1Z0-508 Online Practice Questions and Answers

Correct Answer: A

Note:At the time users create their chart of accounts, the balances cube is created automatically.

Correct Answer: B

Intercompany journals involve balancing segment values that map to different legal entities. These journals are balanced for each legal entity by using their intercompany accounts.

Intracompany balancing rules are used to create balancing lines on journals between balancing segment values either within the same legal entity, or where there is no legal entity context.

Reference: Oracle Financials Implementation Guide, Intercompany Balancing

Correct Answer: C

Correct Answer: D

D (not C): You can have a more granular sset of rules. For example, you can define a different rule for each legal entity and one chart of accounts rule to cover any gaps in your rule definitions. You can gain even more granularity by defining rules for specific journal and/or category combinations or intercompany transaction types.

Reference: Oracle Fusion Applications Financials Implementation Guide, Defining Intercompany Balancing Rules

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

Correct Answer: B

Fusion Accounting Hub leverages the Fusion General Ledger. The Fusion General Ledger combines traditional general ledger functionality with Oracle Essbase functionality, which is seamlessly embedded within the Fusion General Ledger.

For example, at the time users create their chart of

accounts, the Oracle Essbase cube is created.

Correct Answer: E

Note: In the financial services industry, Economic Value Added is a financial metric that factors into the measurement of an activity's profitability the cost of economic capital assigned to that activity.

Correct Answer: B

Update an existing calendar before the new periods are needed as future periods, based on the future period setting in your accounting configuration. If a complete year has been defined and validated, use the Add Year button to add the next year quickly. The Add Year button automatically adds the rows for the new year. These new rows can be accepted or changed. For example, with the Other frequency type calendar, dates may differ from what the application generated and need to be changed.

Reference: Oracle Fusion Help, When do I update an existing calendar?

Correct Answer: D

How can I identify errors that occurred during my AutoPost process?

Review the AutoPost process results on the AutoPost Execution report. This report is automatically created when the program completes successfully. The report contains the batch name, accounting period, and balance type for each posted

journal batch, and lists error statuses for batches that failed to post. The unposted journals with their error status are also displayed on the Requiring Attention tab of the Journals work area and the General Accounting Dashboard.

Note: How can I confirm that my journal entries were automatically posted?

Review the AutoPost Execution report. This report is created when the AutoPost program completes and contains the batch name, accounting period, and balance type for each batch posted, as well as error codes for those batches that

failed to post. The posting status of journal batches is also listed on the Journals work area and the General Accounting Dashboard.

Reference: Fusion Applications Help, Post Journal Entries and Update Ledger Balances FAQs

Correct Answer: C

Oracle ADF view objects are business components that collect data from the datasource, shape that data for use by clients, and allow clients to change that data in the Oracle ADF Business Components cache Oracle ADF Business Components uses a sophisticated caching system to improve performance and maintain consistent views of data.

Note: To maintain reliable data consistency, many operations lock an account at the beginning of the transaction. With an account hierarchy, this means that many of the associated accounts are also locked. While this provides reliable data consistency, it can cause a lot of serialization which decreases the throughput of the system.

If, through the use of account hierarchies, this problem affects your system, you may choose to lock specific balance groups instead of the whole account.

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

Use Account Monitor and Account Inspector to perform online multidimensional analysis of accounting balances. Reference: Oracle Fusion Accounting Hub Implementation Guide, Financial Reporting Center

Correct Answer: C

A Smart Slice is a perspective of a data source containing a set of dimension members that can be reused.

As analytic and financial databases grow in size (in respect to both dimensionality and scope of data), it is important to provide users with a better set of tools to focus in on the data and type of analysis they need. In the 11.1.1.0.0 release

Smart View provides the ability for admin users to model supported data sources through the Smart Slice modeling interface. This lets admin users determine the specific dimensionality and preferences to make available to end users who

desire access to a specific data perspective when working with a data source.

Correct Answer: AB

A: If an entire row or column meets the criteria specified for conditional suppression, the entire row or column is hidden.

B: When evaluating suppression, you can include or ignore the values and calculations in hidden rows and columns. This option is enabled only when the Hide Always check box is selected for the row or column. Reference: Behavior of Conditional Suppression

Correct Answer: D

Example:

Ledger balancing options are defined for the ledger to balance the second balancing segment and/or the third balancing segment, when a transaction is unbalanced by one of these segments.

Simple ledger balancing option with no clearing company options

In this scenario the enterprise has the second balancing segment and the third balancing segment enabled for its chart of accounts.

Setup

InFusion USA Chart of Accounts

Note: You can define intercompany balancing rules at the following rule levels:

1.Primary balancing segment 2.Legal entity 3.Ledger 4.Chart of accounts The rules are evaluated in the order shown above. For example, you can define a Primary Balancing Segment rule and a Legal Entity level rule. If both rules are used to balance a particular journal, the Primary Balancing Segment rule is used, as it has a higher precedence.

You have flexibility in defining your intercompany balancing rules. You can have a simple setup in which you define one rule for your chart of accounts. This rule is used for all intercompany balancing for all ledgers that use this chart of accounts. Alternatively, you can have a more granular set of rules. For example, you can define a different rule for each legal entity and onechart of accounts rule to cover any gaps in your rule definitions. You can gain even more granularity by defining rules for specific journal and/or category combinations or intercompany transaction types.

Reference:Oracle Fusion Accounting Hub Implementation Guide,Manage Ledger Balancing Options