1Z0-517 | Replace 1Z0-517 Exam Study Guides With New Update Exam Questions
Q11. Why would you use the clearing payment method?
A. To generate a payment document to clear a debit memo
B. To generate a payment document to clear a credit memo
C. To account for intercompany expenses when you disburse funds through banks
D. To account for intercompany expenses when you do not disburse funds through banks
Answer: D
Q12. The accounting setup process in Oracle General Ledger consists of three main steps. (Choose three.)
A. Update accounting options.
B. Approve accounting options.
C. Complete the accounting setup.
D. Create an accounting setup structure.
Answer: ACD
Q13. Identify two places where you can define a legal entity. (Choose two.)
A. set of books
B. data access set
C. Legal Entity Configurator
D. HRMS organization setup
E. Accounting Setup Manager
Answer: CE
Q14. 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.
Answer: AD
Q15. XYZ Corp. must complete the subledger account process and perform other period-end closing activities. Payables must validate and account for the remaining invoices that have system holds. Select the period-end processing order to be followed assuming that there are no error transactions.
A. journal import, journal posting, invoice validation, create accounting, transfer journal entries to General Ledger
B. create accounting, invoice validation, transfer journal entries to General Ledger, journal import, journal posting
C. invoice validation, create accounting, transfer journal entries to General Ledger, journal import, journal posting
D. transfer journal entries to General Ledger, submit journal import, create accounting, invoice validation, journal posting
Answer: C
Q16. Select two actions available in Oracle General Ledger. (Choose two.)
A. deleting posted journals
B. exporting data to subsidiary ledgers
C. importing data from subsidiary ledgers
D. consolidating balances in subsidiary ledgers
E. consolidating balances from multiple ledgers
Answer: CE
Q17. A client is implementing ACH and has a business requirement that all invoices go through an approval process flow. Identify three features of the Invoice Approval Workflow that would meet their requirement. (Choose three.)
A. allows automatic resubmission of an invoice if rejection occurs
B. has predefined criteria to identify which invoices require approval
C. allows approval routing management from one central responsibility
D. provides automatic routing of invoices upon approval to another designated approver
E. allows for corrections to invoices to be made while still in the approval routing process
F. provides time limits as to how long an invoice can remain unapproved before being automatically rerouted to the next approver
Answer: BDF
Q18. Which statement is true about paying invoices?
A. An invoice can be paid without being validated.
B. An invoice can be paid only after the invoice accounting entries are created.
C. An invoice must be validated before you can create invoice accounting entries.
D. Invoice accounting entries and payment accounting entries can be transferred at different times to General Ledger only if they are in different calendar periods.
E. Both invoice accounting entries and payment accounting entries must be transferred to General Ledger at the same time if they are in the same calendar period.
Answer: C
Q19. Identify three benefits of using the Journals Import: Group By Effective Date profile option. (Choose three.)
A. facilitates consolidation
B. makes daily updates to daily business intelligence
C. facilitates more transparent exchange rate conversions
D. accounts for business transactions by effective date or by accounting date
E. facilitates financial auditing and compliance with the new Sabanes-Oxley Act
Answer: BDE
Q20. Using the Payables System Setup Options form, you can enable autonumbering for _____.
A. invoices
B. suppliers
C. payments
D. employees
E. expense reports
Answer: B