1Z0-508 Online Practice Questions and Answers

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

Correct Answer: D

Defining intercompany Receivables and Payables accounts is required before using the intercompany feature.

Note:

*

You must define Intracompany balancing rules if you want to balance journals automatically. You may define as many or as few balancing rules as you choose, and each balancing rule may have one or many accounting rules.

*

Intracompany balancing allows you to define rules according to the business needs of your company. When there are many balancing rules defined, the Balancing API uses an evaluation order to pick the appropriate rule. Once the balancing rule is selected, there may also be several accounting rules that must be evaluated on the balancing rule. The Balancing API uses the same order for evaluating accounting rules, and understanding this evaluation order will help you define your balancing rules and accounting rules.

Reference: Oracle Financials Implementation Guide, Intercompany and Intracompany Balancing

Correct Answer: A

Accounting event classes group accounting event types into distinct, user-oriented groups. They typically represent the actions possible on a particular transaction or transaction type. Use event classes to group similar event types for sharing accounting definitions.

Reference: Oracle Financial Services Accounting Hub Implementation Guide, Event Classes

Correct Answer: E

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

Correct Answer: A

Human Resources (HK) Supervisory This method uses the HR Supervisory hierarchy levels and specifies the number of levels available for approval. This method is most effective when the General Accountant enters the journals. For example, if an accountant enters a journal, he needs approval from his manager. If his manager enters a journal he needs approval from his manager and so on up the hierarchy for the specified number of levels. Self approval can be set at any levels in the hierarchy.

Note: Journal approval in Oracle Fusion applications uses Oracle Fusion Approvals Management (AMX) to merge the functionality of Oracle Approvals Management (AME) and PeopleSoft Approvals (AWE).

Reference: Oracle Fusion Applications Financials Implementation Guide, AMX List Builder Considerations

Correct Answer: C

multiperiod accounting

(Oracle Subledger Accounting) Recognition of revenue or a prepaid expense or revenue across multiple GL periods. Deferred revenue and expense recognition are examples of multiperiod accounting.

Multiperiod accounting is a flexible, powerful tool which allows users to systematically record accounting entries across multiple periods

Note:

* account derivation rule

(Oracle Subledger Accounting) A component of the Accounting Methods Builder (AMB) that determines the Accounting Flexfield for the subledger journal entries.

Correct Answer: B

Correct Answer: D

Correct Answer: D

Account Monitor is fully integrated with the online multidimensional analysis tool called the Account Inspector. With the Account Inspector, the user can:

*

Perform ad hoc multidimensional pivot table analysis

*

Review charts based on the Account Monitor data

*

Use drill down from the Account Monitor from any parent to the next parent or child level

*

Perform drill down from any child level to detail balances, journal lines, and subledger transactions Reference: Fusion Applications Help, Financial Reporting Center: Explained

Correct Answer: D

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.