Exam Code: 1Z0-517 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle EBS R12.1 Payables Essentials
Certification Provider: Oracle
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2016 Jun 1Z0-517 Study Guide Questions:

Q161. Assume that the withholding tax is calculated at the invoice payment time and the withholding tax rate is 20%. Identify three statements with the correct withholding tax calculations. (Choose three.)

A. invoice amount $500, withholding tax $100 (20% of $500)

B. invoice amount $400, prepayment invoice for $200, withholding tax $4 (20% of $200)

C. invoice amount $600, prepayment invoice for $100, withholding tax $12 (20% of $600)

D. invoice amount $500, prepayment invoice for $250, withholding tax $50 (20% of $500 - $250)

E. invoice amount $600, prepayment invoice for $100, withholding tax $100 (20% of $600 - $100)

Answer: ADE


Q162. Select the Apply Withholding Tax Payables option that must be set to submit the Withholding Tax by Invoice Report.

A. At Payment Time

B. Allow Force Approval

C. Allow Online Validation

D. At Invoice Validation Time

Answer: D


Q163. The companys two senior executives have different budget figures. They want Peter, the GL accountant, to prepare two current budgets in Oracle Financials and submit budgets to both of them. What would be your response?

A. It is not possible to have more than one current budget.

B. Whether you can have multiple current budgets depends on the budget organization.

C. The Require Budget Journal profile option must be set at the budget level if you want to have multiple current budgets.

D. The Require Budget Journal profile option must be set at the set of books level if you want to have multiple current budgets.

E. The Oracle General Ledger budget functionality supports multiple current budgets, so there is no problem in satisfying this requirement.

Answer: A


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Update 1Z0-517 exam prep:

Q164. 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


Q165. Select three processes that must be performed before closing the purchasing period. (Choose three.)

A. Process period-end receipt accruals.

B. Run the Purchasing Account Analysis Report.

C. Process the remaining inventory transactions.

D. Run and review the Uninvoiced Receipts Report.

E. Run Transfer Journal Entries to the GL program from Receiving.

Answer: ADE


Q166. Identify three statements that are true for E-Business Tax. (Choose three.)

A. E-Business Tax transactions are strictly controlled and cannot be changed.

B. E-Business Tax provides seeded tax registration types for local organizations.

C. E-Business Tax provides a single point solution for managing your transaction-based tax requirements.

D. E-Business Tax provides a common model for setting up tax data for tax determination and tax calculation.

E. E-Business Tax uniformly delivers tax services to all E-Business Suite business flows through one application interface.

Answer: CDE


1Z0-517  answers

Refined 1Z0-517 testing material:

Q167. ABC Inc.'s calendar is the fiscal year. They also use Average Balance Processing.

ABC's accrual category is defined with AutoReversal, with the reversal period as the next day, and an effective date rule of roll. An accrual journal entered on 29-Apr-05 will be reversed on the _____.

A. first day of the next period

B. next day in the same period

C. next business day in the same period

D. next business day in the same period or the next period, based on the transaction calendar

Answer: D


Q168. Choose the reason why Tina is unable to view the subledger entries from Oracle Payables in the Oracle General Ledger module. She has run the transfer program that completes successfully.

A. Journal Import is not submitted.

B. The Journal source is not defined.

C. The Journal category is not defined.

D. Payables is not integrated with General Ledger.

Answer: A


Q169. Which statement is FALSE about the Stop Payments Report?

A. Use this report to review all current stop payments.

B. Payables lists stop payments that were voided at a later time.

C. Payables does not list stop payments that were voided at a later time.

D. Payables does not list stop payments that were initiated, but then released at a later time.

Answer: B


Q170. In the context of adding, deleting, and disabling secondary ledgers, select two valid statements. (Choose two.)

A. The subledger accounting method must be assigned if defining a balance- or journal-level subledger.

B. The subledger accounting method must be assigned only to the secondary ledger in case of defining a subledger journals-level secondary ledger.

C. The subledger accounting method must not be assigned if defining an adjustments-only secondary ledger for manual adjustments in General Ledger.

D. The subledger accounting method need not be assigned to the primary ledger for assigning a subledger accounting method to the adjustments-only secondary ledger.

E. The subledger accounting method must be assigned to both primary and secondary ledgers to use the adjustments-only secondary ledger for both manual and automated adjustments from subledger accounting.

Answer: CE