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2021 Sep 1Z0-516 exams
Q51. You are implementing Oracle General Ledger at ABC Enterprises. ABC Enterprises is a legal entity and must perform corporate and statutory reporting. It operates in a country that requires companies to have two complete ledgers: one for statutory reporting and another for corporate reporting. Identify the best option for primary and secondary ledgers.
A. Use the primary ledger to satisfy corporate reporting requirements, and then use a secondary ledger to satisfy statutory reporting requirements.
B. Use the primary ledger to satisfy statutory reporting requirements, and then use a secondary ledger to satisfy corporate reporting requirements.
C. Use the primary ledger to satisfy corporate reporting requirements, and then use an adjustment-only secondary ledger to satisfy statutory reporting requirements.
D. Use the primary ledger to satisfy statutory reporting requirements, and then use an adjustment-only secondary ledger to satisfy corporate reporting requirements.
Answer: A
Q52. Identify two functions the Revenue Accounting Management (RAM) Wizard performs in Oracle Receivables. (Choose two.)
A. Apply receipts
B. Resolve claims
C. Adjust sales credits
D. Execute the invoicing process
E. Manage revenue contingrncies
Answer: CE
Q53. Identify three options available to manage cash requirements. (Choose three.)
A. Include Only Due.
B. Change Pay Groups.
C. Select Payment Terms.
D. Select additional Pay Through Days.
E. Narrow the selection of invoices in pay run.
Answer: ADE
Q54. ABC Company in the United Kingdom has three subsidiaries in three different countries. It consolidates the accounts of all subsidiaries and the headquarters by using the average balances.
John is new to Oracle General Ledger. He has just joined ABC Company. He needs to consolidate for the current month. On completion of the consolidation, John was not able to tally the consolidated figures with the ledgers. Select two reasons why John failed to see the correct balances. (Choose two.)
A. Posting of the consolidation journals may have failed.
B. He forgot to add the prior periods consolidation in the current period.
C. Manual adjustment needed after every consolidation was not performed.
D. John may not have reversed the prior periods consolidation in the current period.
Answer: AD
Q55. The GL accountant tells you that he has defined two budgets. After selecting the budget organization in the Enter Budget Amounts form, he can select only one budget from the list of values (LOV). What would be your response?
A. The budget status is current.
B. The last fiscal year of the budget is closed.
C. The first fiscal year of the budget was never opened.
D. Accounts must be reassigned to the budget organization.
Answer: C
Update 1Z0-516 exam price:
Q56. What are the five steps for creating MassAllocation journal entries? (Choose five.)
A. posting journal entries
B. reviewing journal entries
C. validating cross-validation rules
D. freezing the accounting flexfield
E. generating MassAllocation journals
F. creating the MassAllocation definition
G. validating the MassAllocation definition
Answer: ABEFG
Q57. 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
Q58. Identify two mandatory attributes for grouping rules. (Choose two.)
A. GL date (GL_DATE)
B. Sales order (SALES_ORDER)
C. Currency (CURRENCY_CODE)
D. Accounting rule (ACCOUNTING_RULE_ID)
Answer: AC
Q59. Identify two correct statements about Oracle Receivables. (Choose two.)
A. AutoAccounting is only used for the imported transactions.
B. Errors in the AutoInvoice are sent to the Interface Exceptions table.
C. Receivables transactions cannot be changed after they are printed.
D. Receipt accounting can be transferred after the receipts are entered and saved.
E. Transfer to General Ledger can transfer transaction accounting entries after the transactions are entered and saved.
Answer: BD
Q60. Sam, the CFO of XYZ Company, finds that in the expenditure budget of the current year, there are many funds available in the stationery account, whereas there is not much amount left for employee travel expenses. Sam instructs the budget analyst John to transfer 80% of the stationery account to the travel expenses account. While transferring the amount, John encountered errors and approached Sam for a resolution. Sam reviews the situation and clarifies it to John. Choose what Sam would have explained to John.
A. There must be some budgetary control enabled on the travel expenses, and a transfer can be made only after a funds check.
B. There must be some budgetary control enabled on the stationery account, and a transfer can be made only after a funds check.
C. There must be some budgetary control enabled on the stationery and travel expenses accounts, and a transfer can be made only after a funds check.
D. It is not possible to transfer amount from one account to another unless the absolute amount is known. So John should have calculated 80% of the stationery account and then tried to make the transfer.
Answer: B