Q1) Tax on Receivables Invoices are posted to different General Ledger (GL) accounts by taxing authorities in you primary ledger. For example, one GL account (2501) for California tax and one (2502) for Virginia. There is a regulatory requirement for tax on Receivables Invoices to be posted to one account (2550) in your secondary ledger. Where would you set up the accounting rules for this requirement?
A. Oracle Payables
B. Oracle Receivables
C. Oracle General Ledger
D. Oracle E-Business Tax
E. Oracle Subledger Accounting.
Answer: E
Q2) XYZ Corp has a requirement that all budget entries are made through journals. Identify one choice where this can be accomplished?
A. Ledger Setup
B. Journal Types
C. Journal Sources
D. Journal Categories
E. Budget Organizations
Answer: A
Q3) The GL accountant has defined the budget and wants the assistant accounts to enter and update the budget. The GL accountant wants this budget to be the default. What would be your response?
A. If the Client wants to do this, the budget status must be open.
B. If the Client wants to do this, the budget status must be current.
C. The Oracle General Ledger budget functionality cannot satisfy this requirement.
D. If the client wants to do this, customization of Oracle workflow is the only option.
Answer: B
Q4) Identify four required Oracle Credit Management System option (choose four)?
A. Territory
B. Legal Entity
C. Aging bucket
D. Exchange rate type.
E. Default customer credit classification
F. Data quality management (DQM) matching rule name.
Answer: C,D,E,F
Q5) Which four transactions are imported by AutoInvoice? (Choose Four)
A. Invoices
B. Deposits
C. Guarantees
D. Debit Memos
E. Credit Memos
F. On account credits
Answer: A,D,E,F
Q6) Identify three profile options that affect the integration of Oracle Receivables with other Oracle Applications (Choose Three)?
A. OM: Item Flexfield
B. EB Tax: Iventory Item for Freigt
C. AR: Application GL Date Default
D. EB Tax: Invoice Freight as Revenue
E. AR: Change Customer on Transaction
Answer: A,B,D
Q7) Your Client has requirements to enter customer, suppliers and remit to addresses in country specific formats for the United States, United Kingdom and Ireland. Which are the three steps required to set up new flexible address formats in Oracle Applications (Choose Three) ?
A: Creating address style lookup.
B. Creating flexible address code
C. Setting up the default address profile option
D. Assigning address style to a specific country
E. Setting up flexible address format in a descriptive flexfield.
Answer: A,D,E
Q8) All remittance bank details are created and maintained in ____
A. Oracle Payables
B. Oracle Purchasing
C. Oracle Receivables
D. Oracle Cash Management
E. Oracle Trade Management
F. Oracle Lease Management
Answer : D
Q9) Identify the three applications that create Invoice into Oracle Receivables (Choose Three)?
A. Oracle Loans
B. Oracle Projects
C. Oracle Shipping
D. Oracle Cash Management
E. Oracle Lease Management
Answer : A,B,E
Q10) Identify three tables that can be used to import billing data into Oracle Receivables (Choose Three)?
A. RA_INTERFACE_LINES_ALL
B. RA_INTERFACE_SALES_ALL
C. RA_INTERFACE_HEADERS_ALL
D. RA_INTERFACE_SALECREDITS_ALL
E. RA_INTERFACE_DISTRIBUTIONS_ALL
Answer: A,D,E
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Oracle EBS R12: General Ledger and Receivables Fundamentals 1Z0-216 _Part 4
Q1) XYZ Corporation has five companies, which operate in different industries. Each company has a different ledger-processing option that is industry specific. Choose the number of primary ledgers that are required to be defined?
A. Five
B. Four
C. Two
D. One
E. Three
Answer: A
Q2) A Receipt of $2000 is received for an invoice that has $1500 as the amount due. The remittance advise does not state a reason for the overpayment. Identify the receipt state that should be displayed?
A. Applied
B. Unapplied
C. On-account
D. Unidentified
E. Partially applied
Answer: B
Q3) Customer reason codes can be used to assist in automatic claim creation in Receivables Customer reason code mappings are assigned in ____________
A. Payables
B. Receivables
C. Cash Management
D. Trade Management
E. Order Management
F. Subledger Accounting
Answer: D
Q4) When summary account templates are associated with the check level advisory of budgetary control funds, which are the two items that must be associated with the template? (Choose Two).
A. The formula must be identified.
B. The currency must be identified
C. The boundary must be identified
D. The funding budget must be identified
Answer: C,D
Q5) XYZ Corp. is implementing General Ledger, Payables, Receivables and Cash Management. Identify two points of integration between General Ledger, Payables, Receivables and Cash Management (Choose Two).
A. Payables sends bank reconciliation accounting entries to General Ledger.
B. Receivables sends accrued revenue accounting entries to General Ledger
C. Receivables sends bank reconciliation accounting entries to General Ledger.
D. Cash Management sends bank reconciliation accounting entries to General Ledger.
E. Cash Management does not send back reconciliation accounting entries to General Ledger
Answer: A,D
Q6) Before you can create customer invoices you have to define customer and your remit to address. Identify five additional setups that are required before you can create invoices in Receivables (Choose Five)?
