Oracle 1z1-507 Actual Free Exam Questions & Community Discussion

Exam Code/Number: 1z1-507
Exam Name/Title: Oracle Fusion Financials 11g Accounts Payable Essentials
Certification Provider: Oracle
Corresponding Certification: 11g

Exam Questions: 119
Updated On: Aug 14, 2026

Question #31

Which hold type prevents accounting of a foreign currency invoice if the conversion rate is missing?

A. Unmatched Invoices hold

B. Incorrect Conversion Rate hold

C. Invoice Amount Limit hold

D. No Rate hold

E. Distribution Variance hold

Discussion 0

Correct Answer: D Vote an answer

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Question #32

In which two scenarios is the invoice line type Prepayment automatically generated?

A. a prepayment is unapplied to the invoice

B. at the time of validating a Prepayment Invoice

C. a prepayment created with invoice type as Prepayment

D. a manually created invoice line with type as Prepayment

E. a prepayment applied to the invoice

Discussion 0

Correct Answer: A,E Vote an answer

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Question #33

The Accounts Payable Manager voided a Payment Request issued for a foreign currency invoice due to insufficient funds.
Which three statements are correct?

A. Any realized gain or loss on foreign currency invoices is recorded as paid by the payment when reversed.

B. All related withholding tax invoices are automatically reversed.

C. Accounting and payment records for the invoices that were paid automatically are reversed.

D. The process places the invoice on hold automatically.

E. All related interest invoices are reversed if already created.

Discussion 0

Correct Answer: B,C,E Vote an answer

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Question #34

What is the required parameter for the Payables to General Ledger Reconciliation Report?

A. Financial Period

B. Ledger

C. Business Unit

D. Balancing Segment Value

E. Natural Segment Value

Discussion 0

Correct Answer: B Vote an answer

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Question #35

An employee submits an expense report, but before it is processed the employee is terminated. At which level is the option Processing Days Allowed After Termination configured?

A. Project attributes

B. Define expenses configuration

C. Business unit

D. Expense template and type set up

E. Employee

Discussion 0

Correct Answer: E Vote an answer

Question #36

What are the three prerequisites for applying a prepayment to an invoice?

A. The prepayment has the same payment term as the invoice.

B. The prepayment has the same supplier number as the invoice.

C. The prepayment has the same requester as the invoice.

D. The prepayment has the same payment currency as the invoice.

E. The prepayment has the same invoice currency as the invoice.

Discussion 0

Correct Answer: B,D,E Vote an answer

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Question #37

An invoice is created, paid, and is accounted for. Two adjustments are made to the invoice and validated with the same accounting date.
Which statement is correct?

A. A Payment Adjustment Event is NOT created in both the cases.

B. A Payment Adjustment Event is created in the second instance even though the first event had NOT been accounted.

C. A Payment Adjustment Event is created for both adjustments.

D. Only one Payment Adjustment Event is created because the first Payment Adjustment Event has NOT been accounted.

E. The Payment Adjustment Event created in the first instance will be overwritten by the second.

Discussion 0

Correct Answer: C Vote an answer

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Question #38

Identify three predefined accounting event classes used by subledger Accounting.

A. Refunds

B. Third Party Merge

C. Payment Process Request

D. Bills Payable

E. Expense Report

Discussion 0

Correct Answer: A,B,D Vote an answer

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Question #39

Identify three correct statements about creating and maintaining supplier profile entities.

A. Multiple sites can NOT be created for the same address.

B. One supplier address can be associated with one or more supplier contacts and one contact can be associated with one or more addresses.

C. Transaction Controls are maintained at supplier site level.

D. Tax Registrations can be created and maintained only at the supplier level.

E. Bank Accounts can be created and maintained at supplier and supplier site level.

Discussion 0

Correct Answer: B,D,E Vote an answer

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Question #40

What are the two Online Accounting options available in Oracle Fusion Payables?

A. Account and Post to Ledger

B. Account in Final and Transfer to Ledger

C. Account in Draft and Transfer to Ledger

D. Account in Final

E. Account in Draft

Discussion 0

Correct Answer: D,E Vote an answer

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