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Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:
1. What feature is NOT provided by Fusion Accounting Hub Reporting Cloud Service (FAHRC)?
A) transfer Balances to FAH Reporting Cloud Service
B) synchronize setup data from Oracle R12 E-Business Suite to FAH Reporting Cloud Service
C) upload transaction data into FAH Reporting Cloud Service
D) provide real-time visibility to financial reports inFAH Reporting Cloud Service
2. Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. Themajority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company
'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you pass the calculated value for discount amounts in accounting rules to the corresponding journal line?
A) Assign it to an account rule.
B) Assign it to a transaction type.
C) Assign it to an accounting method.
D) Assign it to an accounting attribute.
3. 'Insurances for Homes' company provide home insuranceservice. They have in-house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the journal entries.
Insurance premiumIs to be recognized as income across the coverage period of the insurance policy. What are the two types of journal lines that need to be set up to generate recurring journal entries for insurance premium in each accounting period?
A) Reversal and Recognition
B) Offsets and Recognition
C) Deferral and Recognition
D) Multiperiod and Recognition
4. You have been assigned to troubleshoot a Create Accounting error.
What is the first step you need to take to use the diagnostics framework features?
A) Set the "SLA: Diagnostics Enabled" profile option.
B) Run Create Accounting again to generate journal entries for the events that ended in error.
C) Submit the Accounting Event Diagnostics process.
D) Run the Accounting Events DiagnosticReport.
5. Where do you define the currency conversion type to be used in converting accountedamount for reporting currency ledger?
A) Manage Reporting Currencies
B) Specify Ledger Options
C) Manage Accounting Attribute Assignments
D) Manage Subledger Accounting Options
Solutions:
Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: A |