Oracle Oracle Certifications 1Z0-517 Questions & Answers

• Question 331:

  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 Auto Allocation journals to be reviewed before posting

  Correct Answer: D

• Question 332:

  For each subledger, there must be one _____.

  A. journal type

  B. account type

  C. journal source

  D. journal category

  Correct Answer: C

• Question 333:

  Company A wants to distribute the rent expense to its various departments on the basis of floor space. It has taken these steps: 1) capturing the floor space that is used by each department in a statistical account 2) creating a journal entry for the rent Identify the next two steps required to distribute the rent cost to the various departments. (Choose two.)

  A. posting the journal

  B. defining the MassAllocation journal

  C. defining and generating MassAllocation

  D. creating manual journal entries for distributing the rent

  Correct Answer: AC

• Question 334:

  Your client wants to report with Financial Statements Generator (FSG) and perform account inquiry at the summary (business unit) level of the cost center segment. A business unit is a group of cost centers, and a business unit manager typically has several cost centers under his or her responsibility. Which option will meet the client's requirements?

  A. defining parent cost centers and a hierarchy of parent/child cost centers; defining rollup groups for the parent cost centers; creating FSG based on the rollup groups

  B. defining parent cost centers and a hierarchy of parent/child cost centers; creating summary accounts based on the parent cost centers; creating FSG based on the parent cost center values

  C. defining parent cost centers and a hierarchy of parent/child cost centers; defining summary accounts for the parent cost centers; creating FSG based on the parent cost center values or summary accounts

  D. defining parent cost centers and a hierarchy of parent/child cost centers; defining rollup groups for the parent cost centers, and summary accounts; creating FSG based on the parent cost center values or summary accounts

  Correct Answer: D

• Question 335:

  ABC Inc. wants to have 16 accounting periods that include an adjusting period for each quarter in its 4-5-4 accounting calendar. Its fiscal year-end is March 31.The normal month-end is on a Friday, but the last day of each quarter is always on the last day of the quarter's final calendar month.Select the remaining setup for the calendar to meet the requirement.

  A. defining 12-monthly periods based on the 4-5-4 calendar ending on the last day of each month; defining an adjusting period on the last day of each quarter

  B. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month; defining four adjusting periods for March 31 of the fiscal year

  C. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month; defining an adjusting period on the last Friday of each quarter

  D. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month, except for the last month of each quarter ending on the last day of the month; defining an adjusting period for each of the last day of the quarter

  Correct Answer: D

• Question 336:

  You have been asked to demonstrate the basic functionality of Oracle General Ledger with a ledger that reflects XYZ Company's business. Select four data elements that you would need to obtain from XYZ Company to create a ledger for your demo. (Choose four.)

  A. the suspense account

  B. the intercompany account

  C. the retained earnings account

  D. the number of accounting periods

  E. the base (functional) currency of the company

  F. the accounting calendar with periods and the fiscal year-end

  G. the company organization structure for the chart of accounts

  Correct Answer: CEFG

• Question 337:

  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.

  Correct Answer: AB

• Question 338:

  The accounting setup process in Oracle General Ledger consists of three main steps. (Choose three.)

  A. Update accounting options.

  B. Approve accounting options.

  C. Complete the accounting setup.

  D. Create an accounting setup structure.

  Correct Answer: ACD

• Question 339:

  Select two statements that are true about ledgers in Oracle General Ledger. (Choose two.)

  A. Each accounting setup requires a primary ledger.

  B. Each accounting setup requires a primary ledger and a reporting ledger.

  C. Each accounting setup requires a primary ledger and an adjustment-only secondary ledger.

  D. Each accounting setup optionally requires one or more secondary ledgers and reporting currencies.

  Correct Answer: AD

• Question 340:

  You are implementing Oracle General Ledger at ABC Enterprises. ABC Enterprises is a legal entity and must perform corporate and statutory reporting. It operates in a country that requires companies to have two complete ledgers: one for statutory reporting and another for corporate reporting. Identify the best option for primary and secondary ledgers.

  A. Use the primary ledger to satisfy corporate reporting requirements, and then use a secondary ledger to satisfy statutory reporting requirements.

  B. Use the primary ledger to satisfy statutory reporting requirements, and then use a secondary ledger to satisfy corporate reporting requirements.

  C. Use the primary ledger to satisfy corporate reporting requirements, and then use an adjustment-only secondary ledger to satisfy statutory reporting requirements.

  D. Use the primary ledger to satisfy statutory reporting requirements, and then use an adjustment- only secondary ledger to satisfy corporate reporting requirements.

  Correct Answer: A