Oracle 1Z0-508 Online Practice Questions and Exam Preparation

Oracle 1Z0-508 Online Questions & Answers

• Question 101:

  Select the option that helps in sharing Account Rules across applications.

  A. Transaction Objects
  B. Reference Objects
  C. Same Chart of Accounts
  D. Same Value Set validation
  B. Reference Objects

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  To share an account rule across applications, all sources used by the account rule must be available for the event class.

  If the sources are available, an account rule is assigned to a journal line rule in the journal entry rule set, and verification occurs to confirm that all sources used by the account rule are available for the journal line rule accounting event class.

  Journal line rules are only available if the sources

  are shared; such as reference objects.

  Note:

  You may share account rules across applications in the following ways.

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  Assign an account rule from the same or a different application to a journal line rule in the subledger journal entry rule set. For example, to derive an expense account for journal line rule Expense, assign the Projects Cost Account rule owned by Oracle Fusion Projects to the Payables journal line rule Expense.

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  Create an account rule based on an account rule from another application and assign it to a journal line rule. For example, you may create a new account rule Invoice Expense Account referencing Project Cost Account assigned in the Priorities region. You may attach the Invoice Expense Account rule to the journal line rule Expense in the journal entry rule set.

  Reference: Fusion Applications Help, Sharing Account Rules across Applications

• Question 102:

  Select the key performance indicator (KPI) that provides a trend of the cost of an item as part of Gross Margin Analysis A. Item Cost KPI

  B. Value Trends KPI
  C. Gross Margins KPI
  D. Inventory Value KPI
  A

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  Note:

  * Overhead Costs Expensed or Capitalized

  On inbound transactions and inventory transfer transactions, overhead expenses can be absorbed and capitalized into inventory value, or the absorption can be redirected to an expense account: a credit to an absorption account and a debit to either an inventory or expense account. On outbound transactions, overhead absorption is redirected to an expense account, and will be included in the gross margin calculation.

  For example, consider a receipt of inventory items that cost $10 each to purchase, and you would like to absorb overhead cost of $2 each on the inbound transaction. When the item is sold, you would like to absorb additional overhead of $3 each on the outbound transaction. The total cost of goods sold is $15 each.

  *Fusion Costing analytics include support for Gross Margin Analysis, Item Cost Trend and Item Value trend, embedded in the Fusion Cost Accountant's dashboard

  Reference: Oracle Fusion Applications Cost Accounting and Receipt Accounting Implementation Guide 11g, Overhead Costs Expensed or Capitalized

• Question 103:

  Which method will reverse accruals in the next accounting period?

  A. Create two events, one for accrual and another for the reversal.
  B. Create one entry and use Accrual Reversal GL Date.
  C. Create one event and use the Accounting Reversal attribute.
  D. Create one event and use the GL functionality to perform the reversal.
  B. Create one entry and use Accrual Reversal GL Date.

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  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

• Question 104:

  Choose the two options that need to be enabled for Journal Approval.

  A. Journal Source
  B. Account
  C. Ledger level
  D. Batch level
  A. Journal Source
  C. Ledger level

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  The ledger is included in the rules because you typically define approval rules per ledger. Set the options that enable journal approval at the ledger level and by journal source. This allows the approval process to determine which journals to send for approval.

  Reference: Oracle Fusion Accounting Hub Implementation Guide. Approving Journals: Points to Consider

• Question 105:

  How can data from a Chart of Accounts instance be viewed in Oracle Business Intelligence?

  A. Data is automatically available in Oracle Business intelligence through the transaction tables and cubes.
  B. Select the Business Intelligence check box for the Chart of AccountsInstance.
  C. Use the Migrate Oracle Fusion Financials function within the Setup and Maintenance work area.
  D. Enable the offerings in the Manage BI Applications dialog box.
  E. Select the Enable for Implementation check box.
  A. Data is automatically available in Oracle Business intelligence through the transaction tables and cubes.

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  Note:At the time users create their chart of accounts, the balances cube is created automatically.

• Question 106:

  Identify three tasks that can be performed using the General Accounting Dashboard.

  A. Receive instant visibility of transaction statuses.
  B. Take immediate action and drill down to uncover more detailed information.
  C. Get a high level view of the state of a department.
  D. Configure user responsibilities.
  E. Pay invoices to a contractor.
  F. Pay invoices to a supplier.
  A. Receive instant visibility of transaction statuses.
  B. Take immediate action and drill down to uncover more detailed information.
  C. Get a high level view of the state of a department.