A. Payment Terms
B. Auto Accounting
C. Transaction Sources
D. Standard Memo Line.
E. System and Profile Options
F. Receivable transaction types.
G. Customer account relationships
Answer: A,B,C,E,F
Q7) Select four values that default from profile classes in Oracle Account s Receivables (Choose Four)?
A. Currency
B. Legal Entity
C. Payment Terms
D. Statement Cycle.
E. Business Purpose
F. Credit Classification
Answer: A,C,D,F
Q8) John is hired as an Oracle General Ledger implementation consultant for XYZ Corporation. Select two options that are necessary to enable journal approval (Choose Two)?
A. Key Flexfields
B. Journal Source Form
C. Journal Categories Form
D. Journal Encumbrance Type Form
E. Journal Approval on the ledger setup page.
Answer: B,E
Q9) Select four processes that are facilitated by the credit management workflow (Choose Four)
A. Gathering prospect credit data
B. Analyzing prospect credit data
C. Gathering organization account credit data.
D Implementing credit decisions for Individuals.
E. Implementing credit decisions for Organizations.
F. Analyzing customer account credit data individuals.
Answer: A,B,C,E
Q10) Identify two mandatory attributes for grouping rules (choose two)
A. GL Date (GL_DATE)
B. Sales Order (SALES_ORDER)
C. Currency (CURRENCY_CODE)
D. Accounting Rule (ACCOUNTING_RULE_ID)
Answer: A,C
A. Five
B. Four
C. Two
D. One
E. Three
Answer: A
Q2) A Receipt of $2000 is received for an invoice that has $1500 as the amount due. The remittance advise does not state a reason for the overpayment. Identify the receipt state that should be displayed?
A. Applied
B. Unapplied
C. On-account
D. Unidentified
E. Partially applied
Answer: B
Q3) Customer reason codes can be used to assist in automatic claim creation in Receivables Customer reason code mappings are assigned in ____________
A. Payables
B. Receivables
C. Cash Management
D. Trade Management
E. Order Management
F. Subledger Accounting
Answer: D
Q4) When summary account templates are associated with the check level advisory of budgetary control funds, which are the two items that must be associated with the template? (Choose Two).
A. The formula must be identified.
B. The currency must be identified
C. The boundary must be identified
D. The funding budget must be identified
Answer: C,D
Q5) XYZ Corp. is implementing General Ledger, Payables, Receivables and Cash Management. Identify two points of integration between General Ledger, Payables, Receivables and Cash Management (Choose Two).
A. Payables sends bank reconciliation accounting entries to General Ledger.
B. Receivables sends accrued revenue accounting entries to General Ledger
C. Receivables sends bank reconciliation accounting entries to General Ledger.
D. Cash Management sends bank reconciliation accounting entries to General Ledger.
E. Cash Management does not send back reconciliation accounting entries to General Ledger
Answer: A,D
Q6) Before you can create customer invoices you have to define customer and your remit to address. Identify five additional setups that are required before you can create invoices in Receivables (Choose Five)?
A. Payment Terms
B. Auto Accounting
C. Transaction Sources
D. Standard Memo Line.
E. System and Profile Options
F. Receivable transaction types.
G. Customer account relationships
Answer: A,B,C,E,F
Q7) Select four values that default from profile classes in Oracle Account s Receivables (Choose Four)?
A. Currency
B. Legal Entity
C. Payment Terms
D. Statement Cycle.
E. Business Purpose
F. Credit Classification
Answer: A,C,D,F
Q8) John is hired as an Oracle General Ledger implementation consultant for XYZ Corporation. Select two options that are necessary to enable journal approval (Choose Two)?
A. Key Flexfields
B. Journal Source Form
C. Journal Categories Form
D. Journal Encumbrance Type Form
E. Journal Approval on the ledger setup page.
Answer: B,E
Q9) Select four processes that are facilitated by the credit management workflow (Choose Four)
A. Gathering prospect credit data
B. Analyzing prospect credit data
C. Gathering organization account credit data.
D Implementing credit decisions for Individuals.
E. Implementing credit decisions for Organizations.
F. Analyzing customer account credit data individuals.
Answer: A,B,C,E
Q10) Identify two mandatory attributes for grouping rules (choose two)
A. GL Date (GL_DATE)
B. Sales Order (SALES_ORDER)
C. Currency (CURRENCY_CODE)
D. Accounting Rule (ACCOUNTING_RULE_ID)
Answer: A,C
1099 Overview
Form 1099 is a form promulgated by the Internal Revenue Service and is used in the United States Income Tax System to prepare and file information return to report various type of income other than wages, salaries and tips (for which form W2 is used instead).
Each payer must complete a 1099 for each covered transaction. Three copies are made one for he payer , one for the payee and one for the IRS.
US Tax law requires business to submit a Form 1099 for every contractor paid at least $600 for service during a year. This requirement usually does not apply to corporations receiving payments.
