Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 61:

  A Payment Process Request is issued with a payment type of Manual.

  Which two payment statuses will allow the manual payment to be voided?

  A. Payment file build
  B. Pending proposed payment review
  C. Issued
  D. Cleared
  E. Negotiable
  B. Pending proposed payment review
  E. Negotiable

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  You can cancel only unpaid invoices.

  Note:

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  The Review Proposed Payments page on the Payment Process Requests tab enables the Payment Manager to review and approve proposed payments after the Build Payments program has created them. If you optionally configured the pay run to pause after the creation of proposed payments, the payment process request completes with the status Pending Proposed Payment Review.

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  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.

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  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.

  Incorrect answers:

  A: When you submit a payment process request for processing, the request passes through the following processing stages:

  

  Installment selection

  

  Document validation

  

  Payment validation

  

  Payment file build

  

  Completed

  D: CLEARED PAYMENTS: You cannot void a payment that the bank has already cleared.

  Reference: Oracle Applications, Cancelling Invoices

• Question 62:

  Which three fields are required in the Invoice Header when creating an invoice using the spreadsheet options?

  A. Invoice Group
  B. Invoice Number
  C. Payment Term
  D. Supplier Site
  E. Invoice Amount
  B. Invoice Number
  C. Payment Term
  E. Invoice Amount

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  The invoice header defines the common information about the invoice, such as the invoice number, invoice amount, supplier information, and payment terms.

  Note: A Payables invoice consists of the following components: header, lines, distributions, and installments. The invoice header has common information, such as invoice number and invoice date. Invoice lines record details of the goods and services. Distributions have invoice accounting details, and installments consist of payment due and discount information. Reference: Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Invoice Components: How They Fit Together

• Question 63:

  What are the three prerequisites for applying a prepayment to an invoice?

  A. The prepayment has the same invoice currency as the invoice.
  B. The prepayment has the same requester as the invoice.
  C. The prepayment has the same supplier number as the invoice.
  D. The prepayment has the same payment currency as the invoice.
  E. The prepayment has the same payment term as the invoice.
  A. The prepayment has the same invoice currency as the invoice.
  C. The prepayment has the same supplier number as the invoice.
  D. The prepayment has the same payment currency as the invoice.

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  You can only apply a prepayment to an invoice with the same supplier, invoice currency, and payment currency as the prepayment. Reference: Prepayment Restrictions

• Question 64:

  What activity is performed by an Accounts Payable Manager with the duty role of Subledger Accounting Transaction Analysis Duty?

  A. Creates accounting for all types of transactions
  B. Maintains transaction object diagnostics, imports and updates subledger balances
  C. Analyses subledger accounting transactional information
  D. Executes all subledger accounting reports and reviews journal entries
  E. Reviews subledger journal entries and entry lines
  C. Analyses subledger accounting transactional information

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  The Subledger Accounting Transaction Analysis Duty analyzes Subledger Accounting transactional information

  Reference: Oracle Fusion Accounting Hub Security Reference Manual

• Question 65:

  Select three valid invoice line types.

  A. Tax
  B. Interest
  C. Miscellaneous
  D. Charges
  E. Freight
  A. Tax
  C. Miscellaneous
  E. Freight

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  A: Tax lines that are either generated automatically or entered manually.

  C: Miscellaneous

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

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

  Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide Invoice Line Types: Explained

• Question 66:

  Identify two invoice approval actions that can be performed from the Accounts Dashboard.

  A. Approve
  B. Resubmit for Approval
  C. Hold from Approval
  D. Stop Approval
  E. Reject
  A. Approve
  D. Stop Approval

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  Note: 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

• Question 67:

  Identify three features of Expenses regarding expense report approvals.

  A. Enforce Receipts received automatically before approval
  B. Review of Cost Center and Project Allocations
  C. Integration with Fusion Imaging and Process Management
  D. Automatic conversion to User Preferred currency
  E. Spotting of issues, thus facilitating informed decisions using previous expense patterns
  A. Enforce Receipts received automatically before approval
  B. Review of Cost Center and Project Allocations
  D. Automatic conversion to User Preferred currency

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  A: Specifying a Receipt Required Policy

  If your accounts payable department requires a receipt for each expense, then you must specify the following for each expense type that you define in the Create Expense Type page:

  A receipt requirement rule that reflects your company's receipt policy. A receipt can be required for cash only or corporate card and cash.

  An expense amount, above which a receipt is required

  Warning and error tolerance percentages so the application knows when to warn the user, if opted, of a receipt required policy violation or, in the case of an error, actually prevent submission of the expense report

  Warnings are tracked by the application. You can view them in the Expense Items region of the Edit Expense Report page, whereas errors are not tracked because they prevent submission of the expense report.

  B: Approval by Cost Center Owners in Parallel Mode

  The predefined ruleset for approval of expense reports by cost center owners is called CostCenterApprovalStage : CostCenterRuleSet. This ruleset has the following predefined rules:

  If the total amount charged to cost centers other than the employee's default cost center is more than zero, the expense report is sent to the cost center owner for approval.

