Oracle Oracle Certifications 1Z0-517 Questions & Answers

• Question 321:

  The Health Department of the United Kingdom is using the cash basis of accounting. After the recent elections, the new government has decided to implement Oracle General Ledger. They want to change the accounting method to accrual basis. However, they also want to maintain the cash basis of accounting for reporting purposes. As an implementation consultant, what one recommendation would you make to meet the above requirement?

  A. Create two primary ledgers with the standard cash method.

  B. Create two primary ledgers with the standard accrual method.

  C. Create a primary ledger with standard cash, and a reporting ledger with standard accrual.

  D. Create a primary ledger with the standard accrual method, and a reporting ledger with standard cash.

  E. Create a primary ledger with standard accrual, and the secondary ledger with the standard cash methods.

  Correct Answer: E

• Question 322:

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

  A. actuals

  B. budgets

  C. actuals and budgets

  D. budgets and encumbrance

  E. actuals, budgets, and encumbrance

  Correct Answer: A

• Question 323:

  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

  Correct Answer: BDE

• Question 324:

  ABC Inc.'s calendar is the fiscal year. They also use Average Balance Processing.

  ABC's accrual category is defined with AutoReversal, with the reversal period as the next day, and an effective date rule of roll. An accrual journal entered on 29-Apr-05 will be reversed on the _____.

  A. first day of the next period

  B. next day in the same period

  C. next business day in the same period

  D. next business day in the same period or the next period, based on the transaction calendar

  Correct Answer: D

• Question 325:

  A reversing journal entry can be posted into _____.

  A. a current or any future open period

  B. a past closed period and a current open period

  C. a current open period and a never-opened period

  Correct Answer: A

• Question 326:

  The GL user entered a taxable journal and posted it. Later, the user realized that the tax code entered was wrong. What must the user do?

  A. Delete the journal and reenter it.

  B. Reverse and reenter the journal.

  C. Unpost the journal and reenter it.

  D. Modify the tax code at the line level.

  E. Enter another journal with the difference in the tax amount.

  Correct Answer: B

• Question 327:

  The fiscal year of XYZ Inc. is the calendar year. Before closing the Mar-05 period, a GL user notices that an entry related to the Dec-04 period has not been entered. Dec-04 has a closed status. Now that the user has all the approvals, he or she wants to know how to enter and post the journal in GL, ensuring that all balances are reflected correctly.

  What must the user do?

  A. Open Dec-04; enter and post the journal; close the period.

  B. Open Dec-04, Jan-05, and Feb-05; enter and post the journal; close all periods.

  C. Open Dec-04; enter and post the journal; run the Trial Balance report; close the period.

  D. The user cannot post to a prior period that is not in the current fiscal year. So, enter and post it in Mar

  05.

  Correct Answer: C

• Question 328:

  XYZ Company is implementing Oracle General Ledger. They want to record and report on expenses by cost center. Identify three segments that must be defined for XYZ Company's accounting flexfield.(Choose three.)

  A. project

  B. account

  C. balancing

  D. cost center

  E. intercompany

  Correct Answer: BCD

• Question 329:

  Identify three ways in which subledgers transfer information to General Ledger. (Choose three.)

  A. balances

  B. batch transfer

  C. detail journals

  D. line-level records

  E. summary journals

  Correct Answer: BCE

• Question 330:

  ABC Corp. runs the Create Journals program, after which the Create Journal Entries Execution report is automatically created. Identify three components on which the Create Journal Entries Execution report reports. (Choose three.)

  A. Budget Journals

  B. Posted Journals report

  C. Payables encumbrance entries

  D. Purchasing encumbrance entries

  Correct Answer: ACD