1Z0-508 Online Practice Questions and Answers

Correct Answer: B

The Accrual Reversal GL Date accounting attribute is relevant to applications using the accrual reversal feature.

When the accrual reversal GL date accounting attribute returns a value, the Create Accounting program generates an entry that reverses the accrual entry.

Note:

* If an invoice is not entered by period end, the Receipt Accruals - Period End process will generate accruals and transfer the accounting for them to the GL Interface. Use the Journal Import program to create unposted journals. This journal is created with a reversal date in a subsequent period. The journal must be reversed so your receipt liability is not overstated.

Reference: Oracle Financial Services Accounting Hub Implementation Guide, GL Date Accounting Attributes

Correct Answer: A

Define the Calendar Periods

Use the Accounting Calendar form to define your calendar (navigation =Setup..Financials..Calendar..Accounting).

You associate a calendar and period type with each set of books. Oracle General Ledger lets you maintain multiple calendars.

For each calendar, you should set up one complete year at a time, specifying which types of accounting periods you will include in each year. Oracle General Ledger lets you add periods to your calendar at any time. When you define new

accounting periods, remember to use the same

period type that you originally assigned to your set of books. These are the only periods that General Ledger will recognize for your set of books.

Note: Define your calendar to fit your business. You can define a calendar for any fiscal year, and have up to 366 accounting periods for use with actuals and 60 periods for use with budgets. The periods can be of different lengths, but they all

must be of the same period type for one set of

books, in order for General Ledger to recognize them.

Correct Answer: A

Assignment at Header Level

Header assignments define subledger journal header information and line assignments define journal line accounting treatment.

A header assignment includes the following:

Accounting date (required)

Accrual reversal accounting date (optional)

Description rule (optional)

Supporting references (optional)

Assignment at Line Level

Reference: Oracle Fusion Applications Financials Implementation Guide, Define Subledger Accounting Rules

Correct Answer: C

Correct Answer: B

The Link Journal Lines Option: Determines whether the journal line rule is set up to establish a link between the accounting of transactions that are related both within the same application, and across applications. The alternatives are described below:

*

None

No link is established.

*

Copy from corresponding line

Build account for a journal line using segments from the offsetting entry of the current journal line.

For example, when the business process requires that a cost center incurring an expense must also bear the invoice liability and cash outlay.

*

Business flow

ink logically related business transactions. For example, when recording the closing of a loan, you can link to the account that was used to book the loan origination. Journal line rules that are linked must also be assigned the same business

flow class.

Reference: Oracle Fusion Applications Financials Implementation Guide, Journal Line Rules

Correct Answer: B

Fusion Accounting Hub leverages the Fusion General Ledger. The Fusion General Ledger combines traditional general ledger functionality with Oracle Essbase functionality, which is seamlessly embedded within the Fusion General Ledger.

For example, at the time users create their chart of

accounts, the Oracle Essbase cube is created.

Correct Answer: D

In order to update the intercompany calendar to use a different general ledger

accounting calendar, the intercompany period status for all intercompany transaction types must either be Never Opened or Closed.

Reference: Oracle Fusion Applications Financials Implementation Guide, Intercompany Calendar and Period Type

Correct Answer: BD

B: Cubes are created as part of ledger setup.

D:A database connection is needed for each cube.

Reference: Oracle Fusion Applications Post-Installation Guide, Configuring Workspace Database Connection

Correct Answer: D

Account Monitor is fully integrated with the online multidimensional analysis tool called the Account Inspector. With the Account Inspector, the user can:

*

Perform ad hoc multidimensional pivot table analysis

*

Review charts based on the Account Monitor data

*

Use drill down from the Account Monitor from any parent to the next parent or child level

*

Perform drill down from any child level to detail balances, journal lines, and subledger transactions Reference: Fusion Applications Help, Financial Reporting Center: Explained

Correct Answer: AB

Use Oracle Scorecard and Strategy Management to:

*

Simultaneously define the objectives (that is, goals such as Decreased Operational Costs) and initiatives (that is, processes or tasks such as Form Cost Minimization Team) that form your strategy to which you assign KPIs to measure

progress and performance.

*

Align objectives and initiatives with customized or traditional perspectives (fundamental business competencies and areas such as finance or customer relations). This later enables you to depict the extent to which corporate strategy

supports these perspectives.

*Define target numeric ranges to evaluate the values of KPIs within corporate or department-level objectives and initiatives.

*

Graphically communicate strategy and strategic dynamics using strategy maps, cause and effect maps, custom views, and strategy trees.

*

Discuss the implementation and status of objectives and initiatives by adding, reading, and replying to comments.

Note: Oracle Scorecard and Strategy Management is a performance management tool that lets you describe and communicate your business strategy. You can drive and assess your corporate strategy and performance from the top of your organization down, or from the bottom up.

Oracle Scorecard and Strategy Management also enables you to either align your objectives and initiatives with traditional balanced scorecard perspectives, or to create your own to reflect your fundamental business competencies.

Reference: Oracle Fusion Middleware User's Guide for Oracle Business Intelligence Enterprise Edition , What is Oracle Scorecard and Strategy Management?