70-483 braindump [May 2021]

Exam Code: 1Z0-516 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle EBS R12.1 General Ledger Essentials
Certification Provider: Oracle
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2021 May 1Z0-516 Study Guide Questions:

Q221. ABC Corporation has closed their APR-XX accounting period. The APR-XX period started on 27-MAR-20XX and ended on 26-APR-20XX. To ensure that all accounting from APR-XX has been sent to General Ledger, they must run two Trial Balance Reports, the Posted Invoice Register, and the Posted Payment Register. What dates must be used to run Accounts Payable Trial Balance Reports? 

A. one run for 26-MAR-20XX and one for 26-APR-20XX 

B. one run for 01-APR-20XX and one for 30-APR-20XX 

C. one run for 27-MAR-20XX and one for 26-APR-20XX 

D. one run for 31-MAR-20XX and one for 30-APR-20XX 

Answer: A

Q222. Revenue accounts can be viewed only by the head of the Finance team, who has a GL Superuser responsibility. She has successfully created a standard Profit and Loss statement for the company. Another member of the department with a General Ledger Supervisor responsibility has been asked to run the standard Profit and Loss statement for Feb-06. The report shows only the expenses accounts. Which two steps should she perform so that the Profit and Loss statement will run successfully? (Choose two.) 

A. Ask to have security removed from her responsibility. 

B. Ask to have the profile option FSG: Enforce Segment Value Security changed to No. 

C. Recreate the Profit and Loss under her own responsibility. 

D. Perform an on-line inquiry to get the revenue balances. 

Answer: AB

Q223. A Ledger is a financial reporting entity. What is new in Oracle E-Business Suite Release 12 that facilitates generation of accounting entries? 

A. Ledger 

B. Chart of Accounts 

C. Multi-Org Structure 

D. Accounting Convention 

E. Financial Accounting Calendar 

Answer: D

1Z0-516  exam topics

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Q224. ABC Corp. has the following Organization Structure: 

1) Legal Entity: A 

2) Operating Units: B and C 

3) Balancing Entities: 10, 20, and 30 

Identify three correct statements regarding the Balancing Entity. (Choose three.) 

A. Each Balancing Entity must balance within itself. 

B. There can be multiple Balancing Entities within an Operating Unit. 

C. Balancing Entity is the lowest postable unit in the Chart of Accounts. 

D. Balancing Entities can be automatically secured at the Legal Entity level. 

E. Balancing Entities can be secured at the Operating Unit level through Security Rules. 

Answer: ABE

Q225. Identify four purposes for which the Special Calendar is used. (Choose four.) 

A. payment terms 

B. recurring invoices 

C. Key Indicators Report 

D. automatic tax withholding 

E. opening and closing payables periods 

F. controlling the number of future periods 

Answer: ABCD

Q226. ABC Company wants to compare consolidated actuals against consolidated budgeted amounts. Identify the two steps that must be performed to provide ABC Company with this information. (Choose two.) 

A. Run the Trial Balance report. 

B. Execute an online budget inquiry. 

C. Execute an online account inquiry. 

D. Review the Account Analysis report. 

E. Run financial statement generator reports. 

Answer: CE

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Q227. 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

Q228. Which two statements correctly describe the translation process? (Choose two.) 

A. The translation process allows you to translate only year-to-date amounts. 

B. If you rerun the translation process, the process adds the additional data to the previous translated amounts. 

C. You can rerun the translation process more than once per period. 

D. Translation for a subsidiary can be initiated from the parent using the State Controller Translate button. 

Answer: CD

Q229. XYZ Corporation is headquartered in Dubai with a branch in Kuwait. Dubai uses a weekly calendar and Kuwait uses a monthly calendar. The plan is to close the Kuwait operations and open a new branch in Bangalore. The Kuwait secondary ledger will be deleted and the new Bangalore secondary ledger will be added. Bangalore will use a different chart of accounts from that of Dubai and will use a weekly calendar. Select two valid statements. (Choose two.) 

A. There is no mapping required from the Dubai ledger to the Bangalore ledger. 

B. After adding the Dubai ledger, the ledger options step must be completed. 

C. Deleting the Kuwait ledger is possible after the accounting setup of the Dubai ledger is complete. 

D. If the Kuwait ledger is disabled, it is still available for historical reporting and manual journal entries. 

Answer: BD

Q230. ABC Corp. uses Oracle E-Business Suite Release 12 and wants to design an Order Status Web inquiry screen to make order statuses visible to its customers online. How can ABC Corp. ensure that customers view only their individual order statuses? 

A. By securing attributes for each customer 

B. By excluding attributes for individual customers 

C. By assigning a separate attribute value for INTERNAL_CONTACT_ID 

D. By assigning the same attribute value for CUSTOMER_CONTACT_ID 

Answer: A

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