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Oracle 1z1-507 Exam Syllabus Topics:

SectionObjectives
Reporting and Controls- Payables reporting
  • 1. Standard financial reports
    • 2. Invoice and payment reporting
      - Internal controls
      • 1. Audit trails and compliance checks
        • 2. Approval rules and segregation of duties
          Accounts Payable Setup and Configuration- Payables system configuration
          • 1. Financial options setup
            • 2. Payables options and controls
              - Supplier setup and management
              • 1. Supplier and supplier site configuration
                • 2. Supplier classification and payment terms
                  Invoice Management- Invoice creation and processing
                  • 1. Invoice validation and approval workflow
                    • 2. Standard and recurring invoices
                      - Invoice adjustments
                      • 1. Credit memos and cancellations
                        • 2. Invoice holds and resolutions
                          Accounting and Period Close- Period close activities
                          • 1. Reconciliation and reporting
                            • 2. Payables period close process
                              - Payables accounting entries
                              • 1. Subledger accounting integration
                                • 2. Invoice and payment accounting events
                                  Payments Processing- Payment methods and formats
                                  • 1. Check and wire payment processing
                                    • 2. Electronic funds transfer (EFT)
                                      - Payment execution
                                      • 1. Payment batches and scheduling
                                        • 2. Payment reconciliation

                                          Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:

                                          A company has implemented the Integrated Imaging Solution. While extracting an invoice batch, RTS fails to extract and validate an invoice in the batch.
                                          What is the next step?

                                          • A. Only the invoices that failed validation will be marked as failed and these need to be resubmitted after corrections
                                          • B. The failed invoices will be loaded with the data available and the user needs to enter the missing information manually.
                                          • C. The entire batch is marked as failed and needs to be resubmitted after corrections.
                                          • D. The entire invoice batch will be sent to IPM tor routing including invoice failed validation.
                                          • E. The failed invoice will be removed from the batch and remaining Invoices will be sent to IPM for routing.
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C  🗳️

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

                                          Which section of the Payment Dashboard lists all the processes submitted within the last 72 hours?

                                          • A. Stop Payment Requests
                                          • B. Supplier Sites on Payment Hold
                                          • C. Process Monitor
                                          • D. Schedule Requests
                                          • E. Payment Process requests
                                          Reveal Solution  Discussion  0

                                          Correct Answer: E  🗳️

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

                                          What are the three modes available to enter expense reports?

                                          • A. Oracle Fusion Projects
                                          • B. Oracle Fusion Expenses
                                          • C. Spreadsheet Integration
                                          • D. Oracle Fusion Payments
                                          • E. Oracle Fusion Payables
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,B,E  🗳️

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

                                          What are the three benefits derived by a Payables Manager when implementing Oracle fusion Payables?

                                          • A. Fulfilling of demands for local compliance
                                          • B. Streamlining reconciliation to the general lodger
                                          • C. Simplified and expeditious reporting
                                          • D. Streamlining accounting policy changes
                                          • E. Improvement in processing speed and manageability
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B,C,E  🗳️

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

                                          A user, while entering an invoice for an asset for capitalization, has entered the GL Distribution charge Account.
                                          Identify the asset related account to which this invoice should match in order for it to be automatically converted into an asset in Fusion Assets.

                                          • A. Accumulated Depreciation Account
                                          • B. Depreciation Account
                                          • C. Asset Amortization Account
                                          • D. Asset Cost Account
                                          • E. Asset Clearing Account
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

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

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