Oracle 1Z0-508 Online Practice Questions and Exam Preparation

Oracle 1Z0-508 Online Questions & Answers

• Question 21:

  Which accounting attribute group will capture a customer's accounting invoice and the cash applied to that invoice?

  A. Distribution identifiers
  B. Business Flow
  C. Tax attribute
  D. System Transaction identifiers
  D. System Transaction identifiers

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  System transaction identifiers provide a link between an accounting event and its associated transaction or document. An identifier is the primary key of the underlying subledger transaction, usually the name of the surrogate key column on

  the transaction (header) associated with the accounting event. At least one system transaction identifier must be defined for the accounting event class.

  When an accounting event is captured, system transaction identifiers, along with other required event data, are validated for completeness.

  Use event entities to tie subledger transaction entities with their accounting representation. The Financial Services Accounting Hub uses event entities to maintain the system transaction identifiers that uniquely identify the subledger

  transactions associated with the accounting events.

• Question 22:

  In Oracle Fusion, the intercompany transactions are used to generate the accounts needed to balance .

  A. By legal entity only
  B. By primary balancing segment values only
  C. By both legal and balancing segments values
  D. By account values
  B. By primary balancing segment values only

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  Intercompany journals involve balancing segment values that map to different legal entities. These journals are balanced for each legal entity by using their intercompany accounts.

  Intracompany balancing rules are used to create balancing lines on journals between balancing segment values either within the same legal entity, or where there is no legal entity context.

  Reference: Oracle Financials Implementation Guide, Intercompany Balancing

• Question 23:

  Choose the four steps required to create and use the chart of accounts.

  A. Create Value Sets.
  B. Create Chart of Accounts Structure.
  C. Create Chart of Accounts Structure Instance.
  D. Create Value Set Values.
  E. Create Account Hierarchies.
  F. Publish Account Hierarchies.
  A. Create Value Sets.
  B. Create Chart of Accounts Structure.
  D. Create Value Set Values.
  E. Create Account Hierarchies.

  ---

  To set up your chart of accounts:

  1.

  (A) Define value sets. Value sets determine the attributes of your account segments such as the segment length, whether to require a segment value, value alignment, and value security.

  2.

  (B) Define your account structure. Indicate how many separate segments your account will have, and for each segment, enter a name, sequence number, and an associated value set.

  3.

  Define rollup groups to create summary accounts whose summary balances you can review. You assign parent segment values to rollup groups.

  4.

  Define your account segment values. If you plan on defining summary accounts or reporting hierarchies, you must define parent values as well as child or detail values.

  You can set up hierarchy structures for your segment values. Define parent values that includechild values. You can view a segment value's hierarchy structure as well as move the child ranges from one parent value to another.

  Note:segment values(D)

  Use the segment values windowto define values that belong to independent or dependent value sets.

  5.

  Define Security Rules to restrict user access to certain account segment values.

  6.

  Define cross-validation rules to control the account combinations you want General Ledger to allow. For example, you may decide that your sales cost centers, 600 to 699, should only enter amounts to product sales accounts, 4000 to 4999.

  7.

  Define or enable descriptive flexfields.

  8.

  Define account shorthand aliases to speed entry of account segment values. If you enable shorthand alias flexfield entry when you define your account structure, then you can define aliases, or codes, which stand for complete or partial accounts.

  9.

  Define summary accounts to create and maintain summary balances for quick reporting and online inquiry.

  10.

  Create account combinations.

  Reference: Defining Your Chart of Accounts

• Question 24:

  Why would an end user use BI Composer?

  A. To bundletheentire catalog, specific folders, or multi component objects for archiving
  B. To restrict user access only to the data for which they are authorized
  C. To export report, KPI and analysis prompt values and data as PDF, MHTML, XLS and CVS files.
  D. To set a specific set of dimension values
  E. To leverage a wizard to create, edit orview analyses outside of the Analysis Editor
  E. To leverage a wizard to create, edit orview analyses outside of the Analysis Editor

  ---

  BI Composer is a simple-to-use wizard that allows you to quickly and easily create, edit, or view analyses without the complexities of the "Analysis editor".

  Reference: Oracle Fusion Middleware User's Guide for Oracle Business Intelligence Enterprise Edition, Using BI Composer to Work with Analyses

• Question 25:

  Identify three characters that can NOT be used with the FRExecute command.

  A. and
  B. (
  C. =
  D. >
  E. ;
  A. and
  D. >
  E. ;

  ---

  The FRExecute function syntax:

  FRExecute(ReportName[Type={1,2};ComponentType={1,2};ComponentName={Grid1,Grid2,Chart

  1,Chart2,Chart3};Page={1,2,..;.}Cell=FRFormula}

  where:

  ReportName is the name of the report.

  Type1 is a dynamic report and Type2 is a Snapshot report.

  ComponentType1 (optional) is a grid and ComponentType2 (optional) is a chart.

  ComponenentName (optional) is the grid or chart name.

  Page (optional) is the page number.

  Cell (optional) is the date cell formula. The cell syntax is cell=cell[row,col], or cell=[row,col]

  Note: The FRExecute function enables you to embed a Financial Reporting report or report section into a Microsoft Word document. You can include a report, a report type (dynamic orsnapshot), or specify selected areas in the report such as

  a grid, chart, page, text box, text area, or cell.

