1Z0-508 Online Practice Questions and Answers

Correct Answer: A

Note:

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The Create Accounting process uses the values of sources assigned to accounting attributes plus accounting rules to create subledger journal entries.

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Accounting rules can be defined with either a top down, or a bottom up approach. When defining subledger accounting rules from the top down, you will initially define the accounting method followed by components of each rule, which will

need to be assigned to it. When defining

subledger accounting rules from the bottom up, you will initially define components for each rule and then assign them as required.

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Define accounting rules to create revenue recognition schedules for your invoices. Accounting rules determine the number of periods and percentage of total revenue to record in each accounting period. You can use accounting rules with

transactions that you import into Receivables using AutoInvoice and with invoices that you create manually in the Transaction windows. You can define an unlimited number of accounting rules.

*Use accounting rules to determine revenue recognition schedules for your invoice lines. You can assign a different accounting rule to each invoice line. Accounting rules let you specify the number of periods and the percentage of the total

revenue to recognize in each period.

You can also specify whether the accounting rules are of Fixed or Variable Duration. Accounting rules of Fixed Duration span a predefined number of periods. Accouning rules of Variable Duration let you define the number of periods during invoice entry.

Reference: Oracle Fusion Applications Financials Implementation Guide, Define Subledger Accounting Rules

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: A

Note:

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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.

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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.

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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.

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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.

Correct Answer: ABC

Generating Allocations and Periodic Entries Manually

1.From the Navigator, click the Journals link to open the Journals work area.

2.

In the task pane of the Journals page, click the Generate Allocations link to open the Submission page.

3.

Optionally select one or all of the following options:

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(A) Print Output

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(B) E-mail me the output

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(C) Notify me when this process ends

4.

Select a rule or rule set from the list of values.

5.

Enter the submission parameters, including Ledger, Balancing Segment Value, and Period. The application automatically sets the last day of the submission period as the Accounting Date and Calculation Effective Date.

6.

Accept the selected check box for the Post Allocations option to enable the process to post the journal entries.

If you deselect the check box for the Post Allocations option, you must post the entry manually or define an AutoPost Criteria Set to automatically post the journal entries.

7.

Click Submit.

After the generation process is complete, the journal entries created by the process are available for inquiry on the Journals page.

Reference: Fusion Applications Help, Generating Allocations and Periodic Entries Manually

Correct Answer: A

Working with a data form page in Excel, you can spread, or distribute, values in several ways:

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Spread the value of a summary time period to its base time periods or to the first parent orfirst child of the parent time period

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Spread values among children and parents proportionally, based on existing distribution

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Spread values based on the weekly distribution of a quarter, which could be 4-4-5, 5-4-4, 4-5-4, or None (as set up by the budget administrator)

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Temporarily lock the values of certain cells while spreading data over time periods Reference: Oracle Hyperion Smart View for Office, User's Guide, Spreading Data for Time Periods

Correct Answer: ABC

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

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(A) Perform ad hoc multidimensional pivot table analysis

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Review charts based on the Account Monitor data

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

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Perform drill down from any child level to detail balances, journal lines, and subledger transactions

Note on B:

You can choose to review reports in your preferred format such as, HTML, PDF, or Microsoft Excel.

Note:

A:Account Inspectoris useful for ad-hoc inquiries against an account.

C: Account Monitor and Account Inspector: Financial analysts monitor and track key account balances in real time at every level of your dimensions and hierarchies. These tools provide multidimensional account analysis and drill down

capability.

Reference: Fusion Applications Help, Financial Reporting Center: Explained

Correct Answer: D

Account Inspector allows financial analysts and accountants to quickly perform ad hoc ledger queries, multi-dimensional analysis, pivoting, and drill down--all within a web page. Because it works off the same multi-dimensional balances that stores pre-aggregated balances at all levels, slicing and dicing data is extremely fast. Any changes you make to your query criteria are instantaneously refreshed to ensure you are working with the most up-to-date information to make the most informed decisions.

Correct Answer: C

When you zoom in on a member, it is expanded according to the options specified in the Options dialog box. If you select the option to zoom in on all levels, the grid displays all descendants of the selected member.

The default zoom option is to zoom in to the next level to retrieve data for the children of the selected member or members. For example, if you double-click the [Year] member, the system displays Quarter1, Quarter2, Quarter3, and Quarter4.

You can zoom in on the bottom level to retrieve data for the lowest level of members in a dimension. You can select retrieving data for the sibling level, the same level, or the same generation as the selected member.

Reference: Oracle Hyperion Smart View for Office, User's Guide, Zooming In on Dimension Members

Correct Answer: A

Embedded intelligence provides immediate actionable insight. This feature gives you access to information or data to help you complete your transactions. In some instances, embedded intelligence can offer suggestions or recommendations. In other instances, it can offer predictive intelligence. Embedded intelligence appears on the same page as your transaction, enabling you to always remain in the context of your task, and eliminates the need to query or run reports.

Note: You're ready to take action to resolve the balance issue by modifying the suspect journal line. This edit can be accomplished inline. So how do you know what impact your edit will have on the account balance? This is where embedded intelligence comes in to play.

Reference: Get It Done Fast, Get It Done Right: The Oracle Fusion Financials User Experience

Correct Answer: ACD

Using Smart View, you can view, import, manipulate, distribute and share data in Microsoft Excel, Word, Outlook and PowerPoint interfaces.