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Q101. E-Business Tax calculates the amount of tax that is recoverable on the basis of the tax setup. To implement accrual-based accounting recoverable tax, four setups are needed. (Choose four.)

A. Enable "Set as offset tax."

B. Enable "Allow tax recovery."

C. Set the default recovery settlement option to "Deferred."

D. Define tax accounts, tax expense, recoverable tax, and interim tax.

E. Enable the default recovery settlement options at the regime, tax, tax status, or tax rate levels.

Answer: BCDE

Q102. 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.

Answer: D

Q103. Identify three statements that are true for supplier's bank details. (Choose three.)

A. Suppliers maintain their bank details.

B. Bank details are required only for manual check payments.

C. Bank accounts can be added at any time for a supplier or supplier site.

D. Payables uses bank account information to generate an electronic payment for a supplier.

E. Updating bank accounts for a supplier will not affect bank accounts for existing supplier sites.

Answer: CDE

Q104. Suppliers play an important part in the Procure-to-Pay process. Select three activities that you must perform using a supplier. (Choose three.)

A. You receive goods or services from suppliers.

B. You need supplier information for entering purchase orders.

C. You must pay the supplier for the goods or services purchased.

D. You need a supplier as the criterion to search for a payment in the system.

E. You need a supplier as the criterion to search for purchase orders in the system.

Answer: ABC

Q105. Which three reports can be used to reconcile Payables activities to General Ledger? (Choose three.)

A. Supplier Payment Report

B. Posted Payments Report

C. Cash Clearing Account Report

D. Accounts Payable Trial Balance Report

E. General Ledger Account Analysis Report

Answer: BDE

Q106. Scott is implementing Oracle General Ledger for ABC Corporation. He needs help as he creates the accounting setup. Which two are true for the creation of the accounting setup? (Choose two.)

A. Assigning legal entities to accounting setups is compulsory.

B. After the subledger accounting method is assigned, it cannot be changed.

C. Before completing the accounting setup, secondary ledgers and currency can be deleted.

D. A calendar cannot be assigned if it contains gaps between periods or it does not have a full fiscal year defined.

Answer: CD

Q107. Company ABC has decided to use the invoice approval workflow to require approval on all invoices. Select two exceptions where Payables automatically sets the approval status to not required. (Choose two.)

A. invoices imported through EDI

B. invoices created after invoice workflow approval is enabled

C. invoices created using the Pay on Receipt Autoinvoice program

D. expense reports imported through the Payables Expense Report Import program

E. recurring invoices if the approval workflow option required was not enabled on the template

Answer: DE

Q108. Identify four options for Quick Payments. (Choose four.)

A. Create a check, save it, and print it later.

B. Select an invoice that has not been validated.

C. Select an invoice that has one or more holds.

D. Create a quick payment, and select an invoice regardless of the due date.

E. Create a quick payment, and select an invoice regardless of the payments terms.

F. Create and print a computer-generated payment to pay a supplier for one or more invoices.

Answer: ADEF

Q109. has closed its APR-XX Accounting period. The APR-XX period started on 27-MAR-20-20XX and ended on 26-APR-20XX. It has run the posted invoice register, the posted payments register and two accounts payable trail balance reports (as of 30-MAR-20XX and 30-APR-20XX). Unfortunately, the accounts do not balance. Which two actions should be taken? (Choose two.)

A. Check to make sure that all invoices for the period are paid

B. Check the dates on the accounts payable Trail Balance reports

C. Check to ensure that invoice and payment journals are posted in General Ledger

D. Check to make sure that there are no unaccounted transactions in APR-XX by using the

Unaccounted Transactions report

Answer: BC

Q110. Identify two events that take place when an invoice is matched to a purchase order. (Choose two.)

A. Tolerances are enforced.

B. The quantity billed is updated.

C. The quantity received is updated.

D. The purchase order accounting information is copied to the invoice.

Answer: BD