Many business and organizations must file thousands of 1099s per year. Thus payers who file 250 or more Form 1099 reports must file all of them electronically or magnetically with the IRS. The 250 or more requirement applies separately for each type of return and separately for each type of corrected return. Even though filers may submit 249 information returns on paer, the IRS encourages files to transmit returns electronically.
If the less than 250 or more requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of form 1096. The 1096 is a summary of information forms being sent to the IRS. You need one 1096 for each type of information form you have issued.
Payees use the information provided on the 1099 forms to help them complete their own tax returns. In order to save paper, payers can give payees one single Combined Form 1099 that lists all of their 1099 transactions for the entire year. Taxpayers are usually not required to attach Form 1099s to their own Federal income tax returns unless the Form 1099 includes a report for Federal income tax withheld by the payer from the related payments.
several versions of Form 1099 are used, depending on the nature of the income transaction:
1099-A: acquisition or Abandonment of Secured Property
1099-B: Proceeds from Broker and Barter Exchange Transactions
1099-C: Cancellation of Debt
1099-CAP: Changes in Corporate Control and Capital Structure
1099-DIV: Dividends and Distributions
1099-G: Government Payments
1099-H: Health Insurance Advance Payments
1099-INT: Interest Income
1099-LTC: Long Term Care Benefits
1099-MISC: Miscellaneous Income
1099-OID: Original Issue Discount
1099-PATR: Taxable Distributions Received From Cooperatives
1099-Q: Payment from Qualified Education Programs
1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
1099-S: Proceeds from Real Estate Transactions
1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
1042-S: Foreign Person's U.S. Source Income
SSA-1099: Social Security Benefit Statement
SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
RRB-1099: Payments by the Railroad Retirement Board
RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
W-2G: Certain Gambling Winnings
Each payer must complete a 1099 for each covered transaction. Three copies are made one for he payer , one for the payee and one for the IRS.
US Tax law requires business to submit a Form 1099 for every contractor paid at least $600 for service during a year. This requirement usually does not apply to corporations receiving payments.
Many business and organizations must file thousands of 1099s per year. Thus payers who file 250 or more Form 1099 reports must file all of them electronically or magnetically with the IRS. The 250 or more requirement applies separately for each type of return and separately for each type of corrected return. Even though filers may submit 249 information returns on paer, the IRS encourages files to transmit returns electronically.
If the less than 250 or more requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of form 1096. The 1096 is a summary of information forms being sent to the IRS. You need one 1096 for each type of information form you have issued.
Payees use the information provided on the 1099 forms to help them complete their own tax returns. In order to save paper, payers can give payees one single Combined Form 1099 that lists all of their 1099 transactions for the entire year. Taxpayers are usually not required to attach Form 1099s to their own Federal income tax returns unless the Form 1099 includes a report for Federal income tax withheld by the payer from the related payments.
several versions of Form 1099 are used, depending on the nature of the income transaction:
1099-A: acquisition or Abandonment of Secured Property
1099-B: Proceeds from Broker and Barter Exchange Transactions
1099-C: Cancellation of Debt
1099-CAP: Changes in Corporate Control and Capital Structure
1099-DIV: Dividends and Distributions
1099-G: Government Payments
1099-H: Health Insurance Advance Payments
1099-INT: Interest Income
1099-LTC: Long Term Care Benefits
1099-MISC: Miscellaneous Income
1099-OID: Original Issue Discount
1099-PATR: Taxable Distributions Received From Cooperatives
1099-Q: Payment from Qualified Education Programs
1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
1099-S: Proceeds from Real Estate Transactions
1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
1042-S: Foreign Person's U.S. Source Income
SSA-1099: Social Security Benefit Statement
SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
RRB-1099: Payments by the Railroad Retirement Board
RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
W-2G: Certain Gambling Winnings
Tax Reporting Entities
In the United States we must report to the Internal Revenue Service certain type of payments we make to 1099 reportable suppliers. During the supplier setup We can make supplier as federally reportable. When we enter invoices for that supplier, we classify invoice distributions by 1099 misc type using the Income Tax type field. At the year end, we can then report, in standard formats of accumulated 1099 payment information to the Internal Revenue Service, other tax agencies and to our suppliers.
For each reporting entity, we assign one or more balancing segment values, when we submit 1099 reports for a tax entity, Payable sums up the paid invoice distributions that have these balancing segment values in their accounts (Eg- Company, Fund balancing segments)to create and report on 1099 supplier payments.
If we want to use combined federal and state 1099 filing, and want to produce K-Records and B-Records, we have to enable the combined filing program in payables option.
If we use combined federal and state filing, then we have define tax regions.
Define tax reporting entities.
Resolve 1099 exceptions if any:
Submit for each reporting entity the 1099 Invoice exception report to identify the following exceptions :
A )1099 Invoice distribution with no income tax type.
B) 1099 Invoice distributions with invalid or missing income tax region.
Submit the 1099 supplier exception report to identify and resolve the exceptions:
A) Suppliers with Null or Invalid State abbreviations.
B) Suppliers that will be flagged as foreign in the 1099.
Resolve any exceptions in the Suppliers window.
