Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

1. You have created a description rule. When you try to select this description rule to be displayed as a header description rule in a journal entry rule set, you are not able to find this rule in the list of values.
What is the possible reason for NOT finding the rule?

A) The rule is built using a line level source.
B) The rule is built using a custom source.
C) The rule is built using a value set source.
D) The source does not return any value; therefore the rule is not displayed.

2. You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classification information.
You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts.
What is the solution?

A) Use the Open Account Balances Listing report that has balances by customer.
B) Use Supporting References to capture customer classification information.
C) Use the Third Party Control Account feature.
D) Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI).

3. Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority 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. 'New Trucks' and' Fix Trucks' are located in the same country and share chart-of accounts and accounting conventions.
How many ledgers are required to be set up?

A) Two primary ledgers
B) One primary, one secondary ledger
C) One primary, one repotting currency ledger
D) One primary ledger

4. 'Insurances for Homes' company provide home insurance service. 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 premium is to be recognized as income across the-coverage period of the insurance policy. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?

A) Recurring Journal class
B) Recognition Journal class
C) Multiperiod class
D) Accounting class

5. You need to build a complex account rule. Which four value types you use in yourdefinition?

A) Value Set
B) Account Combination
C) Constant
D) Mapping Set
E) Existing Account Rule
F) Source

Solutions: