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2016 Sep 1Z0-517 exam answers
Q141. Select four options that can be set at the supplier site level. (Choose four.)
B. tax details
D. bank details
E. business classification
Q142. The fiscal year of XYZ Inc. is the calendar year. Before closing the Mar-05 period, a GL user notices that an entry related to the Dec-04 period has not been entered. Dec-04 has a closed status. Now that the user has all the approvals, he or she wants to know how to enter and post the journal in GL, ensuring that all balances are reflected correctly.
What must the user do?
A. Open Dec-04; enter and post the journal; close the period.
B. Open Dec-04, Jan-05, and Feb-05; enter and post the journal; close all periods.
C. Open Dec-04; enter and post the journal; run the Trial Balance report; close the period.
D. The user cannot post to a prior period that is not in the current fiscal year. So, enter and post it in Mar-05.
Q143. 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.
Q144. The companys two senior executives have different budget figures. They want Peter, the GL accountant, to prepare two current budgets in Oracle Financials and submit budgets to both of them. What would be your response?
A. It is not possible to have more than one current budget.
B. Whether you can have multiple current budgets depends on the budget organization.
C. The Require Budget Journal profile option must be set at the budget level if you want to have multiple current budgets.
D. The Require Budget Journal profile option must be set at the set of books level if you want to have multiple current budgets.
E. The Oracle General Ledger budget functionality supports multiple current budgets, so there is no problem in satisfying this requirement.
Q145. A reversing journal entry can be posted into _____.
A. a current or any future open period
B. a past closed period and a current open period
C. a current open period and a never-opened period
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Q146. In the accrual process for perpetual accruals, which two events generate accounting entries that can be transferred to GL? (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
Q147. Select three processes that must be performed before closing the purchasing period. (Choose three.)
A. Process period-end receipt accruals.
B. Run the Purchasing Account Analysis Report.
C. Process the remaining inventory transactions.
D. Run and review the Uninvoiced Receipts Report.
E. Run Transfer Journal Entries to the GL program from Receiving.
Q148. At your client site, under Payables Options, the Transfer to GL option has been set to Summarize by Accounting Period. The period-end close processes for AP have run and the Payables journals (purchase invoices and payments) have been created and posted in GL. Which statement is true?
A. It is not possible to drill down from GL to Payables.
B. It is possible to drill down from journals of categories purchase invoices and payments in GL to Payables.
C. Drilldown from the journals of category purchase invoices in GL is possible, but not drilldown from journals of category payments.
D. Drilldown from the journals of category payments in GL to Payables is possible, but not drilldown from journals of category purchase invoices.
Q149. Identify two correct statements about the consolidation feature of Oracle General Ledger. (Choose two.)
A. Both budget and actual balances can be consolidated.
B. Consolidation is possible only when the subsidiaries use multiple Oracle application instances.
C. You can consolidate balances only when there are separate ledgers for different companies.
D. You can maintain multiple companies with similar or different accounting structures and consolidate their results for meaningful financial reporting.
Q150. 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.
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