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Oracle Accounting Hub Cloud 2020 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) DD-MON-YYYY
D) YYYY-MM-DD

2. Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

A) Specify Ledger Options
B) Manage Reporting Currencies
C) Manage Subledger Accounting Options
D) Manage Accounting Attribute Assignments

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

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

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

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 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.
What are the key transaction types mentioned in the use case?

A) Purchase Trucks and Deploy Trucks
B) Initiate Truck Rentals Contract and Pay Truck Maintenance
C) Pay Insurance and Control Truck Services
D) Purchase Trucks and Pay Out Trucks

Solutions: