1Z0-408 Online Practice Questions and Answers

Which repot show you differences between your subledger balances and General Ledger balances?

A. Payables Trial Balance, Receivables Trial Balance, and General Ledger Trial Balance reports

B. Payables and Receivables Aging Reports with the General Ledger Trial Balance report

C. Payables to Ledger Reconciliation Report and the Receivables to Ledger Reconciliation Report

D. General Ledger Financial Statements and the Accounts Payable and Accounts Receivables Invoice Registers

Your customer operates three shared services that perform accounting functions across 50 countries. What feature allows them to share setup data, such as Payment Terms, across Business Units?

A. Reference Data Sets

B. Business Units functions

C. None. Setup data is partitioned by Business Unit and must be defined separately per Business Unit.

D. Data Access Sets

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.

Which two types of journals can be automatically routed through the journal approval process?

A. Allocation journals

B. Revaluation journals

C. Manual journals

D. Sub ledger journals

E. Journals imported from third-party systems

Your company wants to change the Cumulative Translation Adjustment (CTA) account to record gains/ losses from varying currency rates.

What steps must you perform to achieve this objective without causing data corruption?

A. Purge all translated balances, change the CTA account in the Ledger page, and rerun Translation for all periods required.

B. Open the Ledgers page and update the CTA account and then rerun Translation for all periods required. The system will automatically update the translated balances.

C. Query the Translation journals and delete all of them, then change the CTA account in the Ledger page, and rerun Translation for all periods required.

D. Define a new ledger and accounting configuration. The CTA account cannot be updated after the ledger has been in use.

You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results.

What does Oracle consider best practice when this occurs?

A. Translate only the adjusting journal entry.

B. Rerun Revaluation and then rerun Translation

C. Rerun Translation and then reconsolidate your result

D. Enter another adjusting journal entry in the currency to true up the balances.

Your customer has only licensed Fusion Financials and wants to use approval workflows. Using which page to enter users and assign roles does Oracle consider best practice?

A. Manage Users

B. Hire a New Ernployee

C. Oracle Identity Management (OIM)

D. Policy Manager (APM)

E. Financials not a stand-alone product

On whichthree occasions are Essbase balances updated?

A. Every time the tree version is published

B. Every time journals are posted to the general ledger

C. Every time you run the batch program called "Update Essbase Balances"

D. At report run-time

E. Every time you open a new period

You need to integrate Fusion Accounting Hub with external source systems used for Billing.

Identity the step that is not correct when implementing this integration.

A. Analyze external system transactions.

B. Capture accounting events.

C. Determine the accounting impact of transactions.

D. Create the accounting in the source system and then import the journal entries into subledger accounting.

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.