Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 51:

  A user, while entering an invoice for an asset for capitalization, has entered the GL Distribution charge Account.

  Identify the asset related account to which this invoice should match in order for it to be automatically converted into an asset in Fusion Assets.

  A. Asset Cost Account
  B. Asset Amortization Account
  C. Depreciation Account
  D. Accumulated Depreciation Account
  E. Asset Clearing Account
  A. Asset Cost Account

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  Asset Cost account: Reconcile asset costs to your general ledger. Assets creates journal entries for this account to reflect additions, retirements, cost changes, transfers, reclassifications, and capitalizations.

  Incorrect answers:

  *

  Asset Clearing account: Reconcile your payables system and Assets for manual asset additions and cost adjustments. For mass additions, Assets uses the complete account combination that comes over with a mass addition line to reconcile the asset addition or cost adjustment with your payables system.

  *

  Accumulated Depreciation account: Use this account as the contra account for the asset cost account for this category.

  Reference: Oracle Fusion Applications Financials Implementation Guide, General Ledger Accounts

• Question 52:

  Which section of the invoice Dashboard shows Invoices that require validation and were created from scanned invoices processed through the Integrated Imaging solution?

  A. Scanned Invoices
  B. Recently Entered Invoices
  C. Invoices Requiring Attention
  D. Available Prepayments
  E. Process Monitor
  A. Scanned Invoices

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  Note: A scanned invoice is an invoice that is processed through the Oracle Fusion Payables integrated imaging solution.

  The integrated imaging solution provides scanning of supplier invoices, intelligent character recognition, and automatic routing of invoice images for creation, completion, approval, and payment in Payables.

  The integrated imaging solution uses:

  

  Oracle Document Capture to receive the scanned invoice image.

  

  Oracle Forms Recognition to scan the image and capture invoice header information.

  

  Oracle Imaging and Process Management to take the processed image and convert it into a BPEL task for routing to the proper accounts payable specialist for completion. Oracle Imaging and Process Management provides the repository to store the image, along with the captured attributes.

  Incorrect answers:

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

• Question 53:

  Which three details are required to create a Single Payment Request?

  A. Legal Entity
  B. Business Unit
  C. Type
  D. Remit-to Account
  E. Disbursement Bank Account
  B. Business Unit
  C. Type
  D. Remit-to Account

• Question 54:

  A company wants to default the business unit for a user In Oracle Fusion Payables. Identify the setup that meets this requirement.

  A. Common Options for Payables and Procurement
  B. Financial Options
  C. Setup and Maintenance
  D. Payables Options
  E. Payables System Setup
  C. Setup and Maintenance

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  Once initial security administration is complete and your enterprise is set up with structures such as business units, additional security administration tasks are optional and based on modifying and expanding the predefined security reference implementation to fit your enterprise.

  You can access most security tasks by starting in the Setup and Maintenance Overview page and searching for security tasks and task lists.

• Question 55:

  Which three options are true regarding the association of a receipt to an expense report?

  A. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
  B. Users can add a receipt manually to the expense report at the report level.
  C. Users can fax or email receipts with bar-coded cover sheets.
  D. Users can maintain a physical receipt and provide a reference number in the expense report.
  E. Users can add a receipt to the expense report at the line level.
  A. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report.
  C. Users can fax or email receipts with bar-coded cover sheets.
  E. Users can add a receipt to the expense report at the line level.

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  A: A Document Capture file cabinet defines how documents are scanned, processed, and saved.

  It encapsulates the following information:

  Attribute definitions: To be captured as part of the scanning process either through manual entry or by zonal recognition

  Note: Attribute definitions: Unique Reference Number (URN) generated automatically by Document Capture Commit profile: Specifies how the image is saved Scan profile: Specifies how invoices should be scanned and other processing options, such as deskewing and noise removal

  Index profile: Specifies how attributes are captured and indexed

  C: You must print the printable expense report page and fax or E-mail it as the first page of your receipt images. The first page of the receipt image file must be the printable expense report page with the bar code, otherwise ODC cannot accurately process the receipt image file.

  E: Purchase Receipts: This is a detailed subject area that provides the ability to report on actual spend and Purchase Receipts of the suppliers of an organization across suppliers, company, location, products, commodities and associated hierarchies at purchase receipt line level Note: To ensure the validity of employee expenses, companies often require their employees to submit receipts for their expenses. Organizations vary in their receipt submission requirements. Common methods of receipt submission include faxing or E-mailing receipts to accounts payables. To enable receipt of expense-related images by fax, E-mail, or from a file location on a server, Oracle Fusion Expenses integrates with Oracle Image Processing and Management (IPM) and Oracle Document Capture (ODC). This integration enables automatic attachment of receipt images to their respective expense reports.

