Exam Code: 1Z0-517 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle EBS R12.1 Payables Essentials
Certification Provider: Oracle
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2021 Apr 1Z0-517 Study Guide Questions:

Q101. Identify three statements that are true for E-Business Tax. (Choose three.)

A. E-Business Tax transactions are strictly controlled and cannot be changed.

B. E-Business Tax provides seeded tax registration types for local organizations.

C. E-Business Tax provides a single point solution for managing your transaction-based tax requirements.

D. E-Business Tax provides a common model for setting up tax data for tax determination and tax calculation.

E. E-Business Tax uniformly delivers tax services to all E-Business Suite business flows through one application interface.

Answer: CDE

Q102. Identify the report that is used to reconcile the Accounts Payable liability balance at period end.

A. Accrual Write-Off Report

B. Uninvoiced Receipts Report

C. Accounts Payable Trial Balance

D. Payables Posted Invoice Register

E. Payables Posted Payment Register

F. Matched and Modified Receipts Report

Answer: C

Q103. Identify three ways in which subledgers transfer information to General Ledger. (Choose three.)

A. balances

B. batch transfer

C. detail journals

D. line-level records

E. summary journals

Answer: BCE

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Q104. You have been hired to implement Oracle General Ledger at XYZ Company. They want to have four legal entities to support operations in the US (East), the US (West), the UK, and France. The chart of accounts and accounting calendar are similar for all entities except France. Only the UK operations want to enable average balances and journal approvals. What would be the minimum number of setups needed to meet this need?

A. four

B. two

C. one

D. three

Answer: D

Q105. Select three statements that apply to Interface Data Transformer (IDT). (Choose three.)

A. It ensures reapplication of the same rules each time you transfer.

B. IDT provides greater flexibility by performing no validation on the imported data.

C. User-defined conditions enable you to control when transformation rules must be applied.

D. IDT provides automatic data conversion that converts disparate data formats into an Oracle format.

E. It makes exporting of data from Oracle General Ledger into external feeder systems much easier and less time consuming.

Answer: ACD

Q106. Mark, the GL accountant, asks you whether he can use the constant (C) segment type with the parent segment values while defining the MassAllocation formula. What would be your response?

A. Whether you can do this depends on the formula.

B. You can customize the workflow and then do this.

C. Whether you can do this depends on the responsibility.

D. You can do this only if Allow Dynamic Insert is enabled.

E. You can do this only if there is a summary account associated with the parent.

Answer: E

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Q107. To set up Offset Tax under the Tax Configuration tab, which Tax Configuration tab must you select to locate and enable "Set as Offset Tax"?

A. taxes

B. tax rules

C. tax rates

D. tax statuses

E. tax regimes

Answer: A

Q108. Tax Content Services store and maintain the master and reference data that are needed to support the other components in E-Business Tax. You use the E-Business Tax application to model details about the tax setup for all your company tax requirements. Identify the two that are NOT a subcomponent of Tax Content Services. (Choose two.)

A. tax jurisdictions

B. tax condition sets

C. basic tax configuration

D. determining factor sets

E. country default controls

F. exemptions and exceptions

Answer: BD

Q109. A manager wants to review the cash balance by company. He has asked you to create the summary account template. The company's accounting flexfield has four segments:

Company (5 values)

Cost Centers (30 values)

Region (4 values)

Account (180 values)

The total number of cash accounts is five that are associated with two parents:

Three accounts are associated with the parent called Checking.

Two accounts are identified with the parent called Savings.

To combine the cash parents, you created a rollup group named Cash.

How many accounts would the summary account template generate?

A. 10

B. 40

C. 60

D. 240

E. 1200

Answer: A

Q110. The rate variance Gain/Loss accounts specified in the Financial Options - Accounting region are used to account for _____.

A. exchange rate variance in invoices and payments

B. invoice price variance in purchase orders and invoices

C. exchange rate variance for expense items in purchase orders and invoices

D. exchange rate variance for inventory items in purchase orders and invoices

Answer: D