1Z0-508 Online Practice Questions and Answers

Correct Answer: A

In Oracle Fusion applications a calendar can only have one period frequency and period type. Therefore, if you have an existing calendar with more than one period type associated with it, during the upgrade from Oracle E-Business Suite,

separate calendars are created based

on each calendar name and period type combination.

Reference: Fusion Applications Help, Defining Accounting Calendars: Critical Choice

Correct Answer: A

After enabling an Essbase outline to accept duplicate member names, there are two methods you can use for loading data using a data file and data load rule: loading data using qualified member names and loading data using ancestor reference.

Reference: Loading Data to Essbase 11.1.2 Outlines Containing Duplicate Member Names

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: B

Note: Ledger Processing Options If there are legal entities that require any one of the below ledger processing options to be different, then define a separate primary ledger for each legal entity and therefore, a new accounting setup

Ledger Processing Options are defined at the ledger level and refer to the following options that control how journals and transactions are processed for that ledger:

First Ever Opened Period

Number of Future Enterable Periods

Retained Earnings Account

Subledger Accounting Options, such as the subledger accounting method, journal description language, entered currency balancing account, cash basis accounting, and the ledger currency balancing account

Option to track balances using a secondary segment Suspense Account Rounding Differences Tracking Account

Intracompany Balancing option Journal Approval Journal Entry Tax Journal Reversal Criteria Set Default Period End Rate Type Default Period Average Rate Type Cumulative Translation Adjustment Account Journal Reconciliation Budgetary Control Reserve for Encumbrance Account Average Balance Processing Average Balance Consolidation Net Income Account Transaction Calendar Reference: Oracle Financials Implementation Guide , Overview of Accounting Setups

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:

*

(A) Print Output

*

(B) E-mail me the output

*

(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: B

Note: Some business events have financial accounting significance and require the recording of financial information. These business events are known as accounting events and provide the data used in accounting transformations.

Examples of business events from a revenue recognition or billing system include:

Complete an invoice Record a payment Record late charges

Examples of business events from a point of sale system include:

Record an order Accept a payment Receive a return

Examples of business events from a loan (core banking) system include:

Originate a loan Fund a loan Record late charges for a loan

Correct Answer: B

Correct Answer: B

The Create Accounting program processes eligible accounting events to create subledger journal entries. To create the subledger journal entries, the Create Accounting program applies application accounting definitions that are created in the Accounting Methods Builder (AMB).

The Create Accounting program:

*

Validates and creates subledger journal entries *Transfers the final journal entries in the current batch run to General Ledger and starts the General Ledger posting process *Generates the Subledger Accounting Program Report, which documents the results of the Create Accounting program

Note: Create Accounting Program parameters include:

*

Ledger: limits accounting events selected for processing to those of a particular ledger

*

Process Category: restricts the events selected for accounting to a particular process category

Reference: Oracle Subledger Accounting Implementation Guide

Correct Answer: B

Oracle Hyperion Smart View for Office (Smart View) is a component of Hyperion Foundation Services. Smart View provides a common Microsoft Office interface designed specifically for Oracle's Enterprise Performance Management (EPM) and Business Intelligence (BI). Using Smart View, you can view, import, manipulate, distribute and share data in Microsoft Excel, Word and PowerPoint interfaces. It is a comprehensive tool for accessing and integrating EPM and BI content from Microsoft Office products.

Correct Answer: ACD

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