  Receipt images are processed in the following stages:

  ODC receives receipt images.

  ODC processes the receipt image file to identify the expense report identifier.

  IPM retrieves images for further processing and invokes the Add Attachment to Expense Report service.

  You can send receipt images to ODC by fax, E-mail, or by uploading receipt image files to a folder location that is accessible by ODC. You can upload receipt image files to a specific location manually or by using a file transfer protocol (FTP)

  process.

  ODC checks for receipt image files in predefined folders for each method of delivery. It scans the receipt image file for a bar code, derives the expense report identifier, and creates a text file with the expense report identifier for each receipt image file. The receipt image files and corresponding text files are transferred by ODC to a predefined folder that is accessible by IPM.

• Question 56:

  Which three duty roles are granted to the Corporate Card Administrator?

  A. Corporate Card Transaction Management Duty
  B. Corporate Card Issuer Payment Request Management Duty
  C. Business Intelligence Applications Worker
  D. Corporate Card Transaction Review Duty
  E. Expense Export Duty
  A. Corporate Card Transaction Management Duty
  B. Corporate Card Issuer Payment Request Management Duty
  C. Business Intelligence Applications Worker

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  Duties assigned directly and indirectly to the job role Corporate Card Administrator include:

  Corporate Card Transaction Management Duty

  Corporate Card Issuer Payment Request Management Duty Business Intelligence Applications Worker Incorrect answers:

  D: Corporate Card Transaction Review Duty is for the Line Manager.

  E: Expense Export Duty is for the Expense Audit Manager.

  Reference: Oracle Fusion Applications Financials Security Reference Manual

• Question 57:

  Which two receipts modifications are displayed in the Payables Matched and Modified Receipts Report?

  A. Quantity received was incorrectly recorded
  B. Product rejected during Quality Check
  C. Damage made during Receiving Inspection and Transfer to Stores
  D. Product Returned to Supplier
  E. Substitution Products
  A. Quantity received was incorrectly recorded
  C. Damage made during Receiving Inspection and Transfer to Stores

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  Matched and Modified Receipts Report

  After you automatically create invoice distributions by matching an invoice for goods to a receipt, that receipt can be modified in Oracle Purchasing. For example, you might need to adjust a receipt because the quantity received was incorrectly recorded (A), or the product was defective and returned to the supplier (C). Use this report to identify receipts that have been changed after invoice matching, and for which no users have seen modifications. Reference: Oracle Payables User's Guide, Matched and Modified Receipts Report

• Question 58:

  Identify two items that are defined in the Common Options in the Payables and Procurement window?

  A. Discount Allocation Method
  B. Automatic Offset
  C. Payment Terms
  D. Apply Withholding Tax
  E. Conversion Rate Type
  A. Discount Allocation Method
  E. Conversion Rate Type

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  Common Options for Payables and Procurement are setup options that are used by features throughout the procure-to-pay business flow, such as default accounts, additional legal entity information, accounting options, and self-billed invoices.

  Set options for the following:

  *

  Default distributions

  One option is:

  / (A) Discount Taken: If you allocate discounts to a single distribution, this account records the discounts you take on payments. Use the Manage Invoice Options page to select the method for distributing discounts for your invoices.

  *

  Offset segments

  *

  Currency conversion

  The options you can set for currency conversion:

  / Conversion rate type (E)

  / Require conversion rate entry

  / Realized Gain or Loss Distributions

  *

  Expense accruals

  *

  Self-billed invoices

  *

  Legal entity information

  Reference: Oracle Fusion Applications Financials Implementation Guide, Manage Common Options for Payables and Procurement

• Question 59:

  Which two Payment Controls can be overridden by creating a manual Single Payment Request?

  A. Multiple Pay Alone Invoices
  B. All payment methods
  C. Enable Charge Deduction from Payment
  D. Supplier, with the Hold All Payments option enabled
  E. Allow Pre-Date
  A. Multiple Pay Alone Invoices
  B. All payment methods

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  With a manual payment, you can override some payment controls of Payables. You can record a single payment for multiple Pay Alone invoices. You can record payment for invoices that are associated with any Payment Method type, except Electronic. You can also record a payment for an invoice for a supplier that has the Hold All Payments option enabled.

  Reference: Oracle Payables User's Guide, Recording Manual Payments and Wire Transfers

• Question 60:

  Identify the criteria where an invoice will NO longer be considered recently entered in the context of the Recently Entered Invoices Workarea of the Invoice Dashboard.

  A. The Invoice is within the 100 most recent transactions.
  B. The Invoice was entered in the past seven days.
  C. The invoice is NOT yet Accounted.
  D. The invoice is Accounted.
  E. The invoice is Validated.
  B. The Invoice was entered in the past seven days.