1Z0-517 Oracle EBS R12.1 Payables Essentials Practice Exam Set 7

Before you can pay or create accounting entries for an invoice, the Invoice Validation process must validate the invoice. After this process is run, there is data that cannot be updated, modified, or changed. Choose three data fields that cannot be updated, modified, or changed after the Invoice Validation process has run and this invoice has a prepayment applied to it. (Choose three.)
A. invoice date
B. supplier site
C. trading partner
D. supplier number
E. invoice description 

Options are :

  • B,C,D
  • A,B,C
  • C,D,E
  • A,C,D (Correct)

Answer : A,C,D

Identify three statements that are true about bank account information. (Choose three.)
A. Bank accounts are used to calculate the supplier's discount.
B. Disbursement bank accounts cannot be used for payment.
C. Payables, Receivables, and/or Treasury uses bank accounts.
D. Payables uses an internal bank account to disburse funds to suppliers.
E. Receivables uses a bank account to receive payments from customers. 

Options are :

  • B,C,D
  • A,B,E
  • A,B,C
  • C,D,E (Correct)

Answer : C,D,E

Identify the default value for the term date that would extend the time to pay an invoice, if the payment term is net 30 days. 

Options are :

  • invoice date
  • invoice entered date
  • system date (Correct)
  • goods received date

Answer : system date

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. 

Options are :

  • 1, 2 and 5 only.
  • 1, 3 and 4 only. (Correct)
  • 1, 2, 3 and 4 only.
  • All actions 1-5.

Answer : 1, 3 and 4 only.

To transmit an electronic payment instruction manually, perform these four steps.
1. In the Payments Manager, select the Payment Instruction tab.
2. In the Status field of the Search region, select Formatted - Ready for Transmission and click the Go button.
3. For the applicable payment instruction, click the Take Action icon. The Transmit Payment Instruction: page is displayed.
4. From the Actions drop-down list, select Transmit and click the Go button. Arrange the steps in the proper sequence they would be performed. 

Options are :

  • 2, 3, 4, 1
  • 1, 2, 3, 4 (Correct)
  • 1, 3, 4, 2
  • 1, 3, 2, 4

Answer : 1, 2, 3, 4

Identify the item that requires approval through the workflow process. 

Options are :

  • invoices that existed before you enabled the feature
  • invoices not matched to a purchase order (Correct)
  • recurring invoices if the recurring invoice template did not have the Approval Workflow Required option enabled
  • expense reports imported through the Payables Expense Report Import Program

Answer : invoices not matched to a purchase order

Identify three statements that are true for entering bank and branch details. (Choose three.)
A. Each bank must have at least one bank branch.
B. The bank account number is free-formatted information.
C. Banks and bank branches are created for Cash Management.
D. Bank accounts cannot be shared between bank and bank branches.
E. Each bank can have multiple branches and each branch can have multiple accounts. 

Options are :

  • C,D,E
  • A,B,C
  • A,B,E (Correct)
  • B,C,D

Answer : A,B,E

Company ABC has implemented Oracle Payables. They have decided not to define supplier bank accounts. They will use payment batches, quick payments, and manual payment processing. Select three payment methods that are available based on the company's requirements. (Choose three.)
A. wire
B. check
C. clearing
D. electronic funds transfer (EFT)
E. electronic data interchange (EDI)
F. extensible markup language (XML) 

Options are :

  • D,E,F
  • A,B,C (Correct)
  • C,D,E
  • B,E,F

Answer : A,B,C

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. 

Options are :

  • A,B,C
  • B,C,D
  • A,D,E (Correct)
  • A,B,D

Answer : A,D,E

To review All of Todays selected invoices from the payment process request in the Payment Manager, perform these actions:
1. Navigate to the Payment Process Request component.
2. Navigate to the (B) Views window.
3. Select All of Todays from the drop-down list.
4. Click the Go button.
5. The payment process request for today is displayed. Select the actions, arranged in their proper sequence. 

