Oracle Oracle Certifications 1Z0-508 Questions & Answers

• Question 81:

  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

  Correct Answer: B

  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 82:

  Which two locations display reports and folders that you have been granted access to based on your role, but have NOT created?

  A. My folders

  B. My Report

  C. Shared Folders

  D. Catalog

  E. Analyzer

  Correct Answer: AC

  Note: Oracle recommends that you save the following objects to the subject area folder: calculated items, custom groups, and filters. If a subject area folder does not exist in your /My Folders folder or within the /Shared Folders folder, then Oracle BI EE creates a subject area folder and the Save As dialog will default a save path to /My Folders/Subject Area Contents/. Saving these objects to the subject area folders ensures that they will be available when you build an analysis for the same subject area.

• Question 83:

  You have created allocution and periodic journal entry definitions for several monthly entries. You are now ready to generate allocation entries. Which task must be completed before generating the allocation and periodic entries?

  A. Set the period to Close or Open.

  B. Define, validate and deploy the rules or rule sets successfully from Allocation Manager.

  C. Enter and post the journal balances for Mass Allocation in the Close period.

  D. Manually set the last day of the submission period as the Accounting Date and Calculation effective Date.

  Correct Answer: C

  Creating Allocation Entries

  You can allocate amounts from any cost pool (revenues, expenses, assets, or liabilities) to various accounts using recurring journals and MassAllocation formulas.

  With a recurring journal entry formula, you define a separate journal entry for each allocation. You can group related allocation entries together in a recurring journal batch.

  With MassAllocations, you define one formula to generate allocation journal entries for a group of cost centers, departments, divisions, and so on. You define the allocation pool, the allocation formula, and the target and offset accounts for

  each MassAllocation formula. You can also group

  combine related MassAllocation formulas into batches.

  Using recurring journal entry and MassAllocation formulas, you can perform a variety of allocations, including:

  Net Allocations

  Step-Down Allocations

  Rate-Based Allocations

  Usage-Based Allocations

  Standard Costing Allocations

  Reference: Oracle Applications, General Ledger, Creating Allocation Entries

• Question 84:

  Which task enables you to define the legal entities that are classified as intercompany organizations?

  A. Enter intercompany transactions.

  B. Define intercompany transactions.

  C. Manage intercompany transactions.

  D. Edit intercompany transactions.

  Correct Answer: C

  The Manage Intercompany Organizations task allows you to define the legal entities that are classified as intercompany organizations.

  Note:

  *

  Advanced Global Intercompany System (AGIS) enables you to create, settle and reconcile intercompany transactions. Intercompany transactions are transactions that occur between two related legal entities in an enterprise or between

  groups in the same legal entity. Transactions that occur between two legal entities are called intercompany transactions and transactions that occur between two groups within one legal entity are called intracompany transactions.

  *

  Optionally, assign an intercompany segment. You can use the intercompany segment to identify the legal entities involved in intercompany transactions.

  Assign the Secondary Tracking Segment qualifier to one of the segments in your chart of accounts. You cannot use the primary balancing, intercompany, or natural account as the secondary segment.

  Reference: Oracle Fusion Applications Financials Implementation Guide , Managing Intercompany Organizations: Points to Consider

• Question 85:

  You have added a cost center to the chart of accounts from Fusion General Ledger. Identify the process that you need to run to sync the cube in Essbase.

  A. Run the import Chart of Account Segment Values.

  B. Automatically create or modify the cube in Essbase.

  C. Run the chart of Accounts ?Account Hierarchy.

  D. Run the Program ?Optimizer.

  Correct Answer: C

  Synchronization of chart of accounts values between the Oracle General Ledgers and Fusion Accounting Hub

  Oracle Hyperion Data Relationship Management (DRM) propagates any updates to chart of accounts values from the Oracle E-Business Suite General Ledger to Fusion Accounting Hub.

  DRM is a change management platform built specifically to support complex financial reference data. With DRM's robust security and rich hierarchy management features, you can enforce highlevel standards and controls over chart of

  accounts synchronization between Oracle General Ledgers and Fusion Accounting Hub.

  For the PeopleSoft General Ledger, a one-time chart of accounts load will synchronize the charts of accounts from the PeopleSoft General Ledger and Fusion General Ledger.

  Note: Integration between Oracle General Ledgers (E-Business Suite and PeopleSoft) and the Oracle Fusion

  Accounting Hub has three main components:

  1.

  Synchronization of charts of accounts, calendars, and ledgers.

  2.

  Transfer of data and financial results from the Oracle General Ledgers to Fusion Accounting Hub's Fusion General Ledger.

  3.

  Drilldown from Fusion Accounting Hub to the Oracle General Ledgers

  Reference: Oracle Fusion Accounting Hub: Integration with Oracle Financial Solutions.

• Question 86:

  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

  Correct Answer: A

  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 87:

  Which report indicates if the accounting entries have been transferred to the Oracle Ledger when submitting the Create Accounting process?

  A. Create Accounting Report

  B. Trial Balance -Detail

  C. Journals - (132 Char)

  D. Create Accounting execution Report

  Correct Answer: D

  When you submit the Create Accounting process, the Create Accounting Execution Report is submitted automatically upon the completion of the Create Accounting process in success or in warning status. The Create Accounting process output will contain a message with the Create Accounting Execution Report request identifier. Use this request identifier to access the execution report output.

  Reference:Oracle Fusion Accounting Hub Implementation Guide, Accessing the Create Accounting Execution Report: Explained

• Question 88:

  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.

  Correct Answer: ABC

  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

  *

  (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 89:

  How do you identify errors in the accounting calendar?

  A. Run the Create Accounting Process.

  B. A calendar with errors can NOT be saved.

  C. Run the Transaction Calendar Concurrent Process.

  D. An error messageisdisplayed when you enter a new calendar or change data on an existing calendar

  Correct Answer: B

• Question 90:

  What metric values are available on the General Ledger Dashboard?

  A. Profit Centers, Period of Time, Cost Centers, Expenses Budgets versus

  B. Cost of Goods Sold, Return on Equity

  C. Price Yield, Win-Loss Ratio, Campaign Performance

  D. Schedule Compliance, Target Attainment, Service Level

  Correct Answer: A