Oracle Oracle Certifications 1Z0-508 Questions & Answers

• Question 71:

  When you use allocations, revaluation, or translation to define and maintain your period close component, which three tasks should you perform under the Define Period Close Components parent task in your implementation project?

  A. Manage Allocations and Period Entries.

  B. Manage Revaluations.

  C. Manage General Accounting Dashboard.

  D. Manage Historical Rates.

  E. Manage intercompany Settlements.

  Correct Answer: ABD

  If you use allocations, revaluation, or translation, configure the following tasks under the Define Period Close Components parent task in your implementation project: Manage Allocations and Period Entries

  Manage Revaluations Manage Historical Rates Reference: Oracle Fusion Accounting Hub Implementation Guide, Period Close Components: Explained

• Question 72:

  When an external system sends an invoice to Fusion Accounts Payable, the life cycle of the transaction is invoice Created, Invoice Adjusted, Invoice Deleted or Invoice Canceled. This cycle can be modeled using .

  A. Event Categories

  B. Event model

  C. Event entities

  D. Event Types

  E. Journal Rules

  Correct Answer: D

  Event classes group similar event types and enable the sharing of accounting definitions. An event type represents a business operation that you can perform for an event class.

  An accounting event has both an event class and an event types that affect how the Create Accounting program determines the subledger accounting for it. Event types provide the lowest level of details for storing accounting definitions. For

  example, the Payables event class Invoices is subject to three types of business operations that are represented by the following event types:

  Invoice Adjusted, Invoice Cancelled, Invoice Validated.

  Reference: Oracle Payables User's Guide, Payables Accounting Events

• Question 73:

  The General Ledger supervisor requested a schedule be created to AutoPost the subledger accounts different times. To accomplish this, the AutoPost criteria need to be set by .

  A. Category

  B. Source

  C. Batch

  D. Journal

  Correct Answer: D

  You can automatically post journal batches that meet specific criteria you've defined in an AutoPost criteria set. You can define multiple criteria sets that include a range of journal effective dates and multiple AutoPost priorities. AutoPost priorities include combinations of journal source, journal category, balance type, and period.

  Reference: Posting Journal Batches Automatically (AutoPost)

• Question 74:

  During implementation, the consultant designated the cost center segment qualifier as the natural account segment qualifier. Select the process that enables you to change the qualifier back.

  A. Change and save the segment qualifier.

  B. Createa new Chart of Accounts.

  C. Run the Inheritance program after the change.

  D. Run the Move/Merge program.

  Correct Answer: A

  Note:

  *

  The Cost centre qualifier is used in FA for reporting purposes.

  1) One of the four predefined qualifiers in the Accounting Flexfield is the Cost Center qualifier. This qualifier is used exclusively for reporting in Oracle Assets and in the Account Generator for Oracle Assets.

  2) The Cost Center qualifier is designated for reporting purposes. Typically, a customer will use it to associate asset assignment at a department level, or some other organization level (ie qualifier) within the Accounting Flexfield structure.

  *

  Natural Account: This qualifier when attached to a segment enables the five nature of accounts Asset, Liability, Expense,Revenue, Owner's Equity. It also assigns the option of Reconciliation account and Third Party Control.

  *

  Define the natural account segment. A natural account segment contains values representing account types, such as cash, accounts receivable, product revenue and salary expense. Enter Yes or No to indicate whether the segment you are defining is your natural account segment. You define only one natural account segment in your account.

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  Define the Cost Center segment. Cost centers indicate functional areas of your organization, such as Accounting, Facilities, Shipping, and so on. Enter Yes or No to indicate whether the segment you are defining is a Cost Center segment.

  *

  You can change the Account Type segment qualifier by unfreezing all Accounting Flexfield structures that reference the natural account segment. Changing the account type only affects new accounts created with the reclassified natural account segment; it does not change the account type of existing accounts.

• Question 75:

  Which keyboard shortcut is used to navigate to Focus Annotations Area Control?

  A. Ctrl + G

  B. Ctrl + F

  C. Ctrl + Y

  D. Ctrl + B

  E. Ctrl+ L

  Correct Answer: D

  Ctrl+B: Focus Annotations Area control. (for Financial Reporting only.)

  Reference: Oracle Hyperion Enterprise Performance Management Workspace, Using Global Navigation Shortcuts

• Question 76:

  Changing a Fusion Intercompany system option would .

  A. be effective on transactions in progress

  B. take effect only on new transactions going forward

  C. impact both new and transactions in progress

  D. will be retroactive and include historical transactions

  E. take effect on new, existing, and transactions in progress

  Correct Answer: B

  Changing and saving a system option will have no effect on intercompany transactions already in progress. Intercompany system options will only affect new intercompany transactions, and are not retroactive to any transactions previously entered.

  Note: Define intercompany system options to set up intercompany processing rules at the enterprise level, based on your specific business needs.

  In order to maintain consistency throughout an enterprise, intercompany transaction processing rules should be defined at the enterprise level. By standardizing these rules, an enterprise can minimize disputes, decrease processing time, and

  cut administrative costs.

  Reference: Oracle Fusion Applications Financials Implementation Guide, Intercompany System Options: Explained

• Question 77:

  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

  Correct Answer: B

  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:

  *

  Updates to the predefined accounting method

  *

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

  *

  Assignment of accounting methods to ledgers

  *

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

• Question 78:

  Where do end users modify preferences, such as time zone, delivery devices and delivery profile?

  A. My Agents

  B. My Dashboard page

  C. My Scorecards

  D. My Reports

  E. My Account dialog box

  Correct Answer: E

  My Account -- Displays the "My Account dialog", where you can specify your preferences, such as time zone, delivery devices, and delivery profile.

  Reference: Oracle Fusion Middleware User's Guide for Oracle Business Intelligence Enterprise Edition (Oracle Fusion Applications Edition), What Is the Oracle BI EE Global Header?

• Question 79:

  Identify the two items that the intercompany Reconciliation reports display.

  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

  B. intercompany receivables and intercompany payables 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. clearing company balance lines

  Correct Answer: BC

  Intercompany Reconciliation: Explained

  The main goal of the reports is to make it easy for you to identify either the receiver side or provider side of a transaction that has not been posted to the intercompany receivables or intercompany payables account.

  The reports show the following intercompany lines:

  *

  (B)Intercompany receivables and intercompany payables lines generated by the intercompany balancing feature

  *

  (C)Intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction The following are not included on the intercompany reconciliation reports:

  *

  (not 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

  *

  (not D)Clearing company balancing lines Reference: All > Financial Control and Reporting > Close Accounting Period > Reconcile Accounts, Intercompany Reconciliation: Explained

• Question 80:

  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.

  Correct Answer: ABD

  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