Options are :

  • 2, 3, 4, 5
  • 5, 2, 3, 4, 5
  • 1, 2, 3, 4, 5 (Correct)
  • 5, 2, 3, 4

Answer : 1, 2, 3, 4, 5

Select three invoice types that can be entered ONLY in the Invoice Workbench, and CANNOT be entered via the Invoice Gateway. (Choose three.)
A. debit memos
B. credit memos
C. prepayments
D. PO default invoice
E. PO standard invoice 

Options are :

  • A,C,D (Correct)
  • B,C,D
  • A,B,C
  • A,B,D

Answer : A,C,D

Identify four purposes for which the Special Calendar is used. (Choose four.)
A. payment terms
B. recurring invoices
C. Key Indicators Report
D. automatic tax withholding
E. opening and closing payables periods
F. controlling the number of future periods 

Options are :

  • A,B,C,D (Correct)
  • B,C,E,F
  • C,D,E,F
  • A,C,E,F

Answer : A,B,C,D

Which statement is true about paying invoices? 

Options are :

  • An invoice can be paid without being validated.
  • Invoice accounting entries and payment accounting entries can be transferred at different times to General Ledger only if they are in different calendar periods.
  • An invoice must be validated before you can create invoice accounting entries. (Correct)
  • An invoice can be paid only after the invoice accounting entries are created.

Answer : An invoice must be validated before you can create invoice accounting entries.

Which is the final step in processing a payment batch? 

Options are :

  • Cancel the payment batch.
  • Validate the payment batch.
  • Run the create accounting process.
  • Confirm the payment batch. (Correct)

Answer : Confirm the payment batch.

R12 uses simplified navigation paths. To which specific button or navigational notation does (ST)

Options are :

  • save
  • start
  • subtab (Correct)
  • stop

Answer : subtab

Which two statements are true if you select the QuickMatch invoice type? (Choose two.)
A. You can use QuickMatch to match individual distribution lines.
B. You can use QuickMatch to match individual purchase order shipments.
C. Payables automatically completes the match to all available shipments on the purchase order.
D. Payables automatically creates invoice distributions on the basis of the purchase order distributions. 

Options are :

  • A,D
  • B,C
  • C,D (Correct)
  • A,B

Answer : C,D

Identify three invoice holds that cannot be manually released. (Choose three.)
A. Acct Hold Reason
B. Funds Hold Reason
C. Invoice Hold Reason
D. Variance Hold Reason
E. Insufficient Information
F. Matching Hold Reason
G. Prepaid Amount Reason

Options are :

  • A,E,G (Correct)
  • C,D,E
  • A,B,C
  • E,F,G

Answer : A,E,G

The Quick Payment method is best described as the method of _____. 

Options are :

  • manually writing a check outside of Payables
  • creating a payment without an invoice
  • creating and printing a computer-generated payment to pay a supplier for one or more invoices (Correct)
  • recording a payment made outside of Payables

Answer : creating and printing a computer-generated payment to pay a supplier for one or more invoices

Using the Payables System Setup Options form, you can enable auto numbering for _____. 

Options are :

  • invoices
  • payments
  • suppliers (Correct)
  • employees

Answer : suppliers

Which two statements are true about defining payment documents? (Choose two.)
A. Checks and electronic payments are examples of payment documents.
B. Credit and debit memos and checks are examples of payment documents.
C. You can create only one payment document for each internal bank account.
D. You must create at least one payment document before you can use a bank account to create invoice payments.
E. Use the Payment Documents window to define payment documents for internal, customer, and supplier bank accounts. 

Options are :

  • B,E
  • A,B
  • C,D
  • A,D (Correct)

Answer : A,D

Select two valid statements that apply to chart of accounts structures for a global company. (Choose two.) 

