Oracle 1Z0-507 Online Practice Questions and Exam Preparation

Oracle 1Z0-507 Online Questions & Answers

• Question 81:

  Identify two points to be considered when setting up the Accounts Payable to General Ledger Reconciliation.

  A. Configuring Data Security
  B. Configuring User Security
  C. Payables System Setup
  D. Assigning a Payables Category
  E. Assigning a Financial Category
  B. Configuring User Security
  E. Assigning a Financial Category

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  Consider these points when setting up for Oracle Fusion Payables to general ledger reconciliation.

  Reconciling by Business Unit or Ledger Assigning a Financial Category Setting the Reconciliation Data Purge Frequency Profile Option Configuring User Security Note: Periodically, you need to reconcile the transactions in your accounts payable application, both before and after you post to the general ledger. The Payables to General Ledger Reconciliation extract and report help to simplify this process and reduce the amount of manual reconciling activity required.

  The automated activities in the reconciliation process function according to the way you have set up your Financials environment. A review of some of these setups can help improve the overall reconciliation process.

  

  Reference: Fusion Applications Help, Setting Up for Payables to General Ledger Reconciliation:

  Points to Consider

• Question 82:

  Identify three predefined accounting event classes used by subledger Accounting.

  A. Third Party Merge
  B. Refunds
  C. Payment Process Request
  D. Bills Payable
  E. Expense Report
  A. Third Party Merge
  B. Refunds
  D. Bills Payable

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  Payables predefines accounting event classes and accounting event types that are used by Subledger Accounting. You can modify the accounting setup to create accounting for some events and not for others.

  This table describes the event classes and types that Payables predefines for invoices and payments. Event classes include (among others): Bills Payable Third Party Merge Refunds

  Reference: Fusion Applications help, Accounting for Invoices and Payments: Explained

• Question 83:

  The Apply Missing Conversion Rates program can only be executed for a ___________.

  A. Ledger
  B. Business Unit
  C. Legal Entity
  D. Business Group
  E. Ledger Set
  A. Ledger

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  Missing Conversion Rate:

  Controls what the system should do if it cannot find a conversion rate as of the conversion date

  *

  If Report an Error is selected, the system will report an error and prevent a transaction or journal from being posted in the source ledger; a conversion rate will need to be specified to successfully convert data entered in the source ledger to this reporting currency.

  *

  If Use Last Rate is selected, the system will use the last rate defined for a particular rate type if it cannot find a currency conversion rate; if enabled, specify a number for the Number of Days to Find the Last Rate. Reference: Oracle Financials Implementation Guide, Selected Options for Journal and Subledger Level Reporting Currencies

• Question 84:

  A company has three Balancing Segment values. An Invoice is charged to all the three Balancing Segments. It is created with three distributions with the respective Balancing Segment values and the same Natural Account for AP Charge Account.

  Which set up should automatically account the liability account to the respective Balancing Segment Values?

  A. Distribution Set
  B. Invoice Matching
  C. Automatic Offset
  D. Sub ledger Accounting Setup
  E. Default Distributions
  C. Automatic Offset

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  If you enter invoices for expenses or asset purchases for more than one primary balancing segment value, you might want to use automatic offsets to keep your Oracle Fusion Payables transaction accounting entries balanced. If you do not

  use automatic offsets, Payables creates a single liability accounting entry for invoice transactions and a single cash type accounting entry for payment transactions.

  Incorrect answers:

  A: Distribution sets speed data entry but they are optional.

  Reference: Oracle Fusion Applications Financials Implementation Guide, Offset Segments

• Question 85:

  Which three options in a Quick Payment do NOT impede the selection of documents?

  A. Payment Terms
  B. Currency
  C. Business Unit
  D. Payment Method
  E. Due Date
  A. Payment Terms
  B. Currency
  E. Due Date

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  Paying Invoices with Quick Payments You can create and print a computer generated payment to pay a supplier for one or more in- voices. You can also create a check, save it, then print it later. If you use the EDI Outbound payment format and you use Oracle EDI Gateway, then you can create electronic Quick payments.

  When you create a quick payment you can select an invoice regardless of the payments terms and due date. For example, you can create a Quick payment for an invoice that is not yet due.

  Note:

  *

  quick payment

  A single payment that you create for one more invoices without submitting a payment process request.

  *

  Quick Payment:

  It allows you to make a single payment against one or more invoices at a time to one supplier through payables. It involves 3 steps:

  -Creating a payment

  -formatting the payment

  -printing the payment.

  So give the bank , Payment method,Payment document and supplier details in the payment screen and select the invoices from Enter/adjust invoices push button. After doing this process go to actions and format and then print it. This is all

  done through payables.

  *

  Manual Payment:

  This is the process of entering the check details which has been paid manually in some emergency requirements into the payment form and selecting the invoices of the concerned supplier and check whether the total of the invoices and the

  paid amount at the header are same and save. In this there will be no formatting and printing process through payables.

  Reference: Paying Invoices with Quick Payments

• Question 86:

  A supplier is using a payment term where the total amount is due on the 10th day of the month; two months ahead with cut off day of 20. The invoice date terms for this specific Supplier. The supplier has raised an invoice for goods received on April 18 with invoice date of April 24. The invoice was received on April 28. Determine the due date of the invoice.

