Oracle Oracle Certifications 1Z0-508 Questions & Answers

• Question 111:

  The Link Journal Lines option in a Journal Line Rule is set to "Copy from Corresponding Line." What would this do?

  A. copies the description from the debitline to the credit line

  B. copies the accounted amount from a previous journal

  C. copies the accounting dale from a previous journal

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

  E. copies from a previous journal line

  Correct Answer: D

  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.

  Reference: Oracle Fusion Applications Financials Implementation Guide , Link Journal Lines Option

• Question 112:

  You have been given a task to update a calendar by adding a new period to it. What is the quickest way to perform this task?

  A. Manually add the periods.

  B. Use the Add Year button.

  C. Run the Other - Calendar Validation Report.

  D. The application automatically populates the next period.

  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.

• Question 113:

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

  A. CallText

  B. MemberAlias

  C. MemberDescription

  D. ProcessManagementStatus

  E. MemberProprty

  Correct Answer: BC

  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 114:

  What can be used to restrict the events selected for accounting when users submit the Accounting Process?

  A. Process Category

  B. EventClasses

  C. Event Types

  D. Journal Line Types

  E. Batch Name

  Correct Answer: A

  Process Category: restricts the events selected for accounting to a particular process category

  The Create Accounting program selects events with event types falling into the event classes assigned to the process category.

  Only process categories established by development teams as part of the seed data are included in the list of values.

  Reference: Oracle Subledger Accounting Implementation Guide, Create Accounting Program

• Question 115:

  The life cycle of a transaction's accounting impact is modeled by using .

  A. Event Classes and Types

  B. Process Categories

  C. Journal Categories

  D. Journal Sources

  E. Event Entities

  Correct Answer: A

  Note:

  * Accounting events have financial accounting significance and are used as a basis for the recording of financial information.

  *The event status is an indicator of what actions have been completed on the transaction and what operations are yet to be done. It is a snapshot of where the transaction is in its accounting event life cycle.

  Reference: Oracle Financial Services Accounting Hub Implementation Guide

• Question 116:

  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.

  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

• Question 117:

  Account Rules are specific to .

  A. Subledger application

  B. Event Classes

  C. Event Types

  D. Accounting methods

  E. Journal Rule sets

  Correct Answer: A

  Note:

  *

  The Create Accounting process uses the values of sources assigned to accounting attributes plus accounting rules to create subledger journal entries.

  *

  Accounting rules can be defined with either a top down, or a bottom up approach. When defining subledger accounting rules from the top down, you will initially define the accounting method followed by components of each rule, which will

  need to be assigned to it. When defining

  subledger accounting rules from the bottom up, you will initially define components for each rule and then assign them as required.

  *

  Define accounting rules to create revenue recognition schedules for your invoices. Accounting rules determine the number of periods and percentage of total revenue to record in each accounting period. You can use accounting rules with

  transactions that you import into Receivables using AutoInvoice and with invoices that you create manually in the Transaction windows. You can define an unlimited number of accounting rules.

  *Use accounting rules to determine revenue recognition schedules for your invoice lines. You can assign a different accounting rule to each invoice line. Accounting rules let you specify the number of periods and the percentage of the total

  revenue to recognize in each period.

  You can also specify whether the accounting rules are of Fixed or Variable Duration. Accounting rules of Fixed Duration span a predefined number of periods. Accouning rules of Variable Duration let you define the number of periods during invoice entry.

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

• Question 118:

  Fusion Accounting Hub includes Hyperion Data Management, which can be used .

  A. Chart of Accounts Hierarchy maintenance

  B. the maintenance of Trading Community Data

  C. Chart of Accounts Master Data maintenance

  D. data access and security

  E. data modeling

  Correct Answer: C

  Oracle Fusion Accounting Hub is integrated with Oracle Hyperion Data Relationship Management, Fusion Edition, which is a master data management solution for creating and maintaining hierarchies across your enterprise. This integration allows you to maintain your charts of accounts values and hierarchies in one central location, and then to synchronize your hierarchies in Oracle Fusion and E-Business Suite General Ledgers. With licensing and integration of Data Relationship Management, you can:

  *

  Update and change Data Relationship Management versions and hierarchies. The results of these changes are exported to the values sets in the Oracle Fusion and E-Business Suite General Ledgers, E-Business Suite parent child hierarchies, and Oracle Fusion Trees.

  *

  Synchronize charts of accounts and hierarchies across multiple Oracle general ledger instances.

  *

  Store segment value attributes, such as account type, start date, and end date, providing the ability to enter such values in Data Relationship Management and integrate them to Oracle Fusion and E-Business Suite General Ledgers.

  *

  Submit standardized E-Business Suite Standard Request Submission and Oracle Fusion Enterprise Schedule Service requests from both the E-Business Suite and the Oracle Fusion General Ledgers to import values from Data Relationship Management.

  Reference: Oracle Fusion Accounting Hub Implementation Guide 11g, Integration with Hyperion Data Management

• Question 119:

  Which view do you use to set parameters and define the data that is displayed in the SmartView report.

  A. SmartSlice

  B. SmrtView

  C. Point of View

  D. SmartCube

  Correct Answer: A

  Smart Slices are stored centrally and are available to users from the Smart View Panel. An entire report is associated with an Excel workbook, a Word document, or a PowerPoint presentation. One report is associated with an Excel worksheet, a Word page, or a PowerPoint slide. For PowerPoint presentations, Oracle recommends one report type per slide. You can create reports from entire Smart Slices or from subsets of data in a Smart Slice. Reports can then be displayed on an Excel spreadsheet, Word document, or PowerPoint slide. You can display as many reports from as many data sources as space will permit on one sheet

  Reference: Oracle Hyperion Smart View for Office, User's Guide

• Question 120:

  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.

  Correct Answer: ABDE

  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