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Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:
1. What is the required date format used to import accounting transactions to Accounting Hub Cloud?
A) MM-DD-YYYY
B) The user can customize the date format
C) YYYY-MM-DD
D) DD-MON-YYYY
2. '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) Deferral and Recognition
B) Offsets and Recognition
C) Reversal and Recognition
D) Multiperiod and Recognition
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 andloss 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 set up an account rule that is based on leased and owned trucks?
A) Set up a mapping set rule.
B) Set up a value set rule.
C) Set up an account source in the source system file and derive the value.
D) Set up a lookup value.
4. A customer has four external systems: Consumer Loan, Auto Loan, Home Loan and Insurance. Functional users are allowed to process and view transactions and accounting for all these systems.
Which two implementations allow similar accountingrules to be shared?
A) One subledger for the 3 Loan systems and one subledger for Insurance.
B) One subledger for each source system.
C) One subledger for all 4 source systems.
D) One subledger for Consumer Loan and Auto Loan, and one subledger for HomeLoan and Insurance.
5. Given the business requirement in the 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 sourcecode 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.
What are the key transaction types mentioned in the use case?
A) Initiate Truck Rentals Contract and Pay Truck Maintenance
B) Purchase Trucks and Deploy Trucks
C) Pay Insurance and Control Truck Services
D) Purchase Trucks and Pay Out Trucks
Solutions:
Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A,C | Question # 5 Answer: A |