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| Section | Objectives |
|---|---|
| Topic 1: Reporting and Reconciliation | - Financial reporting outputs - Reconciliation processes and controls |
| Topic 2: Configuration and Setup | - Ledger and accounting configuration - Initial setup and enterprise configuration - Subledger accounting setup |
| Topic 3: Troubleshooting and Maintenance | - Performance monitoring and optimization - Error handling and diagnostics |
| Topic 4: Data Integration and Transformation | - Data ingestion methods and file-based loads - Mapping and transformation rules |
| Topic 5: Oracle Accounting Hub Cloud Overview | - Key components and architecture - Purpose and business value of Accounting Hub Cloud |
| Topic 6: Accounting Rules and Processing | - Accounting rules definition and maintenance - Event model and journal generation - Processing accounting entries |
1. The company 'Insurance for Homes' provides home insurance services. It has an in-house system that processes home insurance payments received from customers. The end result of the process consists of a list of individual journal entries in a spreadsheet. The company wants to get all journal entries in a secure and auditable repository. Access will be limited to a select few staff members. Additionally, these staff members will need to be able to report and view the entries using an advanced reporting and analytical tool for slicing and dicing the journal entries.
Insurance premium is to be recognized as income across the coverage period of the insurance policy.
Which types of journal lines need to be set up to generate recurring journal entries for insurance premium in each accounting period?
A) Reversal and Recognition
B) Deferral and Recognition
C) Multiperiod and Recognition
2. Your client, a banking organization, is currently using different transaction systems to take care of various types of loans, including vehicle loans, personal loans, education loans, and housing loans.
You recently uploaded the source system data that includes Loan Origination, Loan Interest Accrual, Loan Scheduled Payment, Loan Interest Adjusted, Loan Late Payment, and Loan Charge Off as event types.
Now the customer has asked you to add another transaction type called Loan Interest Accrual Reversal.
What should be your response to the customer?
A) Loan Interest Accrual Reversal can be added as a new event type from the user interface.
B) Loan Interest Accrual Reversal can be added as a new event type by using the update spreadsheet template.
C) A new transaction type cannot be added after the source system is registered.
D) The source system should be registered again by including the Loan Interest Accrual Reversal event type.
3. The Unified Migration option helps move functional setup data from one instance to another.
Which TWO statements are true about Unified Migration?
A) You can optionally migrate only the new changes if both environments are synchronized
B) There is no need to import the migration set into a sandbox instance before it is applied to the target environment
C) The Unified Migration option requires registration of the target environment in the source environment
D) You need to manually download the configuration set from the source and manually upload it into the target
4. Which predefined role allows a user to manage the period close activities in the General Ledger (GL) application?
A) General Accounting Manager
B) General Accountant
C) Financial Analyst
D) Chief Financial Officer (CFO)
5. The Insurance for Homes company provides home insurance services in the USA, the UK, France, and Italy.
It is headquartered in the USA. The entities in the UK, France, and Italy are subsidiaries of the USA entity.
The company decides to configure four primary ledgers, one each for the USA, the UK, France, and Italy. It also plans to configure three secondary ledgers under the UK, France, and Italy primary ledgers.
Which TWO statements are true about setting up secondary ledgers?
A) A chart of accounts mapping is only required if a secondary ledger has a different chart of accounts than its primary ledger
B) A chart of accounts mapping is always required between the chart of accounts of the primary ledger and the secondary ledger
C) Conversion levels available for a secondary ledger are Balance, Journal, Adjustment only, andSubledger
D) Conversion levels available for a secondary ledger are Balance, Journal, and Subledger only
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: A,C | Question # 4 Answer: A | Question # 5 Answer: A,C |
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