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Oracle 1z0-507 Exam Syllabus Topics:

SectionObjectives
Topic 1: Reporting and Controls- Payables reporting
  • 1. Invoice and payment reporting
    • 2. Standard financial reports
      - Internal controls
      • 1. Approval rules and segregation of duties
        • 2. Audit trails and compliance checks
          Topic 2: 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
                  Topic 3: Accounting and Period Close- Payables accounting entries
                  • 1. Invoice and payment accounting events
                    • 2. Subledger accounting integration
                      - Period close activities
                      • 1. Payables period close process
                        • 2. Reconciliation and reporting
                          Topic 4: Payments Processing- Payment execution
                          • 1. Payment batches and scheduling
                            • 2. Payment reconciliation
                              - Payment methods and formats
                              • 1. Check and wire payment processing
                                • 2. Electronic funds transfer (EFT)
                                  Topic 5: Invoice Management- Invoice adjustments
                                  • 1. Credit memos and cancellations
                                    • 2. Invoice holds and resolutions
                                      - Invoice creation and processing
                                      • 1. Standard and recurring invoices
                                        • 2. Invoice validation and approval workflow

                                          Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:

                                          Identify two invoice approval actions that can be performed from the Accounts Dashboard.

                                          • A. Resubmit for Approval
                                          • B. Stop Approval
                                          • C. Reject
                                          • D. Approve
                                          • E. Hold from Approval
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B,D  🗳️

                                          Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

                                          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. 24-Jun
                                          • B. 10-May
                                          • C. 10-Jun
                                          • D. 10-Jul
                                          • E. 24-Jul
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

                                          Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

                                          A Payment Process Request was submitted. Subsequently, the user realized that there are some errors in the payment file.
                                          The payment process was terminated by terminating the payment file.
                                          Which three statements are true?

                                          • A. The application sets the status of the payment file to terminated.
                                          • B. The application sets the status of each payment in the payment file to Canceled.
                                          • C. The application sets the status of each payment in the payment file to terminated.
                                          • D. The application sets the status of the payment file to Canceled.
                                          • E. The application informs the source product of the terminated documents payable, unlocks the documents, and resets their status so that the documents are available for future selection.
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,B,E  🗳️

                                          Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

                                          A Payment Process Request is issued with a payment type of Manual.
                                          Which two payment statuses will allow the manual payment to be voided?

                                          • A. Issued
                                          • B. Payment file build
                                          • C. Negotiable
                                          • D. Pending proposed payment review
                                          • E. Cleared
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C,D  🗳️

                                          Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

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

                                          • A. Business Unit
                                          • B. Legal Entity
                                          • C. Remit-to Account
                                          • D. Disbursement Bank Account
                                          • E. Type
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,C,E  🗳️

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