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Oracle 1z0-507 Practice Q&A's

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Oracle 1z0-507 Exam Syllabus Topics:

SectionObjectives
Reporting and Controls- Internal controls
  • 1. Approval rules and segregation of duties
    • 2. Audit trails and compliance checks
      - Payables reporting
      • 1. Standard financial reports
        • 2. Invoice and payment reporting
          Accounts Payable Setup and Configuration- Payables system configuration
          • 1. Financial options setup
            • 2. Payables options and controls
              - Supplier setup and management
              • 1. Supplier classification and payment terms
                • 2. Supplier and supplier site configuration
                  Invoice Management- Invoice creation and processing
                  • 1. Invoice validation and approval workflow
                    • 2. Standard and recurring invoices
                      - Invoice adjustments
                      • 1. Invoice holds and resolutions
                        • 2. Credit memos and cancellations
                          Accounting and Period Close- Payables accounting entries
                          • 1. Invoice and payment accounting events
                            • 2. Subledger accounting integration
                              - Period close activities
                              • 1. Reconciliation and reporting
                                • 2. Payables period close process
                                  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:

                                          Question #1

                                          Identify three tax types calculated and displayed in the totals area of the invoice page.

                                          • A. Self Assessed Tax
                                          • B. Inclusive Tax
                                          • C. Recoverable Tax
                                          • D. Non Recoverable tax
                                          • E. Withheld Tax
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C,D,E  πŸ—³οΈ

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

                                          Question #2

                                          Which two organizational components are part of the OTBI report for outstanding payables Invoices?

                                          • A. Legal Entity
                                          • B. Business Unit
                                          • C. Human Resources Organization
                                          • D. Inventory Organization
                                          • E. Business Group
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,B  πŸ—³οΈ

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                                          Question #3

                                          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 Canceled.
                                          • B. The application sets the status of the payment file to terminated.
                                          • C. The application sets the status of each payment in the payment file to terminated.
                                          • D. 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.
                                          • E. The application sets the status of each payment in the payment file to Canceled.
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B,D,E  πŸ—³οΈ

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

                                          Question #4

                                          What are the three sections in the Payables Key Indicators Report?

                                          • A. Current Activity
                                          • B. Invoice Activity
                                          • C. State of the Application
                                          • D. Payment Activity
                                          • E. Recent Activity
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,B,C  πŸ—³οΈ

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

                                          Question #5

                                          Choose two actions that can be performed from the Invoices to Pay region of a Single Payment Request.

                                          • A. Search Invoices: Available for Payment
                                          • B. Change Due Date
                                          • C. Export to Excel
                                          • D. Assign Conversion Rate
                                          • E. Select and Add: Invoices to Pay
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A,B  πŸ—³οΈ

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

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