2018 Jan Oracle Official New Released 1z0-516
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Oracle EBS R12.1 General Ledger Essentials

Question No: 461 – (Topic 5)

ABC Metal Corporation has three legal entities that share the same chart of accounts, accounting calendar, currency, subledger accounting method, and ledger processing options. They have additional accounting requirements:

  1. All legal entities share the same primary ledger attributes.

  2. None of the legal entities have special requirements to open and close accounting periods independent from the others.

  3. All legal entities engage in intercompany accounting.

  4. For month-end consolidation purposes, ABC Metal Corporation wants to keep their

    consolidation adjustments and elimination entries completely separate from the day-to-day transactions of their legal entities. Based on these requirements, select two considerations that are true for the accounting setup.

    (Choose two.)

    1. Specific balancing segment values must be assigned to each legal entity.

    2. Specific balancing segment values need not be assigned to each ledger.

    3. Secondary ledgers cannot be added for an additional accounting representation.

    4. Intercompany accounts must be defined to use the intercompany accounting feature.

Answer: A,D

Question No: 462 – (Topic 5)

Select four key system options in Oracle Receivables that are related to customers. (Choose four.)

  1. Default country

  2. Receipt method

  3. Automatic site numbering

  4. Create reciprocal customer

  5. Customer credit classification

  6. Automatic customer numbering

  7. Allow payment of unrelated transactions

Answer: C,D,F,G

Question No: 463 – (Topic 5)

Horizon Real Estate Company usually issues rent invoices to its tenants at the beginning of every quarter. It recognizes the monthly rent revenue on the first day of each month.

However, some tenants are required to make the monthly rent payments in two installments, that is on the15th and the last day of the month. Which two statements are correct about the possible solutions for this business requirement? (Choose two.)

  1. Payment term can be set to defer the monthly rent revenue.

  2. Invoicing rules can be set to defer the monthly rent revenue.

  3. Accounting rules can be set to defer the monthly rent revenue.

  4. Payment term can be set to allow customers to make payments in two installments.

  5. Invoicing rules can be set to allow customers to make payments in two installments.

  6. Accounting rules can be set to allow customers to make payments in two installments.

Answer: C,D

Question No: 464 – (Topic 5)

To define the primary ledger, which account is always required?

  1. Suspense account

  2. Retained earnings account

  3. Realized profit/loss account

  4. Unrealized profit/loss account

  5. Reserve for encumbrance account

  6. Entered currency balancing account

Answer: B

Question No: 465 – (Topic 5)

The tables for the Customer Master are owned by .

  1. Oracle Receivables

  2. Oracle Order Management

  3. Oracle Trading Community Architecture

  4. Oracle Customer Relationship Management

Answer: C

Question No: 466 – (Topic 5)

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.

  1. There must be some budgetary control enabled on the travel expenses, and a transfer can be made only after a funds check.

  2. There must be some budgetary control enabled on the stationery account, and a transfer can be made only after a funds check.

  3. 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.

  4. 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

Question No: 467 – (Topic 5)

Identify the two tasks that you can achieve by using sequential numbering. (Choose two.)

  1. Enable sequential invoice numbers.

  2. Enable gapless sequence numbers.

  3. Sequentially number GL and subledger journal entries.

  4. If you use journal- or subledger-level reporting currencies and when sequences are defined for the source ledger (such as the primary or secondary ledger), the sequence number generated for the source ledger is automatically assigned to the reporting currency journal.

Answer: B,C

Question No: 468 – (Topic 5)

Identify two AR transaction types that correspond to the GL category sales nvoice. (Choose two.)

  1. Deposits

  2. Guarantee

  3. Adjustments

  4. Chargebacks

  5. On-account credit

  6. Miscellaneous transactions

Answer: A,B

Question No: 469 – (Topic 5)

You are implementing Oracle Receivables and Oracle Trade Management for claim investigation.

You often need to create chargebacks to handle short payments and overpayments on invoices sent to your customers. You have a business need to manually number the chargeback transactions in Oracle Receivables to match a chargeback case number. What is true about meeting this requirement?

  1. Chargebacks in Oracle Receivables can be manually numbered.

  2. Chargebacks in Oracle Receivables always need to be automatically numbered.

  3. Chargebacks in Oracle Receivables can be manually numbered if the base numbering option of manual is selected.

  4. Chargebacks in Oracle Receivables need to be automatically numbered only when document sequencing option of manual is not selected.

Answer: B

Question No: 470 – (Topic 5)

Several fields are required during manual invoice entry. Which are the fields required at the header level?

  1. Date, customer, source, type, GL date, legal entity

  2. Date, legal entity, bill-to, source, type, class, remit-to

  3. Terms, date, bill-to, source, legal entity, type, remit-to

  4. Date, customer, source, type, General Ledger (GL) date, class

  5. Date, source, class, type, GL date, legal entity, bill-to, terms, remit-to

Answer: E

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