profile data, the PII framework allows customers to protect tax identifiers for suppliers which are classified as individual persons by requiring additional security privileges for users to view and maintain such data. Reference: Fusion Applications Help, All > Procurement > Manage Supplier Information > Suppliers Overview

• Question 45:

  Which hold type prevents accounting of a foreign currency invoice if the conversion rate is missing?

  A. Unmatched Invoices hold
  B. Distribution Variance hold
  C. Invoice Amount Limit hold
  D. No Rate hold
  E. Incorrect Conversion Rate hold
  D. No Rate hold

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  The Apply Missing Conversion Rate process automatically applies conversion rates to foreign currency invoices or payments that have no conversion rate and a conversion rate type other than User. If a foreign currency invoice is missing a conversion rate, then when you validate the invoice, the validation process applies a No rate hold, which prevents payment and accounting of the invoice.

  Reference: Missing Conversion Rates: How They Are Applied to Invoices

• Question 46:

  Identify three attributes of a Single Payment Request.

  A. one-time
  B. recurring
  C. nonrecurring
  D. real time
  E. batch processing
  A. one-time
  B. recurring
  E. batch processing

• Question 47:

  Choose two actions that can be performed from the Invoices to Pay region of a Single Payment Request.

  A. Change Due Date
  B. Assign Conversion Rate
  C. Export to Excel
  D. Search Invoices: Available for Payment
  E. Select and Add: Invoices to Pay
  A. Change Due Date
  D. Search Invoices: Available for Payment

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  Note: Payment Process Request. A payment request that contains identifying information, optional payment instructions, the list of invoices to pay, and the amounts that should be paid on each invoice.

• Question 48:

  Identify three scenarios where you are NOT allowed to cancel an invoice.

  A. The invoice is fully or partially paid.
  B. The invoice is validated.
  C. The invoice was adjusted by a credit or debit memo.
  D. Prepayments were applied to the invoice.
  E. An accounting entry has been created for the invoice.
  A. The invoice is fully or partially paid.
  C. The invoice was adjusted by a credit or debit memo.
  D. Prepayments were applied to the invoice.

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  A: You can cancel only unpaid invoices.

  D: 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.

  Note: 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.

  Reference: Oracle Applications, Cancelling Invoices

• Question 49:

  Choose three actions that can be performed from the Accounts Payables dashboard.

  A. Export to PDF
  B. Export to Excel
  C. Reorder Columns
  D. Reorder Rows
  E. Drill Down
  B. Export to Excel
  C. Reorder Columns
  E. Drill Down

• Question 50:

  What are the three modes available to enter expense reports?

  A. Oracle Fusion Expenses
  B. Spreadsheet Integration
  C. Oracle Fusion Payments
  D. Oracle Fusion Payables
  E. Oracle Fusion Projects
  A. Oracle Fusion Expenses
  D. Oracle Fusion Payables
  E. Oracle Fusion Projects

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  Enter expense reports in any of the following products. Payables. See: Entering Expense Reports in Payables. Oracle Web Employees. See: Web Employees Online Help Oracle Projects.

  Oracle Personal Time and Expense.

  If you enter invoices in Projects or Personal Time and Expense you must also transfer them from Projects to Payables.

  Reference: Payables, Expense Reports