Oracle Fusion Financials 11g Accounts Payable Essentials (1z0-507) Free Practice Test

Question 1

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. Asset Cost Account

B. Asset Clearing Account

C. Accumulated Depreciation Account

D. Depreciation Account

E. Asset Amortization Account

Correct Answer: A

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Question 2

Which two actions are performed on the Manage Invoices page when using the Invoice Approval workflow?

A. stop approval

B. force approval

C. restart approval

D. initiate approval

E. cancel approval

Correct Answer: A,D

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Question 3

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

A. Approve

B. Reject

C. Resubmit for Approval

D. Hold from Approval

E. Stop Approval

Correct Answer: A,E

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Question 4

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 NOT change but the user can close the existing period

B. The accounting date of the Invoice will change to the same day of next period.

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 change to the first day of the new period specified.

E. The accounting date- of the Invoice will change to the first day of next period.

Correct Answer: D

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Question 5

A company has different payment terms for different suppliers. Payment terms with some suppliers also include discounts.
Which report needs to be executed to identify the maximum discounts possible by the earliest payment to the suppliers or where they should have taken a discount but did not?

A. Payables Discounts lost Report

B. Payables Discounts Taken and Lost Report by Supplier

C. Payables Discounts taken and Lost Report

D. Payables Discounts Report

E. Payables Discounts taken Report

Correct Answer: C

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Question 6

Identify two stages in the Payment Process Request that require manual actions to complete.

A. Retry payment creation

B. Failed document validation

C. Pending

D. Pending installments review

E. Pending Proposed Payment review

Correct Answer: B,E

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Oracle Fusion Financials 11g Accounts Payable Essentials (1z0-507) Free Practice Test