1Z0-517 Online Practice Questions and Answers

Which event reverses an accrual for an item set to accrue on receipt?

A. paying an invoice

B. delivering goods to a final destination

C. running the Receipt Accruals - Period-end process

D. matching an invoice in Payables to a purchase order

Select two steps that are NOT elements of creating a Financial Statement Generator (FSG) report in Oracle General Ledger (Choose two.)

A. Attach the fiscal calendar.

B. Define rows and columns.

C. Build a report by using rows and columns.

D. Specify the default ledger for ledger sets.

E. Determine which rows and columns make up your report.

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.

To set up and use Multiple Organization Access Control (MOAC) most effectively, you need to define three profile options. (Choose three.)

A. MO: Operating Unit

B. HR: Security Profile

C. MO: Security Profile

D. HR: Business Group

E. MO: Default Operating Unit

Client L has implemented Oracle Payables. They have been able to enter invoices and have them validated, but have been unable to create accounting entries. You have been asked to review the situation. Identify what could be causing this problem.

A. The base currency has not been defined.

B. Automatic offsets have been set to balancing.

C. The primary accounting method has not been defined.

D. The Payables Accounting Process was not submitted.

E. The account for gain or loss attribute has not been enabled.

In the accrual process for period-end accruals, which two events generate accounting entries that can be transferred to General Ledger? (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

Assume that the withholding tax is calculated at the invoice payment time and the withholding tax rate is 20%. Identify three statements with the correct withholding tax calculations. (Choose three.)

A. invoice amount $500, withholding tax $100 (20% of $500)

B. invoice amount $400, prepayment invoice for $200, withholding tax $4 (20% of $200)

C. invoice amount $600, prepayment invoice for $100, withholding tax $12 (20% of $600)

D. invoice amount $500, prepayment invoice for $250, withholding tax $50 (20% of $500 - $250)

E. invoice amount $600, prepayment invoice for $100, withholding tax $100 (20% of $600 - $100)

Which four statements are true about modifying selected invoices in a pay run? (Choose four.)

A. You can remove all invoices for a particular supplier site.

B. You can create a zero-amount payment for a supplier site.

C. Payables automatically build payments after you modify a pay run.

D. You can create a negative-amount payment to clear a credit memo.

E. You can modify the payment or discount amounts for a selected invoice.

To enter manual tax lines on invoices, enable manual tax options in E-Business Tax. Select three setup options for manual tax lines. (Choose three.)

A. Regime

B. Event Class

C. Regime, Tax

D. Configuration Owner

E. Tax ?Controls and Defaults

F. Regime, Tax, Tax Jurisdiction

A table has 15 Attribute columns to capture additional information. The attributes 1-12 are set up in the Descriptive Flexfield as Global Segments. How many attributes can be set up under any new context?

A. 1

B. 3

C. 15

D. 12

E. 11