Oracle Oracle Certifications 1Z0-516 Questions & Answers

• Question 1:

  ABC Corporation is headquartered in New Dehli with an office in Mumbai. They share the same chart of accounts, calendar, and currency.

  The Mumbai ledger contains manual adjustments and automated adjustments. Thew New Dehli 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 Dehli ledger.

  D. Use ledger sets to combine transaction data and adjustment data.

  E. Perform all day-to-day transactions and adjustments in the New Dehli ledger.

  F. Consolidate data in the Mumbai ledger with the New Dehli ledger while reporting.

  Correct Answer: ABCD

• Question 2:

  In the course of Implementing Oracle General Ledger, you and your customer have created a number of Financial Statement Generator reports in a test environment. These reports have been tested and you are now ready to create them in your production environment. You are ready to run the FSG Transfer program.

  What two requirements are necessary to run this program? (Choose two.)

  A. Database links must be defined.

  B. The same ledgers must be defined in both instances.

  C. Enable the FSG: AutoCopy profile option in the production environment.

  D. The same row and column sets must exist in the production environment.

  Correct Answer: AB

• Question 3:

  Select the correct sequence of tasks required for period closing in Oracle General Ledger.

  1.

  Verify that all journals are posted.

  2.

  Close the period of each subledger.

  3.

  Run the Trial Balance report and other month-end reports.

  4.

  Close the period and open the next period.

  5.

  Perform reconciliation of subsidiary ledgers.

  6.

  Transfer and import data from all subledgers.

  A. 6, 5, 2, 1, 4, 3

  B. 3, 2, 1, 6, 4, 5

  C. 6, 5, 1, 3, 2, 4

  D. 6, 5, 2, 1, 3, 4

  E. 6, 2, 3, 1, 5, 4

  Correct Answer: D

• Question 4:

  Identify the three actions that you can perform using the consolidation workbench. (Choose three.)

  A. Access the state controller.

  B. Change the chart of accounts.

  C. Create consolidations sets, which launch multiple consolidations in a single step.

  D. Create multi-level hierarchies, which you can view using the graphical consolidation hierarchy viewer.

  Correct Answer: ACD

• Question 5:

  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.

  Correct Answer: CD

• Question 6:

  You set the GL: Journal Review Required profile option to "Yes." Identify the result.

  A. requires all journals to be reviewed before posting

  B. requires review of recurring journals before posting

  C. requires review of a journal entered in GL by the approver before posting

  D. requires generated AutoAllocation journals to be reviewed before posting

  Correct Answer: D

• Question 7:

  ABC Corporation has five companies, which operate in different industries. Each company has a different ledger-processing option that is industry specific.

  Choose the number of primary ledgers that are required to be defined.

  A. five

  B. four

  C. two

  D. one

  E. three

  Correct Answer: A

• Question 8:

  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. subledger accounting method

  Correct Answer: AE

• Question 9:

  You are implementing Oracle E-Business Suite Release 12 General Ledger for ABC Corporation. Identify two setups required for journal approval. (Choose two.)

  A. Enable journal approval for the Journal Category window.

  B. Disable the Journal: Find Approver Method profile option.

  C. Enable the Journal: Allow Preparer Approval profile option.

  D. Configure the GL journal approval process in Oracle Workflow Builder.

  Correct Answer: CD

• Question 10:

  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

  Correct Answer: ABEFG