A)Optionally withhold tax from suppliers if they have a missing or invalid Tax Identification Number (TIN) and if you have not met the legal requirements of requesting a valid TIN from them.
Generate 1099 Reports.
A)1099 Forms. Submit to the Internal Revenue Service for each 1099 supplier, and send a copy to the supplier.
B)1096 Form. Submit to the Internal Revenue Service for each 1099 MISC type paid during the calendar year.
C)1099 Electronic Media. If you submit 250 or more 1099 forms, the Internal Revenue Service requires you to file your 1099 payment information on magnetic media or electronically .
D)Form 941. Send this form to the Internal Revenue Service to report total supplier withholding for a quarter. Your Accounts Payable department should create a manual payment for the total amount withheld, and you should remit this amount and the 1096 Form to the Internal Revenue Service.
E)1099 Payments Report. Run this report for your reference to review 1099 payments by supplier or MISC type
For each reporting entity, we assign one or more balancing segment values, when we submit 1099 reports for a tax entity, Payable sums up the paid invoice distributions that have these balancing segment values in their accounts (Eg- Company, Fund balancing segments)to create and report on 1099 supplier payments.
If we want to use combined federal and state 1099 filing, and want to produce K-Records and B-Records, we have to enable the combined filing program in payables option.
If we use combined federal and state filing, then we have define tax regions.
Define tax reporting entities.
Resolve 1099 exceptions if any:
Submit for each reporting entity the 1099 Invoice exception report to identify the following exceptions :
A )1099 Invoice distribution with no income tax type.
B) 1099 Invoice distributions with invalid or missing income tax region.
Submit the 1099 supplier exception report to identify and resolve the exceptions:
A) Suppliers with Null or Invalid State abbreviations.
B) Suppliers that will be flagged as foreign in the 1099.
Resolve any exceptions in the Suppliers window.
A)Optionally withhold tax from suppliers if they have a missing or invalid Tax Identification Number (TIN) and if you have not met the legal requirements of requesting a valid TIN from them.
Generate 1099 Reports.
A)1099 Forms. Submit to the Internal Revenue Service for each 1099 supplier, and send a copy to the supplier.
B)1096 Form. Submit to the Internal Revenue Service for each 1099 MISC type paid during the calendar year.
C)1099 Electronic Media. If you submit 250 or more 1099 forms, the Internal Revenue Service requires you to file your 1099 payment information on magnetic media or electronically .
D)Form 941. Send this form to the Internal Revenue Service to report total supplier withholding for a quarter. Your Accounts Payable department should create a manual payment for the total amount withheld, and you should remit this amount and the 1096 Form to the Internal Revenue Service.
E)1099 Payments Report. Run this report for your reference to review 1099 payments by supplier or MISC type
Oracle EBS R12: General Ledger and Receivables Fundamentals 1Z0-216 _Part 3
Q1) XYZ Company’s requirement is that all mass allocation journals must be approved by using the journal approval process. When the company accountant enters his or her mass allocation journals, these journals must be routed to his or her manager for approval, then to the CFO, and finally to the CEO for review and final approval. Select the option that would help XYZ company meet this requirement.
A. Go to peers.
B. One stop go direct.
C. Go up the management chain.
D. Go direct to the person with sufficient authorization limit.
Answer: C
Q2) The tables for the Customer Master are owned by
A. Oracle Receivables.
B. Oracle Order Management.
C. Oracle Trading Community Architecture.
D. Oracle Customer Relationship Management.
Answer: C
Q3) AutoCash rules apply to _________receipts.
A. Manual.
B. Automatic.
C. Quickcash.
D. Credit Card
E. Direct Debit.
F. Prepayment.
Answer: C
Q4) Identify two correct statements regarding a primary ledger. (Choose two)
A. Defining a primary ledger is not mandatory.
B. A primary ledger is the main record keeping ledger.
C. Multiple legal entities can be linked to one primary ledger.
D. Multiple primary ledgers can be linked to one secondary ledger.
Answer: B,C
Q5) An easy methodology to clarify how to define rollup group for the summary account is to ____
A. Look at Industry standards
B. Review detailed financial reports.
C. Sketch the summarization levels.
D. Discuss it with all level of management with in the organization.
Answer : C
Q6) Which profile option must be enabled to allow you to change the tax code on the transaction line in Receivables?
A. eBtax: Allow Manual Tax Lines.
B. eBtax: Inventory items for Freight.
C. eBtax : Allow Ad Hoc Tax Changes
D. eBtax : Allow Override of customer exemptions.
Answer: C
Q7) AutoLockbox execution employs a multistep process. These steps can be submitted individually or at the same time from the submit lockbox processing window. Identify the correct sequential combination of steps that are executed while running the AutoLockbox concurrent process in Oracle Receivables.
A. Enter receipts, validate data,apply QuickCash.
B. Import Bank file, validate data,post QuickCash.
C. Import Bank file, enter receipts, validate QuickCash.
D. Enter receipts, import bank file, validate data, post QuickCash.
E. Enter receipts ,import bank file validate data, post quick cash , apply receipts.
Answer: B
Q8) XYZ Corporation is a national company with five divisions that share the same ledger Select the statement that best describes the consolidation process for XYZ Corporation.
A. Transfer data and run financial reports.
B. Enter eliminating journals and run financial reports.
C. Run translations, transfer data, and run financials reports.
D. Run revaluation and translation, transfer data, and run financial reports.
E. Run revaluation, translation and eliminations then transfer data and run financial reports.
Answer: B
Q9) The Receipt Inherit Invoice number option affects only receipt created by _____
A. Oracle Cash Management.
B. Oracle Trade Management
C. The AutoLockBox Program.
D. The Automatic Receipts Program.
Answer: D
Q10) Select Setup task that you are required to perform in Receivables to manage tax calculations on Invoices.
A. Defining tax rules.
B. Defining AutoInvoice.
C. Defining AutoAccounting.
D. Defining Tax Registrations.
E. Defining Account Generator.
Answer: C
A. Go to peers.
B. One stop go direct.
C. Go up the management chain.
D. Go direct to the person with sufficient authorization limit.
Answer: C
Q2) The tables for the Customer Master are owned by
A. Oracle Receivables.
B. Oracle Order Management.
C. Oracle Trading Community Architecture.
D. Oracle Customer Relationship Management.
Answer: C
Q3) AutoCash rules apply to _________receipts.
A. Manual.
B. Automatic.
C. Quickcash.
D. Credit Card
E. Direct Debit.
F. Prepayment.
Answer: C
Q4) Identify two correct statements regarding a primary ledger. (Choose two)
A. Defining a primary ledger is not mandatory.
B. A primary ledger is the main record keeping ledger.
C. Multiple legal entities can be linked to one primary ledger.
D. Multiple primary ledgers can be linked to one secondary ledger.
Answer: B,C
Q5) An easy methodology to clarify how to define rollup group for the summary account is to ____
A. Look at Industry standards
B. Review detailed financial reports.
C. Sketch the summarization levels.
D. Discuss it with all level of management with in the organization.
Answer : C
Q6) Which profile option must be enabled to allow you to change the tax code on the transaction line in Receivables?
A. eBtax: Allow Manual Tax Lines.
B. eBtax: Inventory items for Freight.
C. eBtax : Allow Ad Hoc Tax Changes
D. eBtax : Allow Override of customer exemptions.
Answer: C
Q7) AutoLockbox execution employs a multistep process. These steps can be submitted individually or at the same time from the submit lockbox processing window. Identify the correct sequential combination of steps that are executed while running the AutoLockbox concurrent process in Oracle Receivables.
A. Enter receipts, validate data,apply QuickCash.
B. Import Bank file, validate data,post QuickCash.
C. Import Bank file, enter receipts, validate QuickCash.
D. Enter receipts, import bank file, validate data, post QuickCash.
E. Enter receipts ,import bank file validate data, post quick cash , apply receipts.
Answer: B
Q8) XYZ Corporation is a national company with five divisions that share the same ledger Select the statement that best describes the consolidation process for XYZ Corporation.
A. Transfer data and run financial reports.
B. Enter eliminating journals and run financial reports.
C. Run translations, transfer data, and run financials reports.
D. Run revaluation and translation, transfer data, and run financial reports.
E. Run revaluation, translation and eliminations then transfer data and run financial reports.
Answer: B
Q9) The Receipt Inherit Invoice number option affects only receipt created by _____
A. Oracle Cash Management.
B. Oracle Trade Management
C. The AutoLockBox Program.
D. The Automatic Receipts Program.
Answer: D
Q10) Select Setup task that you are required to perform in Receivables to manage tax calculations on Invoices.
A. Defining tax rules.
B. Defining AutoInvoice.
C. Defining AutoAccounting.
D. Defining Tax Registrations.
E. Defining Account Generator.
Answer: C
Oracle EBS R12: General Ledger and Receivables Fundamentals 1Z0-216 _Part 2
Q1) Identify three purposes for which transaction types can be used. (Choose Three)?
A. To record how cash can be applied to transactions
B. To set whether AutoInvoice validates transaction using IDs or Values.
C. To set whether transactions affect the Accounts Receivable customer balances
D. To record the accounting flexfield value that would be used for the cash account for transactions.
E. To record the accounting flexfield value that would be used for the receivable account for transactions.
F. To set transaction number to be either assigned automatically or entered manually for transactions.
Answer: A,C,E
Q 2) Justin is reviewing the clients draft training documents about the Order to Cash life cycle business processes. Identify four steps that are included in the Order to Cash life cycle (choose four)?javascript:void(0)
A. Launching pick release.
B. Performing Credit Check
C. Reconciling Bank Statements.
D. Running AutoInvoice to Receivables.
E. Generating the move order manually.
Answer: A,B,C,D
Q3) A clerk from XYZ Inc., receives a customer receipt that does not have sufficient information to identify the customer or invoice. Which is correct method of entering the receipt in Oracle Accounts Receivable?
