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 Jun 1Z0-507 Study Guide Questions:

Q11. 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 

Answer: D 

Explanation: 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 


Q12. 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. 

Answer: C,D,E 

Explanation: 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 


Q13. 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 errorsinthe spreadsheet and loading but reimporting cannot be done from spreadsheet 

E. Viewing invoice header and linesinthe same view 

Answer: A,C,E 

Explanation: 

Note: 

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

* 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. 

* 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. 


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Q14. 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 

Answer: B,C,E 

Explanation: 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 


Q15. An installment for $1000 is due for payment on January 10, 2012. The installment has two discounts: the first discount date is December 5, 2011 for $150 and the second discount date us December 20, 2011 for $100. The Pay Date Basis on the supplier site is Discount. 

You submit a payment process request: 

. Payment Date =December 5, 2011 

Pay ThroughDate =December 25, 2011 

Date Basis =Pay date 

AlwaysTake Discount option = Enabled 

What will be the resulting status of the installment and discount? 

A. The installment is NOT selected because the first discount date NOT BEFORE the Pay Through Date. 

B. The installment is selected and a discount of $150 is available because the always Take Discount option is enabled. 

C. The installment is selected and a discount of $0 is available because the payment date is after the discount dates. 

D. The installment is selected and a discount of $100 is availed because only the latest discount date is committed. 

E. The installment is NOT selected but discount of $150 is availed because the Always Take Discount option is enabled 

Answer: B 

Explanation: 

Similar example: 

An installment for 3,000 USD is due for payment on March 31, 2011. The 

installment has two discounts. The first discount date is February 15, 2011, for 

150 USD. The second discount date is February 28, 2011, for 100 USD. 

You submit a payment process request with the following data: 

. Payment Date = February 8, 2011 

. Pay Through Date = March 30, 2011 

. Date Basis = Pay date 

The Pay Date Basis setting on the supplier site determines whether the installment is selected for payment and whether a discount is taken. If the supplier site Pay Date Basis is set to Discount, the installment is selected for payment because the Pay Through Date of March 30, 2011, is later than at least one of the discount dates. The first discount for 150 USD is taken because the Payment Date of February 8, 2011, is before the first discount date of February 15, 2011. If the Payment Date was after February 15, 2011, but before February 28, 2011, the second discount of 100 USD would be taken. The Payment Date determines the discount. If the supplier site Pay Date Basis is set to Due, the installment is not selected for payment because the installment due date of March 31, 2011, is later than the Pay Through Date of March 30, 2011. The Pay Through Date determines the installment selection. 

Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Date Basis in Payment Process Requests: Examples 


Q16. How do you classify a prepayment as permanent? 

A. Create the prepayment invoice with the prepayment type as Permanent. 

B. Leave the Apply after date field blank in the Invoice Header. 

C. Deselect the Allow Prepayment Application option in the Invoice Header page. 

D. Permanent prepayments are not allowed. 

E. Deselect the Allow Prepayment Application option In the Invoice Line. 

Answer: A 

Explanation: There are two types of Prepayments: Temporary and Permanent. Temporary can be applied against an invoice or it can be applied against an advance to an employee expense report. Permanent prepayments are created for expenses which are not invoiced for example a lease deposit. Permanent prepayments do not get applied against open invoices. 


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Q17. 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 


Q18. What duty must an employee have in order to create payables documents, review reimbursements, process results, and review expense exports? 

A. Expense Audit Duty 

B. Expense Export Duty 

C. Expense Entry Duty 

D. Expense Management Analysis Duty 

E. Expense Policies and Rules Administration Duty 

Answer: C 

Explanation: C: Creates and updates expense items and expense reports. Reference: Oracle Fusion Applications Financials Security Reference Manual 


Q19. A company implements Withholding Tax Setup. A user selects the applicable tax rates, completes the invoices and validates it. The Withholding tax is applied and a corresponding Withholding tax invoice created. 

What is required to get this result? 

A. Apply Withholding Tax at Invoice Validation and Never Create Withholding Invoice 

B. Apply Withholding Tax at Payment and Create Withholding Invoice at Invoice Validation 

C. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Payment 

D. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Invoice Validation 

E. Apply Withholding Tax at Payment and Create Withholding Invoice at Payment 

Answer: D 

Explanation: Payables can automatically create withholding tax invoices, or you can perform this task manually. If you choose to automatically create withholding tax invoices, you must choose whether to do this during Approval or during payment processing. 

If you specify that you want to create withholding tax invoices during Approval, Payables creates unapproved withholding tax invoices for tax authority suppliers assigned to tax names. 

Reference: Creating Withholding Tax Invoices 


Q20. Which embedded analytics provides Information on expense reports without receipts? 

A. Recent Similar Analytics 

B. Recurring Violations 

C. Recent Returned Reports 

D. Corporate Card Required Violation 

Answer: B 

Explanation: 

Note: 

* Can I access expense analytics? 

Only approvers can access expense analytics that are visible on the right side of expense reports. The analytics include recent similar expenses, recurring violations, and recent returned expense reports associated with the preparer. 

* Can I see previous expense report submission data to help me with my approval decision? 

Yes. On the right side of the expense report approval notification, three tables provide you with historical expense report information for this employee on recent similar expenses, recurring violations, and recent returned expense reports.