  If expenses are charged to a cost center other than the employee's default cost center, the applicable cost center owners receive the approval notification in parallel. The approval is complete when all cost center owners identified as

  approvers have approved the expense report.

  If the cost center of the expenses is the same as the default cost center of the employee, automatic response is generated indicating that there is no cost center-specific approval.

  D: Specifying a Conversion Rate Policy

  You can define conversion rate behavior for each business unit in your company. These definitions enable you to enforce conversion rate policies and to validate the conversion rates that employees enter for foreign currency receipts. If you

  enter a conversion rate value in an expense report, or override a defaulted value, the value you enter is validated against the current conversion rate definitions. You specify the following conversion rate behavior in the Edit Conversation

  Rates and Policies page:

  Type of conversion rate, whether Corporate, Spot, or User

  Whether you want the conversion rate to default onto a newly created expense report

  Reference: Oracle Fusion Applications Financials Implementation Guide , Define Expense Policies and Rules

• Question 68:

  What is the required parameter for the Payables to General Ledger Reconciliation Report?

  A. Balancing Segment Value
  B. Business Unit
  C. Ledger
  D. Financial Period
  E. Natural Segment Value
  C. Ledger

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  Note: Extract Reconciliation Data from Payables to General Ledger Parameters Request Name Enter a name that is descriptive of this extract. Consider using a name that indicates the accounting period, date, and time, especially if you are planning to create multiple extracts. Ledger The ledgers available for selection are based on your security assignment. Business Unit Use this parameter to reconcile by a specific organization. Note: You must explicitly map the business units to balancing segment values. If not, you must reconcile by ledger. Period

  You can select either Open or Closed accounting periods. Account If you have multiple payable general ledger accounts, you can limit the extract to specific general ledger accounts. The natural account segment values must have a Financial Category of Accounts payable assigned to be included in the

  Reconciliation report. If the Financial Category is not assigned to any natural account values in the chart of accounts, the extract will fail. Intercompany Transactions You can include or exclude intercompany transactions. Select Yes to include intercompany transactions in the reconciliation. Additionally, to reconcile only intercompany transactions, restrict the account range to include only the intercompany

  accounts.

• Question 69:

  Identify three correct statements about Invoice Approval.

  A. Invoice approval uses Oracle Approval Management to determine who approves invoices and how they will be routed to different approval levels.
  B. You can define different approval rules for purchase order matched and unmatched Invoices.
  C. You can NOT define different approval rules for purchase order matched and unmatched invoice.
  D. Approval rules can be set up at position, job, and supervisory hierarchy levels depending on approval needs.
  E. Invoice approval is required for customer refund payment requests.
  A. Invoice approval uses Oracle Approval Management to determine who approves invoices and how they will be routed to different approval levels.
  C. You can NOT define different approval rules for purchase order matched and unmatched invoice.
  E. Invoice approval is required for customer refund payment requests.

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  A: Oracle Fusion Payables supports automatic invoice approval using Approval Management extensions (AMX) of the Oracle SOA Suite and the Oracle Business Process Management (BPM) Suite.

  Note: Invoice Approval

  If you enable invoice approval, Payables uses the predefined task and rule set FinApInvoiceApproval:

  InvoiceApprovalRuleSet, which you can configure.

  Reference: Fusion Applications help, Approving Invoices: Explained

• Question 70:

  Identity three events across the life cycle of an expense report?

  A. An invoice is created in Accounts Payable.
  B. The expenses incurred by a user while transacting business are entered in an expense report.
  C. The expense items and expense reports will be tagged and can be located through the Tag Center.
  D. There in seamless desktop integration through Excel for offline expense entry.
  E. Line managers can approve the expense report submitted by the user for approval.
  A. An invoice is created in Accounts Payable.
  B. The expenses incurred by a user while transacting business are entered in an expense report.
  E. Line managers can approve the expense report submitted by the user for approval.

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  A: Oracle Projects integrates with Oracle Payables so that you can create and pay invoices for project- related expense reports in Oracle Payables.

  D: You can enter and upload pre-approved expenditure batches using Microsoft Excel spreadsheets. You can validate records during entry by connecting to the database or you can create the spreadsheet offline and allow validation to occur during the transaction upload.

  Note: Oracle Payables Integration--Expense Reports

  Oracle Projects integrates with Oracle Payables so that you can create and pay invoices for project-related expense reports in Oracle Payables. Oracle Payables creates invoices from expense reports, maintains and tracks payments, and creates accounting information in Oracle Subledger Accounting. You can also use Oracle Internet Expenses to enter project-related expense reports and import the expense reports into Oracle Payables. If you adjust expense report expenditure items in Oracle Projects, then you run processes in Oracle Projects to generate accounting events and create the accounting entries for the adjustments in Oracle Subledger Accounting. Oracle Subledger Accounting transfers the accounting entries to Oracle General Ledger.

  Reference: Oracle Project Costing, User Guide