Tips to Pass 1Z0-508 Exam (51 to 60)

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Q51. The Link Journal Lines option in a Journal Line Rule is set to "Copy from Corresponding Line." 

What would this do? 

A. copies the description from the debitline to the credit line 

B. copies the accounted amount from a previous journal 

C. copies the accounting dale from a previous journal 

D. builds account for a journal line using segments from the offsetting entry of the current journal line 

E. copies from a previous journal line 

Answer: D 

Explanation: Copy from Corresponding Line: 

Build account for a journal line using segments from the offsetting entry of the current journal line. 

For example, when the business process requires that a cost center incurring an expense must also bear the invoice liability and cash outlay. 

Reference: Oracle Fusion Applications Financials Implementation Guide , Link Journal Lines 


Q52. To update an intercompany calendar, the calendar status must be in a(n)__________. 

A. Open Period 

B. Pending Close Period 

C. Newer Open or Closed Period 

D. Final Closed Period 

Answer: C 

Explanation: In order to update the intercompany calendar to use a different general ledger accounting calendar, the intercompany period status for all intercompany transaction types must either be Never Opened or Closed. 

Reference: Oracle Fusion Applications Financials Implementation Guide, Intercompany Calendar and Period Type 

Q53. Choose the three interfaces that integrate with SmartView to view, import, manipulate, distribute and share data. 

A. Microsoft Excel 

B. Microsoft Access 

C. Microsoft Word 

D. Microsoft PowerPoint 

E. Microsoft Notes 

Answer: A,C,D 

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

Q54. What are the key performance metrics for Oracle Fusion Financials? 

A. Spend by Category, Spend by Supplier, Spend by Organization and Item Detail 

B. Pipelinefunnel. Opportunity Details, Forecast and Actual versus Quota and Forecast versus Pipeline 

C. Project Performance, Financial Management, Budget Details and Cost Details 

D. Requisitions. Vacancy Analysis, Recruitment Pipeline and Offer Analysis 

E. Expenses, Revenue, Balance Sheet, Cash Flow, Budget versus Actual, Asset Usage, Liquidity, Financial Structure and GL Balance 

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. 

Q55. Which report indicates if the accounting entries have been transferred to the Oracle Ledger when submitting the Create Accounting process? 

A. Create Accounting Report 

B. Trial Balance – Detail 

C. Journals - (132 Char) 

D. Create Accounting execution Report 

Answer: D 


When you submit the Create Accounting process, the Create Accounting Execution Report is submitted automatically upon the completion of the Create Accounting process in success or in warning status. The Create Accounting process output will contain a message with the Create Accounting Execution Report request identifier. Use this request identifier to access the execution report output. 

Reference:Oracle Fusion Accounting Hub Implementation Guide, Accessing the Create Accounting Execution Report: Explained 

1Z0-508 exam answers

Down to date 1Z0-508 free exam questions:

Q56. Which three actions can you perform on subledger journal entities? 

A. Finish 

B. Duplicate 

C. Reverse 

D. Close 

E. Complete 

F. Incomplete 

Answer: C,D,E 

Explanation: C: If a payment is voided after the payment has been confirmed, you must submit the Disbursement in Transit Voided Checks process to create accounting for the voided payments. 

Oracle Subledger Accounting reverses all journal entries for payments that have been voided. 

E: When a subledger journal entry is completed, the reference date must be in an open or future open accounting period. 

Note:A subledger journal entry can have a status of Draft, Final, Incomplete, Invalid or Invalid Related Entry. 

Q57. Transaction objects in Fusion Accounting Hub are associated to_____________. 

A. Event Types 

B. Event Entities 

C. Journal Line Types 

D. Event Classes 

Answer: D 

Explanation: For each event class, register the transaction objects that will hold source data for the event types in that class. 

Note: Transaction objects are the views and tables that store transaction data in the standardized form required by the Create Accounting program. 

Reference: Oracle Fusion Accounting Hub Implementation Guide, Register the Source System and Define Events Information 

Q58. A company has three divisions: a U.S. division that covers the U.S. locations, a European division that covers U.K. and France, and a Middle East division that covers Saudi Arabia and U.A.E. All the divisions have their own employees. Choose how many Ledgers and Legal Entities the company Needs. 

A. One ledger and one Legal Entity 

B. Two ledger and two Legal Entities 

C. Three Ledger and three Legal Entities 

D. One Ledger and three Legal Entities 

Answer: C 

Explanation: LE(legal entity)Design –Models 

* 1:Many(Ledger-Legal entity) 

– LE are mapped to the Balancing Segment Value (BSV, aka Companycode) within a Ledger, so multiple LE are accounted for in a ledger. 

– An OU will have one Ledger assigned so transactions for many LE areprocessed and accounted in a single OU 

* 1: 1: 1 

– A single LE is mapped to a Ledger 

– An OU will have one Ledger assigned 

– Therefore an OU only has one LE (that means it is easy to derive the LEgiven the OU) 

The 1:M model is recommended and preferred in the US, the 1:1:1 model is recommended for most nonUS regions. 

Note: The Multi Org Structure falls in the below order, i.e.Business Group => Ledger => Legal Entity => Operating Unit.From Left to Right its ONE TO MANY Relation ship which means .....1BG can have more than 1 Ledger, 1 Ledger can have more than 1 LE, 1 LE can have more than one OU.From Right to Left its ONE to ONE Relationship which means ...1 OU can point to 1 LE only1 LE can point to 1 Ledger only1 Ledger can point to 1 BG only 

Q59. Oracle Fusion Accounting Hub is integrated with Oracle Hyperion Data Relationship Management Fusion Edition. What are two primary purposes of this functionality? 

A. ability to maintain charts of accounts values and hierarchies in one central location 

B. ability to download very large amounts of data 

C. a master data management solution for creating and maintaining hierarchies across an enterprise 

D. accurately reflects the accounting rules 

E. stores the identifier for the transaction in the transaction table 

Answer: A,C 

Explanation: Oracle Hyperion Data Relationship Management, Fusion Edition integration that provides the opportunity to perform charts of accounts and hierarchies maintenance. Data Relationship Management is a master data management application and requires licensing. The functionality also establishes corporate wide accounting structures, for Oracle and non-Oracle ledgers, and automatically updates charts of accounts and hierarchies across multiple ledgers. 

Note: Oracle Hyperion Data Relationship Management (DRM) is an enterprise change management solution for building and retaining consistency within master data assets despite endless changes necessary to support underlying transactional and analytical systems. As companies grow and evolve, it becomes essential to manage master data across information silos that result from mergers and acquisitions, departmental initiatives, or legacy system proliferation. Data consistency, integrity, quality and accuracy suffer and no one trusts the information and insight that ensues. Hyperion DRM provides the industry's first data model-agnostic master data management solution built to enable financial and analytical master data management in dynamic, fast-changing business environments. 

Reference: Oracle Fusion Accounting Hub Implementation Guide, Oracle Fusion Accounting Hub Features: Overview 

Q60. The tables, of views, from which Create Accounting takes source data to use in rules and create entries are referred to as_________. 

A. Transaction Objects 

B. Event Entities 

C. Mapping Sets 

D. Accounting attributes 

E. Event Classes 

Answer: B 

Explanation: 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 

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