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Q401. The GL user entered a taxable journal and posted it. Later the user realizes that he entered a wrong tax code. What should he do? 

A. delete the journal and re-enter it 

B. modify the tax code at the line level 

C. enter another journal with the difference in the tax amount 

D. reverse and re-enter the journal 

E. unpost the journal and re-enter it 

Answer: D


Q402. The controller has asked you to produce a report that identifies the total outstanding receivable by customer, as of the period-ending date. Which report would fulfill this request? 

A. Journal Entry Report 

B. Receipts Journal 

C. Applied Receipt Register 

D. Aging Report 

E. Account Analysis by Subsidiary Ledger 

F. Transaction Register 

G. Sales Journal by General Ledger Account 

Answer: D


Q403. ABC.com wants to use one set of books for its many subsidiary companies in Canada that will share the global chart of accounts structure and the Corporate Accounting Calendar. The controller is concerned about users charging to the wrong company when entering a journal entry. Which setup would address the controller's concern? 

A. Cross validation rules would ensure that the proper code combinations are used. 

B. Suspense posting would ensure that if there are unbalanced entries, the system would make it balanced. 

C. Intercompany accounting would ensure that if a wrong company is used, at least intercompany accounting entries would be created. 

D. Journal approval ensures that journal entries are correct and approved before they can be posted. 

E. Segment security rules would prevent users from seeing companies that they are not supposed to see. 

Answer: E


Q404. Which relationship group would you assign to allow each party to pay for its own transactions, as well as the transactions of all parties that are lower in the hierarchy (children, grandchildren, and so on)? 

A. Pay group 

B. Pay below 

C. Pay without 

D. Pay parties 

Answer: B


Q405. Select three criteria that are required to assign multiple legal entities to the same accounting setup. (Choose three.) 

A. have similar ledger processing options 

B. open and close periods simultaneously 

C. have tax requirements that are specific for a legal entity 

D. require autonomous document sequencing for a legal entity 

E. operate in a country that allows multiple legal entities to share the same primary ledger and ledger attributes 

Answer: ABE


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Renew 1Z0-516 free practice questions:

Q406. XYZ Corporation uses Fixed Assets to manage their Asset transactions such as capitalizing, depreciating, adjusting, and retiring. After assets are purchased and the invoice is entered and accounted for, the company runs the Mass Additions Create process to send assets to Fixed Assets. When the purchase order is written, which account must be specified on the purchase order distribution for the charge account? 

A. the material account associated with the inventory organization 

B. the AP trade liability account associated with the operating unit 

C. the asset cost account associated with an asset category in Assets 

D. the asset clearing account associated with an asset category in Assets 

Answer: D


Q407. Identify three true statements about defining actions in Oracle Alert. (Choose three.) 

A. An alert can contain only one Action Set. 

B. An alert can contain any number of Action Sets. 

C. When multiple actions are defined they must be included in an Action Set. 

D. Oracle Alert waits for user response before executing next action in an Action Set. 

E. When multiple actions are defined, they do not need to be included in an Action Set. 

F. Oracle Alert does not wait for user response before executing next action in an Action Set. 

Answer: BCF


Q408. XYZ Corporation has five segments in its accounting flexfield. For a special profit-and-loss report, they want to sort by the fourth segment, which is "product." Select the element that would meet this need. 

A. row set 

B. row order 

C. content set 

D. column set 

Answer: B


Q409. All remittance bank details are created and maintained in _____. 

A. Oracle Payables 

B. Oracle Purchasing 

C. Oracle Receivables 

D. Oracle Cash Management 

E. Oracle Trade Management 

F. Oracle Lease Management 

Answer: D


Q410. You are implementing Oracle General Ledger at ABC.coms site. ABC.com is based in the US but has a global presence in many countries worldwide, and has transactions in multiple currencies. The implementation team decides that GL multi currency setup will be part of the implementation. The GL accountant approaches you to discuss multiple reporting currencies (MRC); he wants to implement MRC and link the primary set of books with the reporting set of books. Additionally, he says that the primary and reporting sets of books all have different calendars but share the same chart of accounts. What response do you provide? 

A. The primary and reporting set of books must share the same calendar and chart of accounts. 

B. There is no problem in satisfying this requirement. 

C. The primary and reporting set of books must share the same currency and chart of accounts. 

D. The primary and reporting set of books must share the same calendar, currency and chart of accounts. 

Answer: A