Oracle 1Z0-508 Online Practice Questions and Exam Preparation

Oracle 1Z0-508 Online Questions & Answers

• Question 81:

  Identify the option that needs to be selected at the header level when assigning a header level subledger Journal Rule Set.

  A. Accounting Date
  B. Description
  C. Supporting Reference
  D. Ledger
  E. Currency
  A. Accounting Date

  ---

  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

• Question 82:

  In Oracle Fusion Applications, a calendar can only have .

  A. Oneperiod frequency and period type
  B. Multiple period frequencies
  C. Multiple period types
  D. Multiple period frequencies and period types
  A. Oneperiod frequency and period type

  ---

  In Oracle Fusion applications a calendar can only have one period frequency and period type. Therefore, if you have an existing calendar with more than one period type associated with it, during the upgrade from Oracle E-Business Suite,

  separate calendars are created based

  on each calendar name and period type combination.

  Reference: Fusion Applications Help, Defining Accounting Calendars: Critical Choice

• Question 83:

  When recording the closing of a loan, you can link to the account that was used to book the loan origination. Which option would you choose in Journal Line Rule?

  A. Link Journal Lines Options set to None
  B. Link Journal Lines Options set toBusinessFlow
  C. Link Journal Lines Options set to Copy from Corresponding Line
  D. Merge Matching Lines to All
  E. Journal Line Rule Conditions
  B. Link Journal Lines Options set toBusinessFlow

  ---

  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

• Question 84:

  You are required to enter the daily rates for currency conversion from British pound (GBP) to United States dollars (USD) each day. Which Excel add-in application do you use to load the daily rates?

  A. SmartVIew
  B. Web ADI
  C. Application Development Framework Integration
  D. Financial Reporting studio
  C. Application Development Framework Integration

  ---

  You are required to enter the daily rates for currency conversion from Great Britain pounds sterling (GBP) to United States dollars (USD) each day for your company InFusion America Inc.

  Oracle Application Development Framework (ADF) Desktop Integration is an Excel add-in that must be loaded onto each client. Because ADF Desktop Integration is an add-in to Microsoft Office products, you can use this feature only if they have Microsoft Excel 2007 or above, Internet Explorer 7 or above, and Microsoft Windows 7, XP Professional SP2, or Vista. Users must download the installation files from Navigator - Tools - Download Desktop Integrator Installer.

  Reference: Oracle Fusion Applications Financials Implementation Guide, Entering Daily Rates Manually: Worked Example

• Question 85:

  Transactions may involve multiple currencies that require a common currency to make the reports meaningful. What are the amounts Oracle Business Analytics Warehouse uses to store currency?

  A. Global Currency (two common currencies), Document Currency,Local Currency
  B. Currency Code, Currency Name
  C. Currency Symbol, Currency Name
  D. Report Currency
  A. Global Currency (two common currencies), Document Currency,Local Currency

  ---

  Currency lookups are required because your business may have transactions involving multiple currencies. To create a meaningful report, you have to use a common currency.

  The Oracle Business Analytics Warehouse provides a means for converting a variety of currencies, as well as prepackaging the following three currency types for each amount stored in the Oracle Business Analytics Warehouse:

  *Document currency. The currency of the transaction. For example, if you purchase a chair from a supplier in Mexico, the document currency is probably the Mexican peso.

  *Local currency. The currency in which the financial books, including the transaction, are closed.

  For example, if your business organization is located in France and orders a part from a supplier in Britain, it may pay in British pounds, but it closes its books in French francs. In this case the local currency for the transaction is French francs

  and the document currency for the transaction is

  British pounds. The local currency is useful when each business unit of the enterprise creates its own internal reports. For example, your Japanese site may produce internal reports using Japanese yen, while your United States site may

  produce internal reports using United States dollars.

  *Global currencies. Out of the box, Oracle BI Applications provides three global currencies, which are the standard currencies used by your entire enterprise. For example, if a multinational enterprise has its headquarters in the United States,

  its group currency is probably U.S. dollars.

