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:

Q61. Which three activities are performed by the Expense Auditor in the Auditing Work Area? 

A. Initiating and monitoring reimbursement processing 

B. Managing daily upload of credit card data 

C. Reviewing and reprocessing expense reports 

D. Viewing payment requests created for employees and corporate card issuers 

E. Managing corporate expense policies and rules 

Answer: A,C,D 

Explanation: Expense auditors perform the following tasks: 

. Audit expense reports. 

. Generate overdue and missing receipt notifications. 

. Check in expense report receipt packages. 

. Manage expense report audit list membership 

Reference: Oracle Fusion Applications Workforce Deployment, Expenses 

Guide, Audit Expense Report: Overview 


Q62. 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. 

Answer: A,D,E 

Explanation: 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 


Q63. 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 


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Abreast of the times 1Z0-507 real exam:

Q64. Which three tasks are performed during the expense report reimbursement process? 

A. Approval of expense report. 

B. Defining expense policies and rules. 

C. Creation of payables documents. 

D. Transfer of data to the payables open interface. 

E. Attachment of receipts supporting expense reports. 

Answer: A,C,E 

Explanation: The Process Expense Report Reimbursement process also checks whether expense report holds can be released. 

Payment holds are released in the following ways: 

* The expense auditor manually releases the payment hold at his discretion on the Audit Expense Report page by selecting the Release Hold option on the Actions menu. 

* Based on receipt status, Expenses detects that receipts are received or waived and automatically releases the payment hold. 


Q65. Which three details are required to create a Single Payment Request? 

A. Legal Entity 

B. Business Unit 

C. Type 

D. Remit-to Account 

E. Disbursement Bank Account 

Answer: B,C,D 


Q66. What invoice approval status is required to apply the invoice approval action Hold from Approval? 

A. Initiated 

B. Required 

C. Rejected 

D. Held from Approval 

E. Resubmit for Approval 

Answer: B 

Explanation: To delay the approval process for an invoice, select the Hold from approval action. You can select this action when the Approval Status on an invoice is Required. The Approval Status on the invoice is updated to Held from approval. The invoice still requires approval before it can be paid and you must initiate approval for the invoice at a later time. 

Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Hold from Approval 


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Realistic 1Z0-507 braindumps:

Q67. 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 


Q68. 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 

Answer: B,C,E 

Explanation: 

ORACLE FUSION EXPENSES KEY FEATURES 

* Mobile entry for expenses 

* Automated support for accounting and project allocations 

* Embedded transactional intelligence guide approvers’ decisions (B,E) 

* Out-of-the box imaging integration (C) 

* 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 


Q69. 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 


Q70. 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 

Answer: A,D 

Explanation: 

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