Oracle 1Z0-517 Online Practice Questions and Exam Preparation

Oracle 1Z0-517 Online Questions & Answers

• Question 11:

  At your client site, Cash Management is installed along with Oracle Payables. The Payables option for payment accounting is set to account for a payment both on issue and clearing. The cash clearing accounts and cash accounts are different.

  What accounting happens when a payment is issued?

  A. debit AP liability, credit cash
  B. debit cash clearing, credit cash
  C. debit cash, credit cash clearing
  D. debit AP liability, credit cash clearing
  D. debit AP liability, credit cash clearing

• Question 12:

  When you validate an invoice in Payables, E-Business Tax automatically performs four tasks. (Choose four.)

  A. creates distributions
  B. recalculates tax lines
  C. allocates tax amounts
  D. places tax-related holds on the invoice
  E. updates imported invoices into Payables
  A. creates distributions
  B. recalculates tax lines
  C. allocates tax amounts
  D. places tax-related holds on the invoice

• Question 13:

  Identify three features of Payment Manager. (Choose three.)

  A. updates a supplier's bank details
  B. provides calculation of the interest amount
  C. uses templates to select invoices to pay that meet the payment criteria
  D. creates payment process request templates by specifying invoice selection criteria
  E. automatically submits invoices via payment process requests to Oracle Payments for processing and payment
  C. uses templates to select invoices to pay that meet the payment criteria
  D. creates payment process request templates by specifying invoice selection criteria
  E. automatically submits invoices via payment process requests to Oracle Payments for processing and payment

• Question 14:

  Choose three required steps while performing the accounting setup in the Accounting Setup Manager. (Choose three.)

  A. Define operating units.
  B. Update accounting options.
  C. Complete the accounting setup.
  D. Define intercompany balancing rules.
  E. Create the accounting setup structure.
  F. Assign balancing segment values to legal entities.
  B. Update accounting options.
  C. Complete the accounting setup.
  E. Create the accounting setup structure.

• Question 15:

  Which statement is FALSE about the Stop Payments Report?

  A. Use this report to review all current stop payments.
  B. Payables lists stop payments that were voided at a later time.
  C. Payables does not list stop payments that were voided at a later time.
  D. Payables does not list stop payments that were initiated, but then released at a later time.
  B. Payables lists stop payments that were voided at a later time.

• Question 16:

  Which key process is considered as a prerequisite for Transfer Journal Entries to GL Process?

  A. Invoice Register
  B. Create Accounting
  C. Invoice Audit Listing
  D. Payables Posted Payment Register
  B. Create Accounting

• Question 17:

  Identify three statements that are true about processing automatic withholding tax invoices and payments. (Choose three.)

  A. Withholding distributions for a paid invoice can be reversed.
  B. If an invoice is paid or partially paid, withholding distribution cannot be reversed.
  C. Payables uses the supplier number as an invoice number for the tax authority's invoice.
  D. Withholding tax distributions are automatically created during invoice validation or payment processing.
  E. Payables automatically creates a withholding type distribution when a withholding tax group is entered in the Invoices window.
  B. If an invoice is paid or partially paid, withholding distribution cannot be reversed.
  D. Withholding tax distributions are automatically created during invoice validation or payment processing.
  E. Payables automatically creates a withholding type distribution when a withholding tax group is entered in the Invoices window.

• Question 18:

  You set the GL: Journal Review Required profile option to "Yes." Identify the result.

  A. requires all journals to be reviewed before posting
  B. requires review of recurring journals before posting
  C. requires review of a journal entered in GL by the approver before posting
  D. requires generated Auto Allocation journals to be reviewed before posting
  D. requires generated Auto Allocation journals to be reviewed before posting

• Question 19:

  Identify three statements that are true for the automatic withholding tax process. (Choose three.)

  A. Withholding tax type distributions are negative amounts.
  B. The Withholding tax group can be assigned only to an invoice distribution.
  C. Using automatic withholding tax, Payables creates the correct withholding tax distributions.
  D. Withholding tax distributions are automatically created during invoice validation or during payment processing.
  E. If an invoice with an associated withholding tax invoice is canceled, Payables automatically creates an invoice for the tax authority supplier to offset the amount of the withholding tax invoice.
  C. Using automatic withholding tax, Payables creates the correct withholding tax distributions.
  D. Withholding tax distributions are automatically created during invoice validation or during payment processing.
  E. If an invoice with an associated withholding tax invoice is canceled, Payables automatically creates an invoice for the tax authority supplier to offset the amount of the withholding tax invoice.

• Question 20:

  ABC Corp. wants to allocate the gross amount of XYZ Co. invoices to fifty cost centers each time an invoice is received from them. The cost centers that are to be charged require minimal updating. Select the option you would recommend that requires minimal ongoing maintenance.

  A. Import predefined invoices from an Excel spreadsheet.
  B. A customization may be created to allocate the charges at the end of the month.
  C. Create an invoice and use the prorate functionality to allocate the cost across accounts.
  D. Make it an operational policy that all invoices of this type are created listing all the desired accounts.
  E. Create a distribution set for all the desired accounts and associate it to all new invoices for this supplier.
  E. Create a distribution set for all the desired accounts and associate it to all new invoices for this supplier.