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Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

1. 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.
How can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?

A) Set up automatic Journal line reversal.
B) Set up multiperiod accounting journal lines.
C) Set up a transaction line reversal.
D) Create an adjustment journal entry.

2. How do you enable diagnostics on subledger transaction sources?

A) enable transaction debug
B) enable diagnostic profile
C) enable diagnostic attribute
D) enable diagnostic source

3. Which two can you use to view supporting reference balances?

A) Use Oracle Transactional Business Intelligence to create an analysis using the Subledger Accounting - Supporting Reference Real Time subject area.
B) Submit the standard Supporting Reference Balances Report.
C) Use the Supporting Reference Balance Inquiry page.
D) Use Business Intelligence Publisher to build a custom report.

4. What are the tables or views from which the Create Accounting process takes source data that is used in accounting rules to create journal entries referred to as?

A) Source objects
B) Event entities
C) Mapping sets
D) Transaction objects

5. '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. 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) Multiperiod and Recognition
B) Offsets and Recognition
C) Reversal and Recognition
D) Deferral and Recognition

Solutions: