1Z0-960 Online Practice Questions and Answers

You entered a journal and the client is asking for the following information: ?The current account balance

?What the future account balance will be if the Journal is approved and posted

How will you get this information?

A. View the Projected Balance region in the Create Journals page.

B. Run a Trial Balance before and after posting.

C. Use Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances

D. Query the account balance online.

You need to define a chart of accounts that includes an intercompany segment. Your customer plans to use segment value security rules for the Company segment.

What does Oracle consider as best practice to define this chart or accounts?

A. Share the same value set for the company and intercompany segments to reduce chart of accounts maintenance.

B. Use two different value sets for the company and intercompany segment because segment value security rules are at the value set level.

C. Define the company segment only and qualify it as both the primary balancing segment andintercompany segment.

D. Define two different charts of accounts.

Your foreign currency transactions need to be revalued every month. For balance sheet accounts, you reverse the revaluation journals in the next period. You are using the period- to-date (PTD) method of revaluation tor your income statement accounts.

When should you reverse revaluation journals, if at all required?

A. Reverse them in the same period as the revaluation run.

B. Both balance sheet and income statement revaluation journals should be reversed in the period.

C. Never, because each period's revaluation adjustment is just for that period.

D. The reversals must be done at the end of each quarter.

While troubleshooting the encumbrance entries created for the requisition for your business unit, you noticed that only a few events are triggering the encumbrance journals when you submit he create accounting program.

What are the two events?

A. Funds check

B. Requisition approved

C. Requisition rejected by the buyer

D. Submit the requisition for approval

E. Checkout and Save the requisition

F. Create change request on the requisition after submitting requisition for approval

Which three objectives must be considered when designing the chart of accounts?

A. Effectively manage an organization's financial business.

B. Consider implementing a single, global chart of accounts

C. Anticipate growth and maintenance needs as organizational changes occur.

D. Limit the number of segments to those you need today to reduce data entry.

E. Try to use all 30 segments and 25 characters per segment because you cannot change It later.

Before implementing Fusion Financials, your customer used to manually reconcile their intercompany payables and receivables accounts.

What is a more automated approach to do this?

A. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances.

B. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances.

C. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance.

D. In Fusion Financials, you must manually reconcile your intercompany account balances.

E. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances.

You are defining an income statement report. You want to allow viewers of the report to be able to drill down from report balances to the underlying transactions. What do you need to enable?

A. Drill Through in Grid Properties

B. Report Functions

C. Nothing. All report balances are drillable in all FR Studio reports.

D. Allow Expansion

Your customer has a large number of legal entities. The legal entity values are defined in the company segment and the primary balancing segment. They want to easily create eliminating entries for the intercompany activity.

What should you recommend?

A. Define an intercompany segment in the chart of accounts. The Intercompany module and the intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment with the balancing segment value of the legal entity with which you are trading.

B. There is no need to define an intercompany segment. You can track the Intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner.

C. Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment.

D. There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the Intercompany rules you define.