Oracle 1Z0-517 Online Practice Questions and Exam Preparation

Oracle 1Z0-517 Online Questions & Answers

• Question 1:

  One of your clients makes this statement during an AP meeting: Prepayments can be applied to Expense Report. What is your response?

  A. Yes, if you make a schedule prepayment
  B. Yes, but only if you set the correct profile option to do so
  C. No, because prepayments can only be applied against invoices
  D. Yes, you can prepay both invoices and expense reports
  E. No, because prepayments can only be applied against invoices that ser set up to handle prepayments
  D. Yes, you can prepay both invoices and expense reports

• Question 2:

  ABC Company in the United Kingdom has three subsidiaries in three different countries. It consolidates the accounts of all subsidiaries and the headquarters by using the average balances.

  John is new to Oracle General Ledger. He has just joined ABC Company. He needs to consolidate for the current month. On completion of the consolidation, John was not able to tally the consolidated figures with the ledgers. Select two reasons why John failed to see the correct balances. (Choose two.)

  A. Posting of the consolidation journals may have failed.
  B. He forgot to add the prior periods consolidation in the current period.
  C. Manual adjustment needed after every consolidation was not performed.
  D. John may not have reversed the prior periods consolidation in the current period.
  A. Posting of the consolidation journals may have failed.
  D. John may not have reversed the prior periods consolidation in the current period.

• Question 3:

  Identify three ways in which subledgers transfer information to General Ledger. (Choose three.)

  A. balances
  B. batch transfer
  C. detail journals
  D. line-level records
  E. summary journals
  B. batch transfer
  C. detail journals
  E. summary journals

• Question 4:

  ABC Corp. runs the Create Journals program, after which the Create Journal Entries Execution report is automatically created. Identify three components on which the Create Journal Entries Execution report reports. (Choose three.)

  A. Budget Journals
  B. Posted Journals report
  C. Payables encumbrance entries
  D. Purchasing encumbrance entries
  A. Budget Journals
  C. Payables encumbrance entries
  D. Purchasing encumbrance entries

• Question 5:

  At ABC.com's site, under payables options, the transfer to GL option has been set to summarize by accounting period. The period end close processes for accounts parable have run and the payables journals (Purchase invoices and payments) have been created and posted in General Ledger. Which statement is true?

  A. Drilling down from the journals of purchase invoices and payments categories in GL to payables is possible
  B. Drilling down from the journals of the payment category in GL to payables is possible, but drilling down from journals of the purchase invoices category in GL to payables is not possible
  C. Drilling down from the journals of the purchase invoices category in GL is possible but drilling down from journals of the payments category in GL to payables is not possible
  D. Drilling down from GL to payables is not possible
  A. Drilling down from the journals of purchase invoices and payments categories in GL to payables is possible

• Question 6:

  Select the four activities that are NOT part of the Payables closing process. (Choose four.)

  A. confirm payment batches
  B. close the Payables period
  C. close the General Ledger period
  D. process period-end receipt accruals
  E. review the Uninvoiced Receipts Report
  F. process the remaining Inventory transactions
  C. close the General Ledger period
  D. process period-end receipt accruals
  E. review the Uninvoiced Receipts Report
  F. process the remaining Inventory transactions

• Question 7:

  You are in the Tax Lines Summary window and you update the calculated tax amount of one of the taxable distributions. You must also adjust ________.

  A. the number of invoice lines
  B. the total header invoice amount
  C. the amount of another distribution
  D. the self assessed taxes in the Tax Details window
  C. the amount of another distribution

• Question 8:

  At your client site, the Payables period-close processes have been performed. The Payables transfer to GL has been completed, and the resulting journal entries have been posted to GL. The current Payables period has been closed. The Accounts Payable Trial Balance (last day of prior period) + Posted Invoices - Posted Payments equals the Accounts Payable Trial Balance (last day of current period).

  However, the balance in the AP liability account in GL for the current period does not equal the Accounts Payable Trial Balance (last day of the current period). What is the possible reason?

  A. Inventory has not closed for the current period.
  B. Purchasing has not closed for the current period.
  C. Period-end accrual journals have been reversed in GL.
  D. Manual journals have been posted to the AP liability account in the current period in GL.
  D. Manual journals have been posted to the AP liability account in the current period in GL.

• Question 9:

  Identify the conditions that must exist before you can apply an advance against an expense report.

  A. The prepayment type is temporary and has been fully applied.
  B. The prepayment type is temporary and has not been fully applied.
  C. The prepayment type is permanent, has been validated, and not canceled.
  D. The prepayment type is permanent and no active holds exist for the prepayment.
  B. The prepayment type is temporary and has not been fully applied.

• Question 10:

  Identify three prerequisites for processing manual payments in Payables. (Choose three.)

  A. The invoice must be validated.
  B. Create the payment inside Payables.
  C. Create the payment outside Payables.
  D. The invoice must have the same currency as the payment.
  E. The invoice must have a different currency from that of the payment.
  A. The invoice must be validated.
  B. Create the payment inside Payables.
  D. The invoice must have the same currency as the payment.