  Reference: FRExecute Syntax

• Question 26:

  To update an intercompany calendar, the calendar status must be in a(n) .

  A. Open Period
  B. Pending Close Period
  C. Newer Open or Closed Period
  D. Final Closed Period
  C. Newer Open or Closed Period

  ---

  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

• Question 27:

  Transaction objects in Fusion Accounting Hub are associated to .

  A. Event Types
  B. Event Entities
  C. Journal Line Types
  D. Event Classes
  D. Event Classes

  ---

  For each event class, register the transaction objects that will hold source data for the event types in that class.

  Note: Transaction objects are the views and tables that store transaction data in the standardized form required by the Create Accounting program.

  Reference: Oracle Fusion Accounting Hub Implementation Guide, Register the Source System and Define Events Information

• Question 28:

  Oracle Fusion Accounting Hub is integrated with Oracle Hyperion Data Relationship Management Fusion Edition. What are two primary purposes of this functionality?

  A. ability to maintain charts of accounts values and hierarchies in one central location
  B. ability to download very large amounts of data
  C. a master data management solution for creating and maintaining hierarchies across an enterprise
  D. accurately reflects the accounting rules
  E. stores the identifier for the transaction in the transaction table
  A. ability to maintain charts of accounts values and hierarchies in one central location
  C. a master data management solution for creating and maintaining hierarchies across an enterprise

  ---

  Oracle Hyperion Data Relationship Management, Fusion Edition integration that provides the opportunity to perform charts of accounts and hierarchies maintenance. Data Relationship Management is a master data management application and requires licensing. The functionality also establishes corporate wide accounting structures, for Oracle and non-Oracle ledgers, and automatically updates charts of accounts and hierarchies across multiple ledgers.

  Note: Oracle Hyperion Data Relationship Management (DRM) is an enterprise change management solution for building and retaining consistency within master data assets despite endless changes necessary to support underlying transactional and analytical systems. As companies grow and evolve, it becomes essential to manage master data across information silos that result from mergers and acquisitions, departmental initiatives, or legacy system proliferation. Data consistency, integrity, quality and accuracy suffer and no one trusts the information and insight that ensues. Hyperion DRM provides the industry's first data model-agnostic master data management solution built to enable financial and analytical master data management in dynamic, fast-changing business environments.

  Reference: Oracle Fusion Accounting Hub Implementation Guide, Oracle Fusion Accounting Hub Features: Overview

• Question 29:

  When configuring the allocation and periodic entries, which three tasks must be completed before generating the entries?

  A. The period is set to Open or Future Enterable
  B. The rules or rules sets have been defined, validated and deployed successfully from the Allocation Manager.
  C. The period is set to Open, Never Open or Future Enterable.
  D. The journal balances for the allocation or periodic rules are entered and posted in the proper period.
  E. The period is set to Closed, Never Open or Future Enterable.
  A. The period is set to Open or Future Enterable
  B. The rules or rules sets have been defined, validated and deployed successfully from the Allocation Manager.
  D. The journal balances for the allocation or periodic rules are entered and posted in the proper period.

  ---

  Prior to generating the allocation and periodic entries, the following tasks must be completed:

  *

  (A) The period is set to Open or Future Enterable. You post in open periods, but generation can take place in either an open or future enterable period.

  *

  (B) The rules or rules sets have been defined, validated, and deployed successfully from the Allocation Manager.

  *

  (D) The journal balances, that are inputs for the allocation or periodic rules, are entered and posted in the proper period.

  Note on B:In Oracle Fusion General Ledger, use the Allocation Manager to create allocations and other formulaic journal templates for generating periodic journal entries automatically. Base formulas on multiple criteria. For example, use account balances or statistical amounts to allocate shared revenue or costs across multiple organizational units and ledgers. Define complex computations based on variables from different charts of accounts. Group journal formulas together and execute sequentially to update account balances in a step-by-step process.

  Reference: Oracle Fusion Applications Financials Implementation Guide, Generating Allocations and Periodic Entries Manually: Worked Example

• Question 30:

  When reconciling transactions, accounted amounts in a reconciliation report may be different due to differences in the currency conversion rates used. To mitigate the differences in the account balances you should .

  A. Run the report using an additional common currency conversion rate
  B. Run additional reports using a number of varied currency conversion rates
  C. Add a ledger-balancing line in the intercompany Receivables account and rerun the report
  D. Add a ledger-balancing line in the intercompany Payables account and rerun the report
  D. Add a ledger-balancing line in the intercompany Payables account and rerun the report

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  Note:

  *Transaction Reconciliation Report

  Use this report to identify the General Ledger journal entry lines imported from particular transactions in Payables. Transactions that have not been transferred to General Ledger are marked with an indicator.

  This report is sorted by supplier, supplier site, and transaction number.

  * Transaction Reconciliation Report

  Use this report to identify the General Ledger journal entry lines imported from specific transactions in Receivables. Transactions that have not been transferred to General Ledger are marked with an indicator.

  This report totals the debits and credits for each transaction, customer, and customer site.

  Use either the Submit Request or the Print Accounting Reports window to submit this report.