Oracle 1Z0-508 Exam Questions & Answers

Correct Answer: A

Defining Intercompany Balancing Rules 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.

Reference: Oracle Fusion Accounting Hub Implementation Guide, Intercompany Balancing Rules: Explained

Correct Answer: ABDE

To set up your chart of accounts:

1.

(A) Define value sets. Value sets determine the attributes of your account segments such as the segment length, whether to require a segment value, value alignment, and value security.

2.

(B) Define your account structure. Indicate how many separate segments your account will have, and for each segment, enter a name, sequence number, and an associated value set.

3.

Define rollup groups to create summary accounts whose summary balances you can review. You assign parent segment values to rollup groups.

4.

Define your account segment values. If you plan on defining summary accounts or reporting hierarchies, you must define parent values as well as child or detail values.

You can set up hierarchy structures for your segment values. Define parent values that includechild values. You can view a segment value's hierarchy structure as well as move the child ranges from one parent value to another.

Note:segment values(D)

Use the segment values windowto define values that belong to independent or dependent value sets.

5.

Define Security Rules to restrict user access to certain account segment values.

6.

Define cross-validation rules to control the account combinations you want General Ledger to allow. For example, you may decide that your sales cost centers, 600 to 699, should only enter amounts to product sales accounts, 4000 to 4999.

7.

Define or enable descriptive flexfields.

8.

Define account shorthand aliases to speed entry of account segment values. If you enable shorthand alias flexfield entry when you define your account structure, then you can define aliases, or codes, which stand for complete or partial accounts.

9.

Define summary accounts to create and maintain summary balances for quick reporting and online inquiry.

10.

Create account combinations.

Reference: Defining Your Chart of Accounts

Correct Answer: A

Manage Allocations and Period Entries is a manual task in the implementation project. Use the Allocation Manager to create allocations and other formulaic journal templates for generating periodic journal entries automatically. Base formulas

on multiple criteria.

You must perform an external procedure outside the Setup and Maintenance work area to complete this task. In order to setup your allocations rules, navigate to the Journals work area and click the Create Allocations Rules task from the

Tasks pane. This task navigates you to Allocation Manager, a framework that enables you define your allocation rules and formulas using a graphical interface and intuitive step-by-step wizards.

Oracle: Oracle Fusion Applications Financials Implementation Guide, Manage Allocations and Period Entries