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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2016 May 1Z0-516 Study Guide Questions:
Q371. Which two statements are true about invoicing rules and accounting rules? (Choose two.)
A. If a transaction has an invoicing rule, an accounting rule is optional.
B. If a transaction has an invoicing rule, an accounting rule is not allowed.
C. If a transaction has an invoicing rule, an accounting rule is also required.
D. Invoicing rules and accounting rules have no effect until invoices are paid.
E. Invoicing rules and accounting rules have no effect unless you choose the accrual method of accounting.
F. Invoicing rules determine when invoices are due. Accounting rules affect how invoices are accounted for.
Q372. After creating two new customers, ABC and XYZ, you create and complete an invoice for $105 ($100 plus $5 tax) for customer ABC. You print the invoice and realize that you should have created the invoice for customer XYZ and not for customer ABC. The accounting for the transaction is posted to the General Ledger (GL). Which is the best option to correct the situation?
A. Create an adjustment to the invoice for the entire amount, and then create a negative adjustment to the account of XYZ.
B. Create an on-account credit memo for $105 for ABC. Apply the on-account credit memo to the invoice. Enter and complete the invoice for XYZ.
C. Change the status of the invoice to incomplete. Change the transaction type of the invoice to a transaction type that has class equal to credit memo. Complete the invoice. Enter and complete the invoice for XYZ.
D. From the Navigator, select Transactions > Credit Transactions. The Credit Transactions form is displayed; choose your transaction. Click the Credit Balance button, save your work, and then click the Complete button. Enter and complete the invoice for XYZ.
Q373. You reviewed all the reconciliation reports for month-end close. Identify the correct sequence of actions you would undertake to close the month.
A. Run Applied Receipts Report, run AR Reconciliation Report, run Journal Import.
B. Run AR Reconciliation Report, run Sales Journal Report, run Create Accounting Program.
C. Run Sales Journal Report, run AR to GL Reconciliation Report, run Create Accounting Program.
D. Run Create Accounting Program, run AR Reconciliation Report, run AR to GL Reconciliation Report.
Up to the minute 1Z0-516 latest exam:
Q374. All manual journal entries are defaulting to a non-current period. Which step was omitted from the accounting cycle?
A. Updating the period
B. Posting journal entries
C. Consolidating financials
D. Reversing journal entries
E. Translating foreign balances
Q375. Identify the four setup options that control supplier defaults. (Choose four.)
A. financial options
B. payables options
C. receiving options
D. purchasing options
E. Payables system setup
F. Trading Community Architecture (TCA)
Q376. For each subledger, there must be one _____.
A. journal type
B. account type
C. journal source
D. journal category
Refined 1Z0-516 :
Q377. Which three are part of the Global Consolidation System functionality ? (Choose three.)
A. View the multilevel structure of your consolidation in a graphical format.
B. Create consolidated journal entries in both parent and subsidiary set of books as part of the consolidation process.
C. Define mapping rules to determine how subsidiary account balances roll up into the parent.
D. View the status and monitor subsidiary account balances for any changes that occur after the subsidiary data has been transferred.
E. Use the IDT to transfer data from Oracle Global Consolidations to external financial feeder systems.
Q378. Identify three processes that you must run before closing your Payables period. (Choose three.)
A. Expense Report Export
B. The Create Accounting program
C. Payables Open Interface Import
D. Period Close Exceptions Report
E. The Transfer Journal Entries to GL program
Q379. Application Security consists of User, Responsibility, and Self-Service Application Security. Select three authorizations to which a responsibility allows access. (Choose three.)
B. Legal Entity
C. Business Groups
D. A specific application or applications
E. A restricted list of windows, functions, and reports
Q380. After discussions with the client, the implementation team decides that the GL Autoallocation functionality would help satisfy the clients requirements to automatically allocate the rent and other expenses to all the departments based on the defined formula. The GL accountant comes to you with a requirement that the approver of the journal should be automatically informed once the journal is generated. What is your response?
A. Dynamic Insert must be enabled to satisfy this requirement.
B. It is not possible to satisfy this requirement.
C. Cross-validation rules must be defined to satisfy this requirement.
D. Autoallocation uses Workflow, so there is no problem in satisfying this requirement.