Oracle Oracle Certifications 1Z0-517 Questions & Answers

• Question 141:

  Exhibit:

  

  ABC.com has these due dates for its invoices:

  ABC.com has defined additional Pay through Days as 5. It is running a payment batch on 02-APR- 06.

  Which invoices would be selected for payment?

  A. 2 Only

  B. 1 Only

  C. 1 and 2

  D. 1 and 3

  E. 1,2 and 3

  Correct Answer: C

• Question 142:

  ABC.com's, European operations accrue all the expenses items on receipt (perpetual accrual) without any exceptions. Which statement is true about the period close for payables and purchasing?

  A. Purchasing has to close before payables

  B. Payables has to close before purchasing

  C. Closing of Payables automatically closes purchasing

  D. Payables and purchasing can close independently of each other

  Correct Answer: D

• Question 143:

  Which types of invoices can be automatically generated (without any manual intervention), if the appropriate setup steps have been performed? (Choose three.)

  A. Interest Invoices

  B. Recurring Invoices

  C. Purchase order (PO) matched invoices

  D. Pay on receipt invoices

  E. Withholding tax invoices

  Correct Answer: ADE

• Question 144:

  Identify three statements that are true for creating the withholding tax for standard, recurring, and prepayment invoices. (Choose three.)

  A. The Withholding Tax Report is prepared by suppliers.

  B. The Withholding Tax Group defaults in from the supplier or supplier site.

  C. There can be multiple withholding tax codes with multiple tax authorities assigned to a group.

  D. You can set up a special calendar to define periods that Payables uses for automatic withholding tax.

  E. The Withholding Tax Invoice Description field does NOT include the invoice that the withholding tax invoice is associated with.

  Correct Answer: BCD

• Question 145:

  Identify three statements that are true for the automatic withholding tax process. (Choose three.)

  A. Withholding tax type distributions are negative amounts.

  B. The Withholding tax group can be assigned only to an invoice distribution.

  C. Using automatic withholding tax, Payables creates the correct withholding tax distributions.

  D. Withholding tax distributions are automatically created during invoice validation or during payment processing.

  E. If an invoice with an associated withholding tax invoice is canceled, Payables automatically creates an invoice for the tax authority supplier to offset the amount of the withholding tax invoice.

  Correct Answer: CDE

• Question 146:

  Identify three statements that are true about processing automatic withholding tax invoices and payments. (Choose three.)

  A. Withholding distributions for a paid invoice can be reversed.

  B. If an invoice is paid or partially paid, withholding distribution cannot be reversed.

  C. Payables uses the supplier number as an invoice number for the tax authority's invoice.

  D. Withholding tax distributions are automatically created during invoice validation or payment processing.

  E. Payables automatically creates a withholding type distribution when a withholding tax group is entered in the Invoices window.

  Correct Answer: BDE

• Question 147:

  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)

  Correct Answer: ADE

• Question 148:

  Identify three statements that are true for setting up withholding tax for a supplier and supplier site. (Choose three.)

  A. Withholding tax is an account distribution process.

  B. The withholding tax option can be overwritten at the invoice level.

  C. If a supplier does not allow withholding tax, you cannot allow withholding tax for any of the supplier's sites.

  D. Payables defaults the withholding tax group from the supplier site to the invoice and then to invoice distribution.

  E. The Payables setup option, allow withholding tax, can make suppliers and supplier sites subject to withholding tax.

  Correct Answer: CDE

• Question 149:

  Self-assessed tax amounts are taxes that you are liable for, but do not appear on the invoice, such as use tax. To use self -assessed taxes, enable the Set for Self Assessment/Reverse Charge option when you define the _____ in the Party Tax Profile.

  A. set allow tax recovery

  B. tax registration information

  C. recoverable tax information

  D. set allow manual tax only lines

  Correct Answer: B

• Question 150:

  Identify three statements that are true about the withholding tax process. (Choose three.)

  A. Tax is automatically calculated at any calculation level.

  B. The withholding tax process is a part of Cash Management.

  C. Payables automatically generates withholding tax invoices to pay tax authorities.

  D. Payables calculates withholding taxes on invoices during the invoice validation process or during the payment calculation.

  E. If the withholding tax is calculated during the invoice validation process, the taxable amount withheld is the gross amount.

  Correct Answer: CDE