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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2021 Jun 1Z0-516 Study Guide Questions:

Q151. The Accounting Flexfield of ABC Corporation is: Company. Department. Account. Cost Center. Identify four correct statements. (Choose four.) 

A. Company is a segment in the combination. 

B. The account code combination is a Key Flexfield. 

C. The account code combination is identified by a structure. 

D. The account code combination is a Key Flexfield as well as a Descriptive Flexfield. 

E. The Flexfield appears on your form as a two-character-wide text field with brackets [ ] as its prompt. 

F. Existing values for the Accounting Flexfield appear as a concatenated value having segment separators. 

Answer: ABCF

Q152. Data Security Policies restrict the actions or operations that can be performed on a specific business object (for example, Inventory Items). Which three Data Security Policies can restrict access? (Choose three.) 

A. All Instances 

B. An instance Set 

C. A Data Group Set 

D. A specific Instance 

E. A specific Data Group 

Answer: ABD

Q153. Exhibit: 

Which are the next two steps needed to distribute the rent cost to the various departments? (Choose two.) 

A. Post the journal. 

B. Define and generate MassAllocation. 

C. Define the MassAllocation journal. 

D. Create manual journal entries for distributing rent. 

Answer: AB


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Q154. ABC.com wants to define a consolidation process for its enterprise. 

It has two sets of books: Set of Books A and Set of Books B. 

Both sets of books will use Oracle General Ledger. 

Set of Books A has three companies with the same calendar and chart of accounts as Set of Books B. 

Set of Books A has USD as its currency. 

Set of Books B has four companies with the same chart of accounts and calendar as Set of Books 


Set of Books B has GPD as its currency. 

Select the consolidation method. 

A. Interface Data Transformer 

B. Global Intercompany System 

C. Oracle Financial Analyzer 

D. Financial Statement Generator 

Answer: D

Q155. Your client occasionally charges sales tax erroneously to some customers. The client's current process involves manually issuing a credit memo to correct the customer's account. Customers routinely deduct the sales tax from the invoice before paying. Identify two steps that can help simplify the clients current process. (Choose two.) 

A. Set up AutoAccounting. 

B. Set up adjustment approval limits. 

C. Set up transaction type for tax adjustment. 

D. Select the TAX: Allow Override of Tax Code profile option. 

E. Define receivables activity of adjustment with tax accounting distribution. 

F. Define receivables activity of miscellaneous cash with tax accounting distribution. 

Answer: BE

Q156. Select three types of Payables open interfaces that will import data into Payables from other applications or third-party solutions. (Choose three.) 

A. PCard Open Interface 

B. Supplier Open Interface 

C. Matching Open Interface 

D. Receiving Open Interface 

E. Payments Open Interface 

Answer: ABC

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Tested 1Z0-516 :

Q157. Identify three features of the Fusion Business Intelligence Embedded Dashboard page. (Choose three.) 

A. Widgets 

B. Separate sign-on to access 

C. Display of transactional data 

D. Time summarization options 

E. Delegation of roles for a limited time 

Answer: ADE

Q158. Identify the sequence of the steps that are required for performing the accounting setup from this list. 

1. Define accounting options. 

2. Define primary ledger. 

3. Define legal entities. 

4. Assign legal entities to accounting setup. 

5. Complete accounting setup. 

6. Define secondary ledgers. 

A. 1, 2, 3, 4, 5, 6 

B. 3, 4, 2, 6, 1, 5 

C. 3, 4, 2, 6, 5, 1 

D. 1, 3, 2, 4, 5, 6 

Answer: B

Q159. Company A has implemented Oracle Payables and Oracle General Ledger. It has a third-party (non-Oracle) application that it uses to enter employee expense reports. The company wants to interface the expense reports created in the third-party application to Oracle Payables as invoices, and pay these invoices out of Oracle Payables. Identify the Oracle Payables interface that accomplishes this. 

A. Projects Import Interface 

B. Payables Open Interface 

C. Credit Card Import Interface 

D. Expense Report Import Interface 

Answer: B

Q160. Identify three statements that are true for entering bank and branch details. (Choose three.) 

A. Each bank must have at least one bank branch. 

B. The bank account number is free-formatted information. 

C. Banks and bank branches are created for Cash Management. 

D. Bank accounts cannot be shared between bank and bank branches. 

E. Each bank can have multiple branches and each branch can have multiple accounts. 

Answer: ABE