[Precise] 1Z0-516 Oracle actual exam 31-40 (Jul 2016)

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Product Description:
Exam Number/Code: 1Z0-516
Exam name: Oracle EBS R12.1 General Ledger Essentials
n questions with full explanations
Certification: Oracle Certification
Last updated on Global synchronizing

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2016 Jul 1Z0-516 training

Q31. 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 

Answer: CEFG


Q32. XYZ Corp. has acquired ABC Corp. XYZ operates with Multi-Org Access Control. Consequently XYZ Corp. needs to add additional Operating Units. Identify the statement that describes the sequence for adding additional Operating Units. 

A. It is not possible to add additional Operating Units. 

B. Set the MO: Operating Unit profile option, run the Replicate Seed Data concurrent request, create the Operating Unit, and create new responsibilities as necessary. 

C. Set the MO: Security Profile profile option, run the Replicate Seed Data concurrent request, create the Operating Unit, and create new responsibilities as necessary. 

D. Create the Operating Unit, run the Replicate Seed Data concurrent request, create new responsibilities as necessary, and set up the MO: Default Operating Unit profile option. 

E. Create the Operating Unit, run the Replicate Seed Data concurrent request, assign the Operating Unit to a security hierarchy, run Security List maintenance concurrent program, create new responsibilities as necessary, and set up the MO: Security Profile profile option. 

Answer: E


Q33. 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 

Answer: AE


Q34. Identify three standard views that you can access from the Notification Worklist of Oracle Workflow Self-Service Web pages in Oracle E-Business Suite Release 12. (Choose three.) 

A. Open Notifications 

B. To Do Notifications 

C. Closed Notifications 

D. Notifications From Me 

E. Rejected Notifications 

Answer: ABD


Q35. Jason, the corporate controller of ABC.com where you are implementing Oracle General Ledger, Accounts Payable, an Accounts Receivable, is very excited about the Global Intercompany System (GIS). He wrote some notes from a conversation with his accounting manager about GIS. He wants you to validate which points he has written down about GIS are true. Identify Jason's three correct points. (Choose three.) 

A. GIS enables intercompany transactions to be approved after transfer from AP and AR. 

B. Unlike intercompany accounting within the same set of books, GIS only works between sets of books but not within the same set of books. 

C. Intercompany journals are created automatically as soon as they are approved. 

D. You can set up GIS so that the sender's transactions do not need to be approved by the receiver. 

E. If a sender approves the transaction but the receiver rejects it, the transaction is recalled. 

F. Each company that uses GIS must be set up as a subsidiary that is associated with a balancing segment value. 

G. You can optionally send notifications to a defined user or responsibility when an intercompany transaction is initiated. 

Answer: DFG


1Z0-516-exam

Leading 1Z0-516 exam topics:

Q36. Identify three statements that are true regarding functions and menus. (Choose three.) 

A. Functions can be excluded at any level. 

B. Excluding a menu excludes all its child functions. 

C. Excluding a menu does not exclude the functions nested in that menu. 

D. Excluding a menu excludes all the functions and menus nested in that menu. 

E. Excluding a function does not exclude all occurrences of that function from the responsibility's menu structure. 

Answer: ABD


Q37. Which option describes a group of segments? 

A. Values 

B. Value set 

C. Flexfield structure 

D. Both structure and values 

Answer: C


Q38. Your client occasionally charges sales tax erroneously to some customers. The client's current process involves manually issuing a credit memo to correct the customer's account. Customers routinely deduct the sales tax from the invoice before paying. Identify two steps that can help simplify the clients current process. (Choose two.) 

A. Set up AutoAccounting. 

B. Set up adjustment approval limits. 

C. Set up transaction type for tax adjustment. 

D. Select the TAX: Allow Override of Tax Code profile option. 

E. Define receivables activity of adjustment with tax accounting distribution. 

F. Define receivables activity of miscellaneous cash with tax accounting distribution. 

Answer: BE


Q39. To define the primary ledger, which account is always required? 

A. Suspense account 

B. Retained earnings account 

C. Realized profit/loss account 

D. Unrealized profit/loss account 

E. Reserve for encumbrance account 

F. Entered currency balancing account 

Answer: B


Q40. ABC.com has many business units set up as company values in the Company (Balancing) segment for three sets of books: Canada, U.S. and Brazil. The sets of books share a common chart of accounts (COA) structure. The COA structure also has an Intercompany segment (with Intercompany Qualifier) that uses the same value set as the Company segment. Which three options will best use GL Intercompany functionality, given the multiple sets of books that share a common COA? (Choose three.) 

A. Enable security for the Company segment, and define appropriate security rules, and assign them to the responsibility for each set of books. 

B. Enable the profile option that automatically creates intercompany accounting across sets of books. 

C. Enable the Balance Intercompany Journal option when defining each set of books. 

D. Create a clearing company for each set of books to handle many-to-many intercompany accounting in each set of books. 

E. Enable security for the Company and Intercompany segments, and define appropriate security rules, and assign them to the responsibility for each set of books. 

Answer: ACD



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