Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 71:

  Which are three key features of Expense Report Entry?

  A. approval of expense reports through Oracle Fusion Approvals Management
  B. scheduled processes to create card issuer and employee payment requests
  C. association of receipt image for expedited processing
  D. contextual search and expense tracking for easy retrieval
  E. consolidated Information-Driven Work Area
  A. approval of expense reports through Oracle Fusion Approvals Management
  C. association of receipt image for expedited processing
  E. consolidated Information-Driven Work Area

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  KEY FEATURES

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  Mobile entry for expenses

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  Automated support for accounting and project allocations

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  (A) Embedded transactional intelligence guide approvers' decisions

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  Out-of-the box imaging integration

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  Unique approval routing for project and

  cost center expenses KEY BENEFITS Quick expense entry using mobile apps or offline spreadsheets Greater accuracy and compliance with integrated corporate card usage. Simplified expense process definition

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  (C) Out-of-the-box imaging solution with Fusion Automated Invoice Processing Increased visibility of errors and fraud with sophisticated audit management

  Reference: ORACLE FUSION EXPENSES, Oracle Data Sheet

• Question 72:

  A company plans to provide access to certain employees with rights to update the cost center information with the expenses application.

  What duty must a user have in order to update cost center information?

  A. Expense Audit Duty
  B. Project expense Allocation Duty
  C. Expense Entry Duty
  D. Expense Account Allocation Duty
  E. Export Duty
  D. Expense Account Allocation Duty

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  The Expense Account Allocation Duty allows employees to charge expenses against companies and cost centers that are not their default company or cost center. The Expense Account Allocation Duty role is not allocated to any job roles. If a user needs to cross charge expenses to other companies or cost centers, you can manually grant this duty role to the applicable user by assigning a custom role that contains the Expense Account Allocation Duty role.

  Incorrect answers:

  A: Audits expense reports for compliance with company's policies.

  B: The Project Expense Allocation Duty allows employees to charge expenses against projects and tasks. Manually grant this duty role to the user when he or she is identified as a project user. To grant the duty role to the user, you must create a custom role that contains the Project Expense Allocation Duty. Then assign the new custom role to the user. Alternately, you can also assign the abstract role, Project Team Member, or the job role, Project Manager, to the user so the user can charge expenses to projects and tasks.

  C: Creates and updates expense items and expense reports.

  E: Processes expense reports for payment request generation and subsequent payment.

  Reference: Oracle Fusion Applications Financials Implementation Guide, How can I enable only a set of users to charge against another account or cost center?

• Question 73:

  What are the three advantages of using the Spreadsheet for Import Error Correction feature?

  A. Identification of errors with clear messages at the invoice header and line level that failed to import
  B. Identification of errors with clear messages at invoice header only that failed to import
  C. Correction of errors and reimporting invoices directly from spreadsheet
  D. Correction of errors in the spreadsheet and loading but reimporting cannot be done from spreadsheet
  E. Viewing invoice header and lines in the same view
  A. Identification of errors with clear messages at the invoice header and line level that failed to import
  C. Correction of errors and reimporting invoices directly from spreadsheet
  E. Viewing invoice header and lines in the same view

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  Note:

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  The ledger and subledger transactions are captured in four ways: entering journals manually, entering journals in spreadsheets, importing journals, and creating journals automatically

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  Enter manual and recurring journal entries through a spreadsheet interface. Load the completed spreadsheet into the import interface. Schedule or manually submit the Journal Import program to import the data into the ledger. Working in spreadsheets adds functionality such as the use of macros, formulas, and links to existing documents. Spreadsheets are created as templates for recurring entries and then each month, simply update the data and upload.

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  The transaction data entered in both Oracle Fusion and legacy system subledgers is imported into the General Ledger Interface table. Errors during the import process are available in a spreadsheet interface. After correcting the errors or deleting the error lines, run the Journal Import process again.

• Question 74:

  Identify three sections that are part or the Accounts Payables Dashboard.

  A. Invoice Requiring Attention
  B. Payments Files Requiring Attention
  C. Available Prepayments
  D. Payables Process Request
  E. Supplier Sites on Payment Hold.
  A. Invoice Requiring Attention
  D. Payables Process Request
  E. Supplier Sites on Payment Hold.

