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2021 Sep 1Z0-516 exam cram

Q101. Which five statements are true about the elements required for a set of books? (Choose five.) 

A. The same segment security rules apply to all segments that use the same value sets and have security enabled, although you can choose to assign the security rules to specific responsibilities. 

B. Multiple chart of accounts structures can share the same value sets. 

C. It is technically possible to use the same balancing segment value in multiple sets of books. 

D. Each set of books must have its own unique accounting calendar defined. 

E. Period Type Calendar results in fiscal year being used in the system name of accounting periods. 

F. General Ledger converts amounts in a foreign currency to functional currency by using Corporate rate type only. 

G. Adjusting periods are used for journal entries originating in General Ledger only. 

H. Enable the appropriate functional currency before you define a set of books. 

Answer: ABCGH

Q102. ABC.com, the GL accountant comes to you and says that to minimize maintenance efforts, disabled account code combinations should be automatically deleted from budget organization periodically. At the same time, if new account code combinations have been defined, then these should be automatically added. What is your response? 

A. To do this, automatically run the Maintain Budget Organization program periodically. 

B. It is possible to automatically delete the disabled account code combinations, but new accounts need to be added manually. 

C. If the client wants to do this, then customization of workflow is the only option. 

D. Oracle GL budget functionality cannot satisfy this requirement. 

E. It is possible to automatically add new account code combinations, but disabled accounts need to be deleted manually. 

Answer: A

Q103. ABC.com has two sets of books and six inventory organizations. What is the minimum number of times that ABC.com needs to run the general ledger interface in order to close the inventory at the end of each accounting cycle? 

A. 6 

B. 4 

C. 2 

D. 10 

E. 12 

F. 8 

Answer: A

Q104. In the Payment Process Requests, which action(s) can you perform on invoices that are selected for a pay run? 

1. Review unselected invoices. 

2. Change the invoice amount or the discount taken. 

3. Add selected invoices to the payment process request. 

4. Remove selected invoices from the payment process request. 

5. Recalculate interest, payment withholding, or exchange rates. 

A. All actions 1-5. 

B. 1, 3 and 4 only. 

C. 1, 2 and 5 only. 

D. 1, 2, 3 and 4 only. 

Answer: B

Q105. A receipt of $2,000 is received for an invoice that has $1,500 as the amount due. The remittance advice does not state a reason for the overpayment. Identify the receipt state that should be displayed. 

A. Applied 

B. Unapplied 

C. On-account 

D. Unidentified 

E. Partially applied 

Answer: B


Updated 1Z0-516 free practice test:

Q106. After registering new data sources, you must complete your Bill Presentment Architecture by creating database views. How many database views can you create for each data source? 

A. One 

B. Nine 

C. Three 

D. Unlimited 

Answer: D

Q107. 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

Q108. Identify two reasons why ABC Company would use Oracle Business Intelligence (BIS) as one of their reporting tools. (Choose two.) 

A. Perform ad hoc query, reporting, analysis, and Web publishing. 

B. Provide a secured and centralized location to produce and manage point-in-time reports. 

C. Executive-level information about earnings per share and current ratios can be obtained. 

D. Monitor the business at a high level and obtain performance measures by using business metrics. 

E. Create consolidated reports and perform consolidation for companies that share the same ledger. 

Answer: CD

Q109. For each subledger there should be one _____. 

A. Account Type 

B. Journal Category 

C. Journal Type 

D. Journal Source 

Answer: D

Q110. ABC.com is a national company with five divisions that share the same set of books. Select the statement that best describes the consolidation process for ABC Corporation. 

A. Run translations, transfer data and run financial reports. 

B. Run revaluation, translation, and eliminations; transfer data and run financial reports. 

C. Run revaluation and translation, transfer data and run financial reports. 

D. Transfer data and run financial reports. 

E. Enter eliminating journals and run financial reports. 

Answer: E