Oracle 1Z0-215

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Oracle EBS R12: General Ledger and Payables Fundamentals Sample Questions:

1. Identify three statements that are true about the withholding tax process. (Choose three.)

A) The withholding tax process is a part of Cash Management.
B) If the withholding tax is calculated during the invoice validation process, the taxable amount withheld is the gross amount.
C) Payables automaticallygenerates withholding tax invoices to pay tax authorities.
D) Payablescalculates withholding taxes on invoices during the invoice validation process or during the payment calculation.
E) Tax is automatically calculated at any calculation level.

2. Identify the conditions that must exist before you can apply an advance against an expense report.

A) The prepayment type is permanent, has been validated, and not canceled.
B) The prepayment type is temporary and has been fully applied.
C) The prepayment type is permanent and no active holds exist for the prepayment.
D) The prepayment type is temporary and has not been fully applied.

3. You are implementing Oracle General Ledger at a client site. The client is based in the US, but they have a presence in many countries and transactions in multiple currencies. The implementation team decides that the GL multi-currency setup will be a part of the implementation. The company's management in the US wants to see all transactions in USD, whereas the management in Europe wants to see the transactions in Euros. The CFO has this requirement:
While entering daily transactions, the user must be able to enter the current exchange rate. But at month end, the assets and liabilities in Euros must be converted into USD at the monthly average exchange rate. Can this requirement be satisfied?

A) Oracle GL does not support this functionality.
B) Oracle GL provides this functionality and there is no problem in satisfying the requirement.
C) Workflow must be customized to satisfy this requirement.
D) The account generator must be customized to satisfy this requirement.

4. Identify three statements that describe Payment Terms. (Choose three.)

A) can be used for electronic payments
B) can be used to schedule payments for an invoice
C) cannot be specified in import tables
D) default from the supplier site
E) automatically calculate due dates, discount dates, and discount amounts for each invoice

5. 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; enter and post the journal; run the Trial Balance report; close the period.
C) Open Dec-04, Jan-05, and Feb-05; enter and post the journal; close all periods.
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.

Solutions: