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Exam Code: 1Z0-507 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle Fusion Financials 11g Accounts Payable Essentials
Certification Provider: Oracle
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2016 Sep 1Z0-507 Study Guide Questions:

Q21. Identity three events across the life cycle of an expense report? 

A. Aninvoice 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. 

Answer: A,B,E 

Explanation: 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 OracleSubledger 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 

Q22. The following Issue is reported by the AP Invoice User: 

When creating an invoice, there is no visual Indicator that prepayments exist for that supplier and are available to be applied against the invoice. There used to be a bell icon next to the supplier number, but it is not there anymore. 

Identify the correct action that a consultant must perform in order to resolve the issue. 

A. Enable Show Available Prepayments during Invoice Entry on the Supplier Maintenance page. 

B. Enable a Show Available Prepayments during Invoice Entry on the Manage Invoice Options page. 

C. Enable Show Available Prepayments during Invoice Entry on the Payables System Setup page. 

D. Enable show Available Prepayments during Invoice Entry in the Common Options for Payables and Procurement. 

E. Show available Prepayments during Invoice Entry on the Manage Business Objects page. 

Answer: B 

Explanation: You can specify default values for the following attributes on both the Manage Invoice Options page and on the supplier setup. Payables uses the default values from the Manage Invoice Options page, unless you specify a different value for the supplier. Currency Pay group Payment priority Payment terms Terms date basis Pay date basis Quantity tolerances Amount tolerances 

Reference: Oracle Fusion Applications Financials Implementation Guide, Manage Invoice Options 

Q23. 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 

Answer: A,C 

Explanation: 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 

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Q24. Identify two privileges granted to the job role Accounts Payable Supervisor. 

A. running Payables Data Extraction Program 

B. managing Accounting Period Status 

C. preparing French DAS2 Contractor Letters 

D. managing Payables Activities 

E. initiating Payables Invoice Approval Task Flow 

Answer: B,C,E 

Explanation: Job Role: Accounts Payable Supervisor 

Oversees the activities of Accounts Payables Specialists. Initiates and manages pay runs. 

Resolves nondata entry holds. 

Q25. 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 

Answer: A,B,D 

Explanation: 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 

Q26. Which two invoice actions are NOT allowed if prepayments have been applied to an invoice? 

A. Cancel an invoice. 

B. Reverse an invoice distribution. 

C. Modify an invoice distribution. 

D. Add an invoice line. 

E. Modify the accounting information. 

Answer: A,C 

Explanation: A: 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. 

C: When you apply a prepayment, in addition to updating fields in the Apply/Unapply Prepayments window, Payables updates the following fields. For Quick Invoices and Expense Reports, these values appear after import: 

* For the invoice: 

Invoice Workbench: Prepaid Amount; Status is updated to reflect that the invoice has been paid or partially paid 

Distributions window: Prepayment Number; Prepayment Distribution 

* For the prepayment: 

Invoice Workbench: If you have applied all Item distributions, the invoice Status will change from Available to Fully Applied 

Distributions window: Prepay Amt Remaining 

Note: 

* You can enter only one Item type distribution for each prepayment. 

*You cannot apply prepayments to standard invoices when there are no item distributions or item lines without a valid distribution set. 

Reference: Oracle Applications, Cancelling Invoices 

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Validated 1Z0-507 answers:

Q27. 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 

Answer: B,C,E 

Q28. Which three business rules prevent a distribution from being reversed? 

A. If it is PO/RCV matched 

B. If it represents a prepayment application/unapplication 

C. If it represents an interest invoice line 

D. If it is already posted to a subledger 

E. If it represents a variance (IPV or ERV) 

Answer: A,C,E 

Explanation: You cannot update, reverse, or delete a distribution if: 

* The Invoice is PO/RCV matched. Such reversals must be accomplished by discarding the entire Line.(A) 

* The distribution is on a Prepayment type invoice and the distribution has been applied. 

 (C) 

* The Invoice represents a variance (IPV or ERV). A variance is only reversed as part of discarding the parent line or cancelling the invoice. (E) 

Etc. 

Reference: Oracle Payables User's Guide, Invoices 

Q29. 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 

Answer: C 

Explanation: The Subledger Accounting Transaction Analysis Duty analyzes Subledger Accounting transactional information 

Reference: Oracle Fusion Accounting Hub Security Reference Manual 

Q30. What are the two types of Holds available? 

A. Installment holds 

B. Supplier Site holds 

C. Supplier Location holds 

D. Invoice Line holds 

E. Payment holds 

Answer: A,B 

Explanation: Holds are constraints that Oracle Fusion Payables automatically applies to an invoice or supplier, or that you manually place on an invoice, to prevent payment and, in some cases, creation of accounting entries. 

You can release some holds manually and Payables provides a predefined holds resolution workflow for manually releasable holds. Other holds require that you fix the exception condition before Payables releases the hold. 

The different types of holds are as follows: Installment holds Supplier site holds Invoice holds System holds 

Reference: Fusion Applications Help, Types of Holds: Explained 

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