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Q41. Assume that the withholding tax is calculated at the invoice payment time and the withholding tax rate is 20%. Identify three statements with the correct withholding tax calculations. (Choose three.)

A. invoice amount $500, withholding tax $100 (20% of $500)

B. invoice amount $400, prepayment invoice for $200, withholding tax $4 (20% of $200)

C. invoice amount $600, prepayment invoice for $100, withholding tax $12 (20% of $600)

D. invoice amount $500, prepayment invoice for $250, withholding tax $50 (20% of $500 - $250)

E. invoice amount $600, prepayment invoice for $100, withholding tax $100 (20% of $600 - $100)

Answer: ADE

Q42. Which two are true about elimination? (Choose two.)

A. You can define balancing options for eliminating entries.

B. You can define an elimination set to contain one elimination entry.

C. Currency is an optional component when defining an elimination set.

D. You must specify an elimination company in the Elimination Sets window.

Answer: AB

Q43. Expense reports for Company A are entered in Payables using the Expense Report form. The accounting flexfield has a three-segment structure:

Company - Cost Center - Account

The employee GL account on the expense report is populated from the employee record. The company and the cost center for the expense lines are derived from the GL account. The account segment value could vary for every line on the expense report. Identify the approach you recommend to Company A for fast and accurate entry of expense reports.

A. Enter the expense report header. Enter lines. Enter all segment values for each expense report line.

B. Enter the expense report header. Enter lines. Override the account segment value for each line as required.

C. Create expense report templates. Enter the account segment value for each line on the template. Leave the other segment values empty. Use the template lines when entering the expense report.

Answer: C

Q44. Identify the setup options that would allow the accounts payable supervisor to default an active expense report template.

A. System Options

B. Financial Options

C. Code Set Options

D. Payables Options

E. Expense Report Payables Options

Answer: E

Q45. Identify three statements that are true for setting up withholding tax for a supplier and supplier site. (Choose three.)

A. Withholding tax is an account distribution process.

B. The withholding tax option can be overwritten at the invoice level.

C. If a supplier does not allow withholding tax, you cannot allow withholding tax for any of the supplier's sites.

D. Payables defaults the withholding tax group from the supplier site to the invoice and then to invoice distribution.

E. The Payables setup option, allow withholding tax, can make suppliers and supplier sites subject to withholding tax.

Answer: CDE

1Z0-517  sample question

Up to date 1Z0-517 practice:

Q46. The period-close processes of which Oracle Applications can be directly affected by the Payables period-close activities and processes? (Choose all that apply)

A. Purchasing

B. Installed Base

C. Advanced Pricing

D. Assets

E. Enterprise asset Management (EAM)

Answer: AD

Q47. Select two steps that are NOT elements of creating a Financial Statement Generator (FSG) report in Oracle General Ledger (Choose two.)

A. Attach the fiscal calendar.

B. Define rows and columns.

C. Build a report by using rows and columns.

D. Specify the default ledger for ledger sets.

E. Determine which rows and columns make up your report.

Answer: AD

Q48. 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

Answer: B

Q49. ABC Inc.'s calendar is the fiscal year. They also use Average Balance Processing.

ABC's accrual category is defined with AutoReversal, with the reversal period as the next day, and an effective date rule of roll. An accrual journal entered on 29-Apr-05 will be reversed on the _____.

A. first day of the next period

B. next day in the same period

C. next business day in the same period

D. next business day in the same period or the next period, based on the transaction calendar

Answer: D

Q50. Which three reports can be used for identifying duplicate suppliers? (Choose three.)

A. Supplier Report

B. Supplier Audit Report

C. Supplier Merge Report

D. Supplier Listing By Supplier Name

Answer: ABD