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Oracle 1z0-507 Exam Syllabus Topics:

SectionObjectives
Accounting and Period Close- Period end close processes
- AP accounting entries
Supplier and Invoice Management- Invoice matching and approvals
- Supplier setup and maintenance
- Invoice creation and validation
Payments Processing- Payment processing and reconciliation
- Payment methods and formats
Accounts Payable Overview- AP setup and configuration
- AP business processes overview
Reporting and Controls- AP reporting tools and analysis
- Audit and compliance controls

Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:

What are the three modes available to enter expense reports?

  • A. Spreadsheet Integration
  • B. Oracle Fusion Payments
  • C. Oracle Fusion Expenses
  • D. Oracle Fusion Payables
  • E. Oracle Fusion Projects
Answer: C,D,E

Explanation: Only visible for iPassleader members. You can sign-up / login (it's free).

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. Show available Prepayments during Invoice Entry on the Manage Business Objects page.
  • C. Enable show Available Prepayments during Invoice Entry in the Common Options for Payables and Procurement.
  • D. Enable a Show Available Prepayments during Invoice Entry on the Manage Invoice Options page.
  • E. Enable Show Available Prepayments during Invoice Entry on the Payables System Setup page.
Answer: D

Explanation: Only visible for iPassleader members. You can sign-up / login (it's free).

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

  • A. Prepayment Application Adjusted
  • B. Prepayment Applied
  • C. Prepayment Unapplied
  • D. Prepayment Adjusted
  • E. Prepayment Validated
Answer: A,B,C

Explanation: Only visible for iPassleader members. You can sign-up / login (it's free).

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

Explanation: Only visible for iPassleader members. You can sign-up / login (it's free).

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

Explanation: Only visible for iPassleader members. You can sign-up / login (it's free).

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