  A. 10-May
  B. 10-Jun
  C. 24-Jun
  D. 10-Jul
  E. 24-Jul
  D. 10-Jul

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  Customers who have invoices that fall due before the cutoff day of the invoices' payment terms receive invoices on the day that you specify in the Due: Day of Month field for the current month. Customers who have invoices with payment

  terms that fall due after the terms' cutoff day receive invoices on the day that you specify in the Due: Day of Month field for the next month of each of these terms.

  Note:

  * Cutoff Day. For Day of Month type terms only, the day of month after which the due and discount dates of the scheduled payment will be in a future month. The exact month depends on the value you enter for Months Ahead. Payables compares the invoice terms date to the Cutoff Day. If you leave this field blank, Payables always uses the current accounting month to determine the due and discount dates. For example, your Cutoff Day is 11, your Months ahead is zero, and your Day Of Month due date is 15. If you enter an invoice with a terms date of January 12, Payables will set the due date for February 15.

  If you use Due Days or Fixed Date type terms, do not enter a cutoff day.

  Reference: Oracle Applications, Payment Terms

• Question 87:

  A user issued a Payment Process Request and subsequently realized an error in the request.

  Which two options show instances where the payment can NOT be voided?

  A. A payment that pays a prepayment that has been applied to an invoice
  B. A payment for an invoice that is already posted to General Ledger
  C. A payment for an invoice which is a Withholding Tax Invoice
  D. A payment that the bank has already cleared
  E. A payment that has a status of Issued
  A. A payment that pays a prepayment that has been applied to an invoice
  D. A payment that the bank has already cleared

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  void payments restrictions

  1.

  when payment paid by third party.

  2.

  when payment got clearance from bank

  3.

  when the related invoices has prepayment to it.

  4.

  partially paid .

  Note:

  *

  A Payment Administrator cannot void a payment that has an unconfirmed stop payment request placed on it.

  *

  A check should only be voided if it is in your physical possession or has been successfully stopped by your bank. A Payment Administrator cannot void a payment that has an unconfirmed stop payment request placed on it.

  *

  Click the Void icon for the applicable payment. The Void icon is only available for payments that have been marked complete and that do not have stop requests placed on them.

• Question 88:

  Identify three tax types calculated and displayed in the totals area of the invoice page.

  A. Inclusive Tax
  B. Recoverable Tax
  C. Non Recoverable tax
  D. Withheld Tax
  E. Self Assessed Tax
  B. Recoverable Tax
  C. Non Recoverable tax
  D. Withheld Tax

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  B, C: Inclusive Tax: Shown in the Included Tax Amount column for the line. The line amount is the total of the item amount and the inclusive tax amount. The inclusive tax amount is provided for reference only. Recoverable and Non Recoverable inclusive taxes are shown in distributions under a non-tax line. To view the inclusive tax amounts as separate lines, use the Tax Lines Summary window or the Distributions window.

  

  Reference; Oracle Payments, User's Guide, R12, Taxes on Invoices

• Question 89:

  Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?

  A. The payment term of the purchase order overrides the invoice payment term.
  B. The payment term of the invoice overrides the purchase order payment term.
  C. The user needs to specify which payment term will be used.
  D. The user needs to manually change the payment term on the invoice to make it the same as the purchase order payment term.
  E. The purchase order payment term can NOT be overridden.
  B. The payment term of the invoice overrides the purchase order payment term.

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  In the Match to PO window review the purchase order Payment Terms and optionally change the invoice Payment Terms in the Invoices window. Payables uses the invoice payment terms to schedule invoice payment.

  Note: TERMS_ID Enter the ID for the payment terms of the purchase order. Payables defaults this value during matching of PO Default and Quickmatch invoices in the Invoices window. Payables Open Interface Import may also use this value as a default for matched invoices during import.

  If you choose to leave this column empty, Payables will not warn you if the purchase order and invoice payment terms differ. Reference: Matching to Purchase Orders

• Question 90:

  Identify three correct statements about creating and maintaining supplier profile entities.

  A. Tax Registrations can be created and maintained only at the supplier level.
  B. Bank Accounts can be created and maintained at supplier and supplier site level.
  C. Multiple sites can NOT be created for the same address.
  D. One supplier address can be associated with one or more supplier contacts and one contact can be associated with one or more addresses.
  E. Transaction Controls are maintained at supplier site level.
  A. Tax Registrations can be created and maintained only at the supplier level.
  B. Bank Accounts can be created and maintained at supplier and supplier site level.
  D. One supplier address can be associated with one or more supplier contacts and one contact can be associated with one or more addresses.

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  Supplier Profiles

  On approval of a new supplier registration, Supplier Lifecycle Management application saves a company profile for that supplier. Supplier profiles contain company information such as tax IDs, Dun and Bradstreet number, supplier addresses, contact names, descriptions of goods and services provided by the supplier, classification details such as ownership status (for example, minority-owned), bank account details, terms and conditions. Suppliers maintain the information and update it as needed.

  Note: Maintaining supplier profile information online can ease the administrative burden faced by trading partners. With Supplier Lifecycle Management, suppliers can access and update their profile online. Buyers use this information to directly modify supply base information in their purchasing and payables system. Maintaining supply base information online results in a significant reduction in the volume of forms and direct contact between the two organizations. Reference: Oracle Supplier Management Implementation and Administration Guide, Implementing Supplier Profile Management