Oracle Fusion Financials 11g Accounts Payable Essentials : 1z1-507

  • Exam Code: 1z1-507
  • Exam Name: Oracle Fusion Financials 11g Accounts Payable Essentials
  • Updated: Sep 11, 2026
  • Q & A: 119 Questions and Answers

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Oracle 1z1-507 Exam Syllabus Topics:

SectionWeightObjectives
Payables Setup and Configuration20%- Define payment terms and payment methods
- Configure Payables system options
- Configure tax and accounting rules
- Set up supplier and supplier sites
Expense Reports Management10%- Audit and process expense reports
- Expense report approval workflow
- Enter and submit expense reports
Invoice Processing25%- iSupplier Portal invoice entry
- Invoice matching and holds resolution
- Prepayments and credit memos
- Enter and validate invoices
Payments Processing20%- Stop and void payments
- Payment formats and bank integration
- Single payments and batch payments
- Create and manage payment process requests
Accounting, Period Close and Reporting15%- Create accounting entries
- Manage accounting periods
- Run Payables reports and analytics
- Transfer to General Ledger
Overview of Oracle Fusion Payables10%- Payables concepts and architecture
- Payables dashboard and work areas

Oracle Fusion Financials 11g Accounts Payable Essentials Sample Questions:

Question #1

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 each payment in the payment file to terminated.
  • B. 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.
  • C. The application sets the status of the payment file to Canceled.
  • D. The application sets the status of the payment file to terminated.
  • E. The application sets the status of each payment in the payment file to Canceled.
Answer: B,D,E

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Question #2

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 next period.
  • 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 change to the same day of the new period specified.
  • D. The accounting date of the invoice will NOT change but the user can close the existing period
  • E. The accounting date- of the Invoice will change to the first day of next period.
Answer: B

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Question #3

Choose three actions that can be performed from the Accounts Payables dashboard.

  • A. Export to Excel
  • B. Drill Down
  • C. Reorder Columns
  • D. Export to PDF
  • E. Reorder Rows
Answer: A,B,C
Question #4

Which three statements are true when a prepayment is applied to an invoice by selecting the option Include on Invoice?

  • A. The invoice is updated to reflect the amount paid by prepayment in the Installments tab.
  • B. The prepayment amount available for application is reduced.
  • C. The unpaid invoice amount is not affected by the prepayment application.
  • D. The prepayment amount paid is NOT updated In the Installment tab of invoice.
  • E. The unpaid invoice amount is reduced by the amount of the prepayment application.
Answer: B,D,E

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Question #5

Identify three actions performed by the Payables department for iSupplier invoices.

  • A. creating Non Purchase Order matched invoices
  • B. processing payments
  • C. Validating invoices
  • D. creating accounting
  • E. creating Purchase Order matched invoices
Answer: B,C,D

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