A. Enter the receipt as an unapplied receipt.
B. Enter the receipt as an unidentified receipt.
C. Enter the receipt as an on-account receipt.
D. Enter the receipt as a miscellaneous receipt.
E. Enter the receipt by applying it to a dummy customer account.
Answer: B
Q4) Identify two statements that apply to Oracle Collections (Choose Two) ?
A. It is web based self service application.
B. It can be used to place an invoice in dispute.
C. It enables customers to see their own Oracle Receivables account information, such as balances.
D. It can be used to initiate the Oracle Approvals Management (AME) credit memo request workflow from Oracle Collections.
Answer: B,D
Q5) The end users at XYZ Ltd noticed several AutoInvoice exceptions and requested you help in correcting them. Which window allows you to edit data?
A. Line Errors Window.
B. Interface Lines Window.
C. Interface Exceptions window.
D. Interface Corrections window.
Answer: B
Q 6) The client entered a miscellaneous receipt by mistake; it was posted to General Ledger. Now the Miscellaneous receipt needs to be reversed. Which method would you advise the client to use
A. Carry out a standard reversal of the miscellaneous receipt.
B. Carry out a debit memo reversal of the miscellaneous receipt.
C. Create a receivable activity adjustment for the reversal of the miscellaneous receipt.
D. Create an adjustment in receivables for the reversal of the effect of the miscellaneous receipt.
E. Create a journal entry in General Ledger to reverse the accounting impact created by the posting of the miscellaneous receipt.
Answer : A
Q 7) Which rule must be applied when using the summary accounts to create a mass allocation journal?
A. Constant (C ) must be assigned to each rollup group that is used in formula line.
B. Summing (S) must be assigned to each rollup group that is used in the formula line, so that the related child values are summarized.
C. Looping (L) must be assigned to each rollup group that is used in the formula line, so that the associated child values are incorporated in the calculation.
Answer: A
Q 8 ) The head office of XYZ Corporation is at Maryland USA and it has a branch in Tokyo. Their ledgers have the same chart of accounts and calendar. The Maryland ledger uses USD, whereas the Tokyo ledger uses the JPY as the functional currency. XYZ corporation has a requirement that all its branch transactions subledger journals, General Ledger journal entries, and balances at Tokyo will have to be routinely reported in USD to Maryland. As an implementation consultant which reporting currency conversion would you suggest for XYZ corporation?
A. Balance level reporting currency only.
B. Subledger level reporting currency only.
C. Both journal –level and balance level reporting currency.
D. Both subledger level and balance level reporting currency.
Answer: B
Q9) Which statement best describes stages in the credit review process?
A. Initiating a credit review, data collection, data analysis, making and implementing the recommendations.
B. Defining a profile class assigning it to customers setting up the scoring model and starting the workflow background process.
C. Manually reviewing customer past billing and payment history initiating discussions with customers, and implementing recommendations.
D. Manually initiating a review by sending out mails to customers requesting information, reviewing and making recommendations, and implementing recommendations after approval.
Answer: A
Q10) Identify the receivables activity type where you are unable to select the tax rate code source option of invoice.
A..Adjustment
B. Earned Discount.
C. Unearned Discount.
D. Miscellaneous Cash.
Answer: D
A. To record how cash can be applied to transactions
B. To set whether AutoInvoice validates transaction using IDs or Values.
C. To set whether transactions affect the Accounts Receivable customer balances
D. To record the accounting flexfield value that would be used for the cash account for transactions.
E. To record the accounting flexfield value that would be used for the receivable account for transactions.
F. To set transaction number to be either assigned automatically or entered manually for transactions.
Answer: A,C,E
Q 2) Justin is reviewing the clients draft training documents about the Order to Cash life cycle business processes. Identify four steps that are included in the Order to Cash life cycle (choose four)?javascript:void(0)
A. Launching pick release.
B. Performing Credit Check
C. Reconciling Bank Statements.
D. Running AutoInvoice to Receivables.
E. Generating the move order manually.
Answer: A,B,C,D
Q3) A clerk from XYZ Inc., receives a customer receipt that does not have sufficient information to identify the customer or invoice. Which is correct method of entering the receipt in Oracle Accounts Receivable?
A. Enter the receipt as an unapplied receipt.
B. Enter the receipt as an unidentified receipt.
C. Enter the receipt as an on-account receipt.
D. Enter the receipt as a miscellaneous receipt.
E. Enter the receipt by applying it to a dummy customer account.
Answer: B
Q4) Identify two statements that apply to Oracle Collections (Choose Two) ?
A. It is web based self service application.
B. It can be used to place an invoice in dispute.
C. It enables customers to see their own Oracle Receivables account information, such as balances.
D. It can be used to initiate the Oracle Approvals Management (AME) credit memo request workflow from Oracle Collections.
Answer: B,D
Q5) The end users at XYZ Ltd noticed several AutoInvoice exceptions and requested you help in correcting them. Which window allows you to edit data?