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  Work areas are fundamentally the places for getting the work done and are focused on a particular business goal. Work areas enable you to:

  *

  (A) Receive instant visibility of transaction statuses

  *

  (B) Take immediate action and drill to uncover more detailed information

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  (C) Get a bird's-eye view of the state of your departme

  B: From the General Accounting Dashboard, an accounting manager can easily drill down to detailed transactional information with a single click. Clicking the link of the unbalanced journal in question navigates you away from the dashboard and directly to that journal.

  Note:

  * General Accounting Dashboard that enables you to:

• Question 107:

  Which tab is used in the journals Work region of the General Accounting Dashboard to identify journals that produce an error during the Posting Process or that are rejected in the approval flow?

  A. Pending Approval Prom Others
  B. Incomplete
  C. Import Errors
  D. Requiring Attention
  D. Requiring Attention

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  How can I identify errors that occurred during my AutoPost process?

  Review the AutoPost process results on the AutoPost Execution report. This report is automatically created when the program completes successfully. The report contains the batch name, accounting period, and balance type for each posted

  journal batch, and lists error statuses for batches that failed to post. The unposted journals with their error status are also displayed on the Requiring Attention tab of the Journals work area and the General Accounting Dashboard.

  Note: How can I confirm that my journal entries were automatically posted?

  Review the AutoPost Execution report. This report is created when the AutoPost program completes and contains the batch name, accounting period, and balance type for each batch posted, as well as error codes for those batches that

  failed to post. The posting status of journal batches is also listed on the Journals work area and the General Accounting Dashboard.

  Reference: Fusion Applications Help, Post Journal Entries and Update Ledger Balances FAQs

• Question 108:

  Which three types of objects can be created in Allocation Manager?

  A. components that contain formulas, points of view, or allocation Objects
  B. Journal formulas grouped together and executed sequentially to update account balances step by step
  C. Rules that contain components, such as points of view, formulas, and templates
  D. Rule Sets that contain sets of rules that can be calculated sequentially
  E. Complex computations based on different variables to automatically calculate allocated amounts.
  C. Rules that contain components, such as points of view, formulas, and templates

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  The Allocation Manager feature is used to create allocation and other formulaic journal templates for generating periodic journal entries automatically. Allocations are defined and generated on top of the pre-aggregated balances in the balances cubes and provide the following benefits:

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  Immediate real-time access to financial balances for allocations

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  Accelerated performance with highly scalable allocations

  Allocation components include run-time prompt variables, rules, formulas, and rule sets. These components are stored in Oracle Essbase. The Allocation Manager feature:

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  Distributes revenues or costs with recursive allocation rules

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  Creates complex formula rules using formula component(C)

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  Contains an allocation wizard to define allocation and formula rules

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  Uses real-time check of rule definitions to validate correctness of rules

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  Minimizes setup and maintenance with reusable components

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  Simplifies the allocation-generation process by integrating with enterprise scheduler

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  Groups rules together in rule sets to cascade allocations for processing efficiencies (D)

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  Creates primary, statistical, or foreign currency allocation and formula rules

• Question 109:

  The lowest level of granularity at which a journal entry rule set can be assigned is .

  A. Event Entities
  B. Event Classes
  C. Event Types
  D. Journal line Rules
  E. Events
  B. Event Classes

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  Subledger journal entry rule sets provide the definition for generating a complete journal entry for an accounting event.

  Select the option to define the subledger journal entry rule set for a particular accounting event class or accounting event type.

  Note: The following definitions are utilized to define the journal entries, and are applied as updates to the accounting method:

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  Updates to the predefined accounting method

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  Assignment of journal entry rule sets for an accounting event class and/or accounting event type from the accounting methods page

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  Assignment of accounting methods to ledgers

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  Activation of subledger journal entry rule set assignments Reference: Oracle Fusion Applications Financials Implementation Guide, Creating Accounting Method: Explained

• Question 110:

  Yon have entered a journal and your supervisor is asking for the current account balance and what the future account balance will be after the journal is approved and posted. How will you get this information?

  A. Run Trial Balance.
  B. Run the Journals- (132 Char) Report.
  C. View the Projected Balances Region on the Create Journal page
  D. View the Account Inquiry window
  C. View the Projected Balances Region on the Create Journal page

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  Use the projected balances feature to view the impact on account balances for selected subledger journal entry lines.

  The projected balances flow has the following business benefits:

  Creation and validation of unposted manual journal entries by providing knowledge users with immediate and relevant information about the account balances for the selected journal lines.

  Validation and reconciliation of posted journal entries by providing immediate and relevant information about the account balances for the selected journal lines.

  Reference: Fusion Applications Help, Viewing Projected Balances: Points to Consider