A. A segment of different chart of accounts structures can share the same value set.
B. A global chart of accounts is possible only if all sets of books for companies worldwide use the same chart of accounts structure.
C. If the same value set is used for two or more chart of accounts structures, the same security rules for that segment cannot be assigned to multiple structures.
D. It is possible to have multiple companies in the same set of books provided that they share the same chart of accounts structure, accounting calendar, and reporting currency

Options are :

  • A,C
  • C,D
  • B,D
  • A,B (Correct)

Answer : A,B

Identify three benefits of using the Journals Import: Group By Effective Date profile option. (Choose three.)
A. facilitates consolidation
B. makes daily updates to daily business intelligence
C. facilitates more transparent exchange rate conversions
D. accounts for business transactions by effective date or by accounting date
E. facilitates financial auditing and compliance with the new Sabanes-Oxley Act 

Options are :

  • B,D,E (Correct)
  • A,B,C
  • A,D,E
  • B,C,D

Answer : B,D,E

ABC Enterprise has operations in the US and its headquarters in the UK. They share the same chart of accounts, accounting calendar, accounting method, and ledger-processing options. UK management requires reporting on receivables from its US operations in GBP each month. Identify the best option for the US operations to report to their parent.

Options are :

  • Create a balance-level reporting currency and run general ledger translation.
  • Create an account-level reporting currency.
  • Create a journal-level reporting currency for every transaction.
  • Create a sub ledger-level reporting currency. (Correct)

Answer : Create a sub ledger-level reporting currency.

ABC Corporation is headquartered in New Delhi with an office in Mumbai. They share the same chart of accounts, calendar, and currency. The Mumbai ledger contains manual adjustments and automated adjustments. The New Delhi office does not need a complete ledger to perform
management or statutory reporting. Which four statements are true in the given scenario? (Choose four.)
A. The Mumbai ledger is an adjustment-only secondary ledger.
B. Perform all adjustments in the Mumbai ledger.
C. Perform all day-to-day transactions in the New Delhi ledger.
D. Use ledger sets to combine transaction data and adjustment data.
E. Perform all day-to day-transactions and adjustments in the New Delhi ledger.
F. Consolidate data in the Mumbai ledger with the New Delhi ledger while reporting. 

Options are :

  • C,D,E,F
  • A.C.E,F
  • A,B,C,D (Correct)
  • B,C,D,F

Answer : A,B,C,D

Which journal entry type does General Ledger automatically reverse and post? 

Options are :

  • actuals (Correct)
  • actuals and budgets
  • budgets and encumbrance
  • budgets

Answer : actuals

ABC Enterprise has operations in the US, France, and Italy. The US, France, and Italy operations have separate legal and statutory requirements. The tax requirements also differ for each country. Identify the action you would perform to set up Oracle General Ledger. 

Options are :

  • Create one legal entity and three accounting setups for the US, France, and Italy.
  • Create three legal entities for the US, France, and Italy, and one accounting setup.
  • Create a separate legal entity and accounting setup for each operation. (Correct)
  • Create three legal entities for each operation. Create one accounting setup for France and Italy, and one for the US.

Answer : Create a separate legal entity and accounting setup for each operation.

Scott is implementing Oracle General Ledger for ABC Corporation. He needs help as he creates the accounting setup. Which two are true for the creation of the accounting setup? (Choose two.)

A. Assigning legal entities to accounting setups is compulsory.
B. After the subledger accounting method is assigned, it cannot be changed.
C. Before completing the accounting setup, secondary ledgers and currency can be deleted.
D. A calendar cannot be assigned if it contains gaps between periods or it does not have a full
fiscal year defined.

Options are :

  • C,D (Correct)
  • B,D
  • A,C
  • A,B

Answer : C,D

Select two components that are required to create the accounting setup by using Accounting Setup Manager. (Choose two.)
A. ledgers
B. operating units
C. data access sets
D. definition access sets
E. sub ledger accounting method 

Options are :

  • A,B
  • A,E (Correct)
  • D,E
  • C,D

Answer : A,E

A reversing journal entry can be posted into _____. 

Options are :

  • a past closed period and a current open period
  • a current open period and a never-opened period
  • a current or any future open period (Correct)

Answer : a current or any future open period

Choose three required steps while performing the accounting setup in the Accounting Setup Manager. (Choose three.)
A. Define operating units.
B. Update accounting options.
C. Complete the accounting setup.
D. Define intercompany balancing rules.
E. Create the accounting setup structure.
F. Assign balancing segment values to legal entities. 

Options are :

  • C,D,E
  • A,C,E
  • A,B,C
  • B,C,E (Correct)

Answer : B,C,E

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