A. Line Errors Window.
B. Interface Lines Window.
C. Interface Exceptions window.
D. Interface Corrections window.
Answer: B
Q 6) The client entered a miscellaneous receipt by mistake; it was posted to General Ledger. Now the Miscellaneous receipt needs to be reversed. Which method would you advise the client to use
A. Carry out a standard reversal of the miscellaneous receipt.
B. Carry out a debit memo reversal of the miscellaneous receipt.
C. Create a receivable activity adjustment for the reversal of the miscellaneous receipt.
D. Create an adjustment in receivables for the reversal of the effect of the miscellaneous receipt.
E. Create a journal entry in General Ledger to reverse the accounting impact created by the posting of the miscellaneous receipt.
Answer : A
Q 7) Which rule must be applied when using the summary accounts to create a mass allocation journal?
A. Constant (C ) must be assigned to each rollup group that is used in formula line.
B. Summing (S) must be assigned to each rollup group that is used in the formula line, so that the related child values are summarized.
C. Looping (L) must be assigned to each rollup group that is used in the formula line, so that the associated child values are incorporated in the calculation.
Answer: A
Q 8 ) The head office of XYZ Corporation is at Maryland USA and it has a branch in Tokyo. Their ledgers have the same chart of accounts and calendar. The Maryland ledger uses USD, whereas the Tokyo ledger uses the JPY as the functional currency. XYZ corporation has a requirement that all its branch transactions subledger journals, General Ledger journal entries, and balances at Tokyo will have to be routinely reported in USD to Maryland. As an implementation consultant which reporting currency conversion would you suggest for XYZ corporation?
A. Balance level reporting currency only.
B. Subledger level reporting currency only.
C. Both journal –level and balance level reporting currency.
D. Both subledger level and balance level reporting currency.
Answer: B
Q9) Which statement best describes stages in the credit review process?
A. Initiating a credit review, data collection, data analysis, making and implementing the recommendations.
B. Defining a profile class assigning it to customers setting up the scoring model and starting the workflow background process.
C. Manually reviewing customer past billing and payment history initiating discussions with customers, and implementing recommendations.
D. Manually initiating a review by sending out mails to customers requesting information, reviewing and making recommendations, and implementing recommendations after approval.
Answer: A
Q10) Identify the receivables activity type where you are unable to select the tax rate code source option of invoice.
A..Adjustment
B. Earned Discount.
C. Unearned Discount.
D. Miscellaneous Cash.
Answer: D
Oracle EBS R12: General Ledger and Receivables Fundamentals 1Z0-216
Q1) Which three are part of the Global Consolidation System (GCS) functionality? (Choose three)
A) Viewing the multilevel structure of your consolidation in a graphical format.
B) Defining mapping rules to determine how subsidiary account balances roll up into the parent
C) Creating consolidated journal entries in both parent and subsidiary sets of books as part of the consolidation process.
D) Using Interface Data Transformer to transfer data from Oracle Global Consolidation to external financial feeder systems.
E) Viewing the status and monitor subsidiary account balances for any changes that occur after the subsidiary data has been transferred.
Answer : A ,B,E
Q) Identify four transaction type of transaction flexfields (Choose four)
A) Key transaction flexfield.
B) Line transaction flexfield.
C) Link to transaction flexfield.
D) Source transaction flexfield.
E) Invoice transaction flexfield.
F) Reference transaction flexfield.
Answer) B,C,E,F
Q) Select three true statements about mapping rules (choose three)?
A) Up to two rollup rules are possible.
B) You can define a combination of segment values and account rules.
C) Mapping sets enable you to transfer data from multiple subsidiaries simultaneously.
D) There are only two mapping rule actions consisting of copy value from and assign value from.
E) A rollup rule indicates to General Ledger what detail level of information to transfer and how to roll that information up to the parent.
Answer) B,C,E
Q) Identify two functions the Revenue Accounting Management (RAM) wizard performs in Oracle Receivables (Choose Two).
A) Apply Receipts
B) Resolve claims
C) Adjust sales credits
D) Execute the Invoicing process.
E) Manage revenue contingencies.
Answer) C,E
Q) Which two setups are required for customer invoicing? (Choose Two)
A) Lockbox
B) Customers
C) Remit-to-address
D) Customer profile classes.
Answer) B,C
Q) Party Merge provides the capability to merge parties and their related entities in the Oracle Trading Community Architecture (TCA) Registry, thereby eliminating duplicate data in the Registry. Select four entities that can successfully merged using the Party Merge Funtionality?
A) You can merge bill-to sites with bill-to sites.
B) You can merge bill to sites with ship to sites.
C) You can merge individuals with individuals.
D) You can merge individuals with organizations.
E) You can merge organizations with organizations.
Answer) A,C,D,E
Q) After you define a credit analyst, you can modify any of the analyst’s information, except_____
A) Employee and Group.
B) Employee and Username
C) Organization and Territory
D) Cost Center and Employee
E) Username and Organization
F) Group and Group member role.
Answer) B
Q) You created an invoice with one line item of $100 and tax of $10. This line item is credited with an applied credit memo of $50. What is the credit to the tax line?
A) $10
B) $20
C) $1
D) $5
Answer) D
Q) Which four attributes are validated during the Journal Import Process? (Choose Four)
A) Period
B) Approval Level
C) Balanced Journal
D) Cross Validation Rule
E) Account Combination
F) Journal Sequence Number
Answer) A,C,D,E
Q) How many data sources views can you register lines data source in Bill Presentment Architecture?