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  Note: Interactive Payables Dashboard Obtain a holistic view of all invoices and payments that require attention and user action from a central location Be notified about the status of transactions without having to navigate to multiple pages. For example, identify invoices on hold, unapproved invoices, invoices waiting for approval, payment process requests that have been interrupted, suppliers on hold, and more

• Question 75:

  Which three options are used to sort the Unaccounted Transaction Report?

  A. Transaction Type
  B. Transaction Source
  C. Transaction Currency
  D. Transaction Number
  E. Transaction Date
  A. Transaction Type
  C. Transaction Currency
  D. Transaction Number

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  Unaccounted Transactions Report

  Use this report to identify and review all unaccounted invoice and payment transactions and see the reason that Payables cannot account for a transaction.

  Payables sorts the report by transaction type (invoice or payment), exception, supplier, transaction currency, and transaction number.

  Reference: Oracle Payables User's Guide

• Question 76:

  Where is the Expense Clearing Account and Payment Option set up in Expenses?

  A. Create or Edit Company Account pop-up menu
  B. Payables System Options
  C. Edit Expenses Systems Options
  D. Business Unit System Options
  E. Expense Report template
  B. Payables System Options

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  You can also define the expense clearing account in the Card Program window in Oracle Payables.

  Reference: Oracle Internet Expenses Implementation and Administration Guide, Company Pay Credit Card Transactions Accounting

• Question 77:

  Which three accounting event types are predefined for the Accounting Event Class Prepayment Applications?

  A. Prepayment Application Adjusted
  B. Prepayment Applied
  C. Prepayment Adjusted
  D. Prepayment Validated
  E. Prepayment Unapplied
  A. Prepayment Application Adjusted
  B. Prepayment Applied
  E. Prepayment Unapplied

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  Event Class: Prepayment Application Event Types: Prepayment Application Adjusted Prepayment Applied Prepayment Unapplied

  Reference: Oracle Payables User's Guide, AP Invoices Event Entity

• Question 78:

  What is the validation status of an invoice after it is loaded using the Launch Import Invoice program?

  A. Validated
  B. Never validated
  C. Needs revalidation
  D. Not required
  E. Revalidated
  B. Never validated

• Question 79:

  Identify three statements that are true for a supplier's bank details.

  A. Suppliers maintain their Bank details.
  B. Bank details are required only for manual check payments.
  C. Bank accounts can be added at any time for a supplier or supplier site.
  D. Accounts Payables use bank account information to generate an electronic payment for a supplier.
  E. Updating bank accounts for a supplier will NOT affect bank accounts for existing supplier sites.
  C. Bank accounts can be added at any time for a supplier or supplier site.
  D. Accounts Payables use bank account information to generate an electronic payment for a supplier.
  E. Updating bank accounts for a supplier will NOT affect bank accounts for existing supplier sites.

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  D (not A, not B): You can enter information for bank accounts for which your supplier is the account holder. You then assign these accounts to the supplier and its sites. Payables uses this bank information when you create electronic payments for your suppliers.

  Note: Prerequisite Define the suppliers and supplier sites that use the bank account to receive electronic payments. Reference: Defining Supplier Bank Accounts

• Question 80:

  Choose three features of Oracle Fusion Expenses that facilitate streamlined expense item creation.

  A. smart defaulting
  B. classification of expenses
  C. imaged receipts attachment
  D. tagging and Tag Search
  E. efficient approval mechanism
  B. classification of expenses
  C. imaged receipts attachment
  E. efficient approval mechanism

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  ORACLE FUSION EXPENSES KEY FEATURES

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  Mobile entry for expenses

  *

  Automated support for accounting and project allocations

  *

  Embedded transactional intelligence guide approvers' decisions (B, E)

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  Out-of-the box imaging integration (C)

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  Unique approval routing for project and cost center expenses (E)

  Note: Oracle Fusion Expenses is a complete solution for expense management that gives financial managers the detailed information they need and employees the easy data entry options they want. The online and spreadsheet entry options along with mobile entry and approvals reduce administrative headaches while still capturing essential data for effective cost management.

  Reference: Oracle Fusion Expenses, Data Sheet