Oracle Oracle Certifications 1Z0-517 Questions & Answers

• Question 151:

  To set up Offset Tax under the Tax Configuration tab, which Tax Configuration tab must you select to locate and enable "Set as Offset Tax"?

  A. taxes

  B. tax rules

  C. tax rates

  D. tax statuses

  E. tax regimes

  Correct Answer: A

• Question 152:

  E-Business Tax calculates the amount of tax that is recoverable on the basis of the tax setup. To implement accrual-based accounting recoverable tax, four setups are needed. (Choose four.)

  A. Enable "Set as offset tax."

  B. Enable "Allow tax recovery."

  C. Set the default recovery settlement option to "Deferred."

  D. Define tax accounts, tax expense, recoverable tax, and interim tax.

  E. Enable the default recovery settlement options at the regime, tax, tax status, or tax rate levels.

  Correct Answer: BCDE

• Question 153:

  To manually enter tax details for an item, freight, miscellaneous, or prepayment lines, you must complete seven fields. Name three. (Choose three.)

  A. industry

  B. tax amount

  C. tax regime

  D. commodity

  E. supplier site

  Correct Answer: BCE

• Question 154:

  When you validate an invoice in Payables, E-Business Tax automatically performs four tasks. (Choose four.)

  A. creates distributions

  B. recalculates tax lines

  C. allocates tax amounts

  D. places tax-related holds on the invoice

  E. updates imported invoices into Payables

  Correct Answer: ABCD

• Question 155:

  Payables leverages E-Business Tax to set up, calculate, and manage transaction taxes, such as Sales, VAT and Offset taxes. Which two taxes are NOT calculated and managed by Payables? (Choose two.)

  A. excise

  B. property

  C. customs duty

  D. vehicle license

  E. recoverable tax

  Correct Answer: BD

• Question 156:

  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.

  Correct Answer: CDE

• Question 157:

  Identify three statements that are true about E-Business Tax and Payables. (Choose three.)

  A. In E-Business Tax, tax calculations are based on supplier's site defaults.

  B. In E-Business Tax, there is one repository with detailed and fully allocated tax lines.

  C. Payables is not integrated with E-Business Tax to provide tax services for invoices.

  D. With E-Business Tax, you can account for recoverable taxes at the time and to the extent of payment in Payables.

  E. Payables integrates with E-Business Tax to automatically determine and calculate the applicable tax lines for the invoices.

  Correct Answer: BDE

• Question 158:

  Identify three E-Business Tax setup options. (Choose three.)

  A. set up supplier

  B. set up tax regimes

  C. set up tax recovery rates

  D. set up taxes and tax rates

  E. set up currency exchange

  Correct Answer: BCD

• Question 159:

  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

  Correct Answer: D

• Question 160:

  Tax Content Services store and maintain the master and reference data that are needed to support the other components in E-Business Tax. You use the E-Business Tax application to model details about the tax setup for all your company tax requirements. Identify the two that are NOT a subcomponent of Tax Content Services. (Choose two.)

  A. tax jurisdictions

  B. tax condition sets

  C. basic tax configuration

  D. determining factor sets

  E. country default controls

  F. exemptions and exceptions

  Correct Answer: BD