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Oracle 1z1-507 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Invoice Management | - Invoice adjustments
|
| Accounting and Period Close | - Payables accounting entries
|
| Reporting and Controls | - Internal controls
|
| Payments Processing | - Payment execution
|
| Accounts Payable Setup and Configuration | - Payables system configuration
|
Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:
1. What are the three payment types?
A) Wire
B) Refund
C) Check
D) Quick
E) Manual
2. Which hold type prevents accounting of a foreign currency invoice if the conversion rate is missing?
A) Distribution Variance hold
B) Unmatched Invoices hold
C) Incorrect Conversion Rate hold
D) No Rate hold
E) Invoice Amount Limit hold
3. 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) The invoice is paid fully but the credit memo is paid partially when a credit of $100 still remaining.
B) Only the invoice is paid fully but the credit memo will have a balance of $1,100.
C) Both the invoice and credit memo are included in the payment process request
D) Both the invoice and credit memo are paid fully.
E) Neither the invoice nor the credit memo is included in the payment process request.
4. Select three reasons that a prepayment will NOT be available for applying to invoices.
A) The prepayment validation status is Available.
B) The prepayment is of the Permanent type.
C) The prepayment validation status is Needs Revalidation.
D) The prepayment is of the Temporary type.
E) The prepayment validation status is Unpaid.
5. An installment for $2,000 is due for payment on July 31, 2012. The Installment has two discounts: the first discount date is June 15, 2012, for $150 and the second discount date is June 30, 2012 for $100.
You submit a payment process request:
-Payment Date = June 20, 2012 -Pay Through Date = July 30, 2011 -Date Basis = Due date
What will be the resulting status of the installment and discount?
A) The installment is selected and a discount of $150 is availed.
B) The installment is NOT selected because the due date is later than the Pay Through Date.
C) The installment is, selected and a discount of $100 is availed.
D) The installment is NOT selected because the discount dates are before the Pay Through Date.
E) The installment is selected and no discount is availed.
Solutions:
| Question # 1 Answer: B,D,E | Question # 2 Answer: D | Question # 3 Answer: B,C | Question # 4 Answer: B,C,E | Question # 5 Answer: E |








