1Z0-517 Online Practice Questions and Answers
Which two statements are true about the reporting currency in Oracle General Ledger? (Choose two.)
A. It is an integrated extension of a ledger.
B. It replaces multiple reporting currencies.
C. Reporting currencies are the same as secondary ledgers.
D. Reporting currencies cannot have the same chart of accounts, accounting method, and ledger processing options.
What is the effect of summary accounts on the efficiency of the posting process?
A. Use summary accounts in the posting process to accumulate values.
B. Use summary accounts in the posting process to not accumulate values.
C. Use of summary accounts increases the efficiency of the posting process.
D. Use of summary accounts decreases the efficiency of the posting process.
ABC Corporation wants to convert from their existing legacy application to Oracle E-Business Suite Release 12. Identify three statements that are true for invoice conversion. (Choose three.)
A. Merge all paid invoices for a supplier.
B. Invoices related to employee expense cannot be converted.
C. Establish a cutoff date after which invoices will be entered in Payables.
D. Use Payables Open Interface to convert unpaid invoices and credit memos.
E. Develop metrics that will be used to determine whether data conversion was successful.
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
E-Business Tax calculates the amount of tax that is recoverable on the basis of the tax setup. To implement accrual-based accounting recoverable tax, four setups are needed. (Choose four.)
A. Enable "Set as offset tax."
B. Enable "Allow tax recovery."
C. Set the default recovery settlement option to "Deferred."
D. Define tax accounts, tax expense, recoverable tax, and interim tax.
E. Enable the default recovery settlement options at the regime, tax, tax status, or tax rate levels.
Self-assessed tax amounts are taxes that you are liable for, but do not appear on the invoice, such as use tax. To use self -assessed taxes, enable the Set for Self Assessment/Reverse Charge option when you define the _____ in the Party Tax Profile.
A. set allow tax recovery
B. tax registration information
C. recoverable tax information
D. set allow manual tax only lines
Identify three statements that are true for creating the withholding tax for standard, recurring, and prepayment invoices. (Choose three.)
A. The Withholding Tax Report is prepared by suppliers.
B. The Withholding Tax Group defaults in from the supplier or supplier site.
C. There can be multiple withholding tax codes with multiple tax authorities assigned to a group.
D. You can set up a special calendar to define periods that Payables uses for automatic withholding tax.
E. The Withholding Tax Invoice Description field does NOT include the invoice that the withholding tax invoice is associated with.
Which three reports can be used for identifying duplicate suppliers? (Choose three.)
A. Supplier Report
B. Supplier Audit Report
C. Supplier Merge Report
D. Supplier Listing By Supplier Name
Identify four modules that support two-way integration with Oracle Payables. (Choose four.)
A. Oracle Projects
B. Oracle Purchasing
C. Oracle Receivables
D. Oracle General Ledger
E. Oracle Cash Management
F. Oracle Human Resources
XYZ Corp. has operations in the U.S. and Canada. Within Canada, it has two separate Divisions due to
Statutory requirements: one in Quebec and another in Ontario.
How would you define the organization structure for XYZ Corp. from the information given above?
A. two Ledgers, two Legal Entities, and two Operating Units
B. two Ledgers, two Legal Entities, and three Operating Units
C. two Ledgers, three Legal Entities, and two Operating Units
D. two Ledgers, three Legal Entities, and three Operating Units
E. three Ledgers, three Legal Entities, and three Operating Units