A) Five
B) Nine
C) Seven
D) One
Answer ) D
Q) You need to verify that your system has enough resources to handle the volume of accounts that would be generated by the summary account template. The template has been designed as follows:
D-Region-D
The first segment is company, which has ten values.
The second segment is division, which is represented by the rollup group region.
It has six parent values. The last segment is account which has 500 values.
How many summary accounts would be generated by the template?
A) 60
B) 3,000
C) 5,000
D) 500
E) 30,000
Answer) E
Q) Which three payment terms validations are performed by AutoInvoice for imported balance forward billing (BFB) transactions? (Choose three)
A) The transaction is stamped with legal entity information.
B) All transactions are batched by the batch source name and request ID.
C) Transactions with balance forward billing payment terms having the external billing cycle have a billing date.
D) Transactions with balance forward billing payment terms have balance forward billing enabled at the account and site profiles.
E) Transactions with nonbalance forward billing payment terms for balance forward customers have the override terms check box selected.
Answer) C,D,E
A) Viewing the multilevel structure of your consolidation in a graphical format.
B) Defining mapping rules to determine how subsidiary account balances roll up into the parent
C) Creating consolidated journal entries in both parent and subsidiary sets of books as part of the consolidation process.
D) Using Interface Data Transformer to transfer data from Oracle Global Consolidation to external financial feeder systems.
E) Viewing the status and monitor subsidiary account balances for any changes that occur after the subsidiary data has been transferred.
Answer : A ,B,E
Q) Identify four transaction type of transaction flexfields (Choose four)
A) Key transaction flexfield.
B) Line transaction flexfield.
C) Link to transaction flexfield.
D) Source transaction flexfield.
E) Invoice transaction flexfield.
F) Reference transaction flexfield.
Answer) B,C,E,F
Q) Select three true statements about mapping rules (choose three)?
A) Up to two rollup rules are possible.
B) You can define a combination of segment values and account rules.
C) Mapping sets enable you to transfer data from multiple subsidiaries simultaneously.
D) There are only two mapping rule actions consisting of copy value from and assign value from.
E) A rollup rule indicates to General Ledger what detail level of information to transfer and how to roll that information up to the parent.
Answer) B,C,E
Q) Identify two functions the Revenue Accounting Management (RAM) wizard performs in Oracle Receivables (Choose Two).
A) Apply Receipts
B) Resolve claims
C) Adjust sales credits
D) Execute the Invoicing process.
E) Manage revenue contingencies.
Answer) C,E
Q) Which two setups are required for customer invoicing? (Choose Two)
A) Lockbox
B) Customers
C) Remit-to-address
D) Customer profile classes.
Answer) B,C
Q) Party Merge provides the capability to merge parties and their related entities in the Oracle Trading Community Architecture (TCA) Registry, thereby eliminating duplicate data in the Registry. Select four entities that can successfully merged using the Party Merge Funtionality?
A) You can merge bill-to sites with bill-to sites.
B) You can merge bill to sites with ship to sites.
C) You can merge individuals with individuals.
D) You can merge individuals with organizations.
E) You can merge organizations with organizations.
Answer) A,C,D,E
Q) After you define a credit analyst, you can modify any of the analyst’s information, except_____
A) Employee and Group.
B) Employee and Username
C) Organization and Territory
D) Cost Center and Employee
E) Username and Organization
F) Group and Group member role.
Answer) B
Q) You created an invoice with one line item of $100 and tax of $10. This line item is credited with an applied credit memo of $50. What is the credit to the tax line?
A) $10
B) $20
C) $1
D) $5
Answer) D
Q) Which four attributes are validated during the Journal Import Process? (Choose Four)
A) Period
B) Approval Level
C) Balanced Journal
D) Cross Validation Rule
E) Account Combination
F) Journal Sequence Number
Answer) A,C,D,E
Q) How many data sources views can you register lines data source in Bill Presentment Architecture?
A) Five
B) Nine
C) Seven
D) One
Answer ) D
Q) You need to verify that your system has enough resources to handle the volume of accounts that would be generated by the summary account template. The template has been designed as follows:
D-Region-D
The first segment is company, which has ten values.
The second segment is division, which is represented by the rollup group region.
It has six parent values. The last segment is account which has 500 values.
How many summary accounts would be generated by the template?
A) 60
B) 3,000
C) 5,000
D) 500
E) 30,000
Answer) E
Q) Which three payment terms validations are performed by AutoInvoice for imported balance forward billing (BFB) transactions? (Choose three)
A) The transaction is stamped with legal entity information.
B) All transactions are batched by the batch source name and request ID.
C) Transactions with balance forward billing payment terms having the external billing cycle have a billing date.
D) Transactions with balance forward billing payment terms have balance forward billing enabled at the account and site profiles.
E) Transactions with nonbalance forward billing payment terms for balance forward customers have the override terms check box selected.
Answer) C,D,E
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