1Z0-517 | A Review Of Virtual 1Z0-517 practice test
Q161. Identify three E-Business Tax setup options. (Choose three.)
A. set up supplier
B. set up tax regimes
C. set up tax recovery rates
D. set up taxes and tax rates
E. set up currency exchange
Answer: BCD
Q162. Peter, the GL accountant, tells you that he has defined the budget and that the budget amounts have been entered and approved by management. After approval, he wants his assistant accountants to NOT be able to update this budget. What would be your response?
A. The budget status must be current.
B. Set the budget status to frozen to meet this need.
C. The Oracle General Ledger budget functionality cannot satisfy this requirement.
D. If the client wants to do this, customization of Oracle Workflow is the only option.
Answer: B
Q163. Select the correct sequence of tasks required for period closing in Oracle General Ledger.
1. Verify that all journals are posted.
2. Close the period of each subledger.
3. Run the Trial Balance report and other month-end reports.
4. Close the period and open the next period.
5. Perform reconciliation of subsidiary ledgers.
6. Transfer and import data from all subledgers.
A. 6, 5, 2, 1, 4, 3
B. 3, 2, 1, 6, 4, 5
C. 6, 5, 1, 3, 2, 4
D. 6, 5, 2, 1, 3, 4
E. 6, 2, 3, 1, 5, 4
Answer: D
Q164. In the accrual process for perpetual accruals, which two events generate accounting entries that can be transferred to GL? (Choose two.)
A. processing a receipt
B. entering a purchase order
C. running the period-end accrual program
D. entering invoices and matching them in Payables
Answer: AD
Q165. Identify three statements that are true for entering bank and branch details. (Choose three.)
A. Each bank must have at least one bank branch.
B. The bank account number is free-formatted information.
C. Banks and bank branches are created for Cash Management.
D. Bank accounts cannot be shared between bank and bank branches.
E. Each bank can have multiple branches and each branch can have multiple accounts.
Answer: ABE
Q166. Identify the two methods that are NOT used to enter invoice distributions. (Choose two.)
A. using a distribution set
B. creating through allocations
C. matching the invoice to a shipment
D. using the Distributions Open Interface
E. manually entering in the distributions window
Answer: CD
Q167. Identify the item that requires approval through the workflow process.
A. invoices not matched to a purchase order
B. invoices that existed before you enabled the feature
C. expense reports imported through the Payables Expense Report Import Program
D. recurring invoices if the recurring invoice template did not have the Approval Workflow
Required option enabled
Answer: A
Q168. Identify three statements that are true about E-Business Tax and Payables. (Choose three.)
A. In E-Business Tax, tax calculations are based on supplier's site defaults.
B. In E-Business Tax, there is one repository with detailed and fully allocated tax lines.
C. Payables is not integrated with E-Business Tax to provide tax services for invoices.
D. With E-Business Tax, you can account for recoverable taxes at the time and to the extent of payment in Payables.
E. Payables integrates with E-Business Tax to automatically determine and calculate the applicable tax lines for the invoices.
Answer: BDE
Q169. R12 uses simplified navigation paths. To which specific button or navigational notation does (ST) refer?
A. start
B. stop
C. save
D. submit
E. search
F. subtab
Answer: F
Q170. A client wants to configure Oracle AP to perform prepayments for matched invoices.
You have been hired as the implementation consultant and have been given the assignment. To complete this assignment, choose the option that applies.
A. Set up the prepayment terms.
B. Enable "Allow prepayments" in the Financial Options form.
C. Enable the Oracle Payables Enable Prepayments profile option.
D. No additional configuration is required. Users must set up the prepayment when the invoice is created.
E. No additional configuration is required. Users must set up the prepayment when the payment is created.
Answer: D