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Oracle 1z1-507 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Reporting and Controls | - AP reporting tools and analysis - Audit and compliance controls |
| Topic 2: Payments Processing | - Payment processing and reconciliation - Payment methods and formats |
| Topic 3: Supplier and Invoice Management | - Invoice creation and validation - Invoice matching and approvals - Supplier setup and maintenance |
| Topic 4: Accounts Payable Overview | - AP setup and configuration - AP business processes overview |
| Topic 5: Accounting and Period Close | - AP accounting entries - Period end close processes |
Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:
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. Automatic Offset
- B. Invoice Matching
- C. Sub ledger Accounting Setup
- D. Default Distributions
- E. Distribution Set
Correct Answer: A 🗳️
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An invoice for $1,000 and a credit memo for $1,100 are due for payment.
Which two outcomes will result if the Apply Credits up to Zero Amount Payment option is enabled in the Payment and Processing options of the Payment Process Request?
- A. Both the invoice and credit memo are paid fully.
- B. The invoice is paid fully but the credit memo is paid partially when a credit of $100 still remaining.
- C. Neither the invoice nor the credit memo is included in the payment process request.
- D. Only the invoice is paid fully but the credit memo will have a balance of $1,100.
- E. Both the invoice and credit memo are included in the payment process request
Correct Answer: D,E 🗳️
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What are the two Online Accounting options available in Oracle Fusion Payables?
- A. Account in Final
- B. Account in Draft and Transfer to Ledger
- C. Account and Post to Ledger
- D. Account in Final and Transfer to Ledger
- E. Account in Draft
Correct Answer: A,E 🗳️
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During its first month end close, a company has an Invoice with a Hold status dated 15-Jan-2012.
Its accounting practice permits the transfer of unaccounted transactions from one period to another. What will happen if it runs the Payables Unaccounted transactions Sweep program?
- A. The accounting date of the invoice will change to the same day of the new period specified.
- B. The accounting date of the invoice will change to the first day of the new period specified.
- C. The accounting date of the invoice will NOT change but the user can close the existing period
- D. The accounting date of the Invoice will change to the same day of next period.
- E. The accounting date- of the Invoice will change to the first day of next period.
Correct Answer: B 🗳️
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Identify three benefits that a buyer company and supplier can receive from the Supplier Portal.
- A. Expedite invoice processing and increase efficiency by allowing authorized suppliers to enter their invoices against approved purchase orders.
- B. Enhance supplier relationship and reduce communication overhead by providing suppliers a quick view of invoice and related payments regardless of whether invoices were submitted online or processed manually.
- C. Suppliers can view and update their master information.
- D. Suppliers can view their purchase order information.
- E. Reduce human error and prevent unauthorized purchasing with an automatic approval process for unmatched invoices.
Correct Answer: A,B,E 🗳️
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