  The global currency is useful when creating enterprise-wide reports. For example, a user might want to view enterprise-wide data in other currencies

  Reference: Oracle Business Intelligence Applications Installation and Configuration Guide >Configuring Common Components of the Oracle Business Analytics Warehouse > About Document, Local, and Global Currencies

• Question 86:

  How do you represent the Chart of Account Segments in SmartView technology?

  A. Members
  B. Dimensions
  C. User POV
  D. Grid POV
  B. Dimensions

  ---

  The Oracle Fusion General Ledger provides a Financial Reporting Center with robust financial reporting and analysis using data from your balances cubes. The dimensions contained in your chart of account segments become the direct source of multidimensional analysis. Direct links are maintained to your transactional data permitting comprehensive drill down from journals to transaction details. Use the following tools for your reporting and analysis:

  *

  Financial Reporting to generate your reports

  *

  Smart View to generate spreadsheet reports Etc.

  Note: Smart View: Financial analysts view, import, manipulate, distribute, and share data from your Oracle Fusion General Ledger balances in Microsoft Excel. Reference: Oracle Fusion Accounting Hub Implementation Guide, Financial Reporting Center

• Question 87:

  Select two text functions that are available only for financial management.

  A. CallText
  B. MemberAlias
  C. MemberDescription
  D. ProcessManagementStatus
  E. MemberProprty
  B. MemberAlias
  C. MemberDescription

  ---

  In Oracle Hyperion Financial Reporting, Fusion Edition, you use text functions to display and retrieve information in reports. For example, you can display the member name and member alias (description) from the Point of View or from a grid dimension, or you can retrieve the currency ID for entities in Oracle?Hyperion Financial Management, Fusion Edition applications.

  Most text functions require parameters that specify the grid, row, column, and page in the report.

  The following is a list of some common text functions that require similar syntax:

  <> <> <> <> <>

  Reference: Replacing Text Function Parameters with the Current Keyword

• Question 88:

  What are NOT included in the intercompany reconciliation reports?

  A. Clearing company balancing lines
  B. Intercompany receivables and intercompany lines generated by the intercompany balancing feature
  C. Intercompany receivables and Intercompany payables lines generated for the provider and receiver of each intercompany transaction
  D. Ledger balancing lines generated when the primary balancing segment value is in balance butneither the second balancing segment northird balancing segment is out of balance; clearing company balancing lines
  A. Clearing company balancing lines

  ---

  The following are not included on the intercompany reconciliation reports:

  *

  Clearing company balancing lines (A)

  *

  Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance

  Reference: Fusion Applications Help: All > Financial Control and Reporting > Close Accounting Period > Reconcile Accounts, Intercompany Reconciliation: Explained

• Question 89:

  In Member Selection, which three operators and symbols enable you to display members based specified criteria?

  A. Left parenthesis
  B. Right parenthesis
  C. AND operator
  D. Union operator
  E. Double parentheses
  C. AND operator
  D. Union operator
  E. Double parentheses

  ---

  Boolean operators enable you to specify member combinations in your report. You use the AND, OR, UNION, and NOT Boolean operators, combined with member expressions, to refine your member selections. Example:(Children of East OR Children of West) AND Members where UDA=Major Market Reference: Selecting Members with Advanced Expressions

• Question 90:

  Which attribute does NOT need to be considered when creating intercompany transaction?

  A. Legal Entity
  B. Receivables and Payables Business Units
  C. Default Organization contact
  D. Default Transaction Type
  C. Default Organization contact

  ---

  Note: An intercompany transaction is a transaction between two entities with common ownership.

  The accounting for intercompany transactions is recorded separate from standard transactions in Oracle Fusion Receivables.

  Receivables determines a transaction to be an intercompany transaction based on the first party (legal entity) and third party (bill-to customer) relationship defined in the intercompany accounting setup. When a transaction is marked as

  intercompany, the intercompany receivables account is

  used for accounting instead of the standard receivables account derived from AutoAccounting.

  This applies to transactions both created manually and imported using AutoInvoice.