1z1-342 by Oracle Valid Free Exam Practice Test

Question 1

You were asked to assist in setting up the Automatic Accounting Instructions (AAI) for the financial system.
Which statement is TRUE regarding AAI?

A. Some AAI Items with a common prefix can have a user defined suffix. B. The sequence number is hard coded in the logic of the calling application. C. All AAI Items are company specific. D. All AAI Items must have a corresponding valid Business Unit and Object Account value. E. There can only be two lines of description.

Correct Answer: B

Question 2

Your client submitted the Annual Close application to close their fiscal year.
When you close a fiscal year, which AAI Items does the system use?

A. GLG4 retained earnings, GLG12 ending profit and loss, and the ICCC intercompany account B. GLG4 retained earnings, GLG6 beginning revenue account, and GLG12 ending profit and loss C. GLG4 retained earnings and GLGxx for all GL accounts D. GLG4 retained earnings and FSxx Interim subtotals E. GLG4 retained earnings, GLG12 ending profit and loss, and GLG7 year-end close account

Correct Answer: C

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Question 3

Your client wants the system to automatically create journal entries for Intercompany settlements. Knowing that your client will use multicurrency processing, what two intercompany settlement values are available to your client?

A. 3: Configured Hub Method B. 2: Detail Method C. 1: Hub Method D. N: The system does not post a batch If It contains Intercompany settlements. E. *: The system posts a batch even if it contains intercompany settlements.

Correct Answer: B,C

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Question 4

Your client wants to delete several fixed asset records created in error and feel they have taken the necessary steps to remove any existing transactions from the asset records.
Which three options offer reasons for your client to delete the asset records?

A. Transactions that have not been posted to the Account Balances table (F0902) are deleted for the selected assets. B. Transactions that have been posted to the Account Balances table (F0902) are voided for the selected assets. C. Assets had associated amounts In Beginning Balance Setup. Asset amounts were then deleted in Beginning Balance Setup for the selected assets. D. Transactions had been posted to the fixed assets Asset Account Balances File table (F1202).
Adjusting entries were then created and posted to the Asset Account Balances File table (F1202) making balance amounts zero for the selected assets.

Correct Answer: B,C,D

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Question 5

Which four updates happen in the Accounts Receivable tables when you change the gross amount on a posted unpaid invoice?

A. The system sets the Payment Status to H (Held) in the Customer Ledger table (F03B11). B. The system recalculates the Discount Due Dates in the Customer Ledger table (F03B11). C. The system creates a new line item for the changed Gross Amount in the Customer Ledger table (F03B11). D. The system updates the A/R Post Status field (ISTR) to 1 on the invoice record in the Customer Ledger table (F03Bii). E. The system recalculates the open amount In the Customer Ledger table (F03B11). F. The system removes the posted code on the invoice in the Customer Ledger table (F03B11). G. The system adds a record to the Invoice Revisions table (F03B112).

Correct Answer: C,D,E,G

Question 6

Your client would like to know if they should set up additional customer records or use Line of Business processing.
Why would you want to activate Line of Business processing?

A. To use a different default business unit for invoice entry. B. To establish multiple Address Book records. C. To establish a credit limit hierarchy by company. D. To set up multiple sets SIC values for the customer. E. To set up multiple sets of default information for the customer by company.

Correct Answer: E

Question 7

Your client created a journal entry to add cost for some fixed asset records, but Is having trouble finding the batch in fixed assets in order to post the G/L entry to Fixed Assets.
With no access to the system, which two items should your client verify?

A. The accounts used on the journal entry are within the FX range of accounts in the AAIs. B. The accounts used on the Journal entry are within the FD range of accounts In the AAIs. C. The accounts used on the journal entry are within the AT range of accounts in the AAIs, D. The journal entry included an asset number. E. The entry was posted to the G/L (the G/L posted code is equal to P).

Correct Answer: A,D

Question 8

A special rebate payment has to be issued to a customer that doesn't have a Supplier Master. How do you accomplish this without creating multiple Address Book numbers?

A. Enter a valid 1099 code In Category Code 7 in the Address Book Record, B. Enter the customer number In the Factor/Special Payee field. C. Set up the Supplier Master record with the same Address Book number as the Customer Master record. D. Enable the AR/AP Netting Indicator for the customer in the Address Book master record. E. Change the customer's search type In the Address Book to indicate that this is a supplier.

Correct Answer: C

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Question 9

Which two steps must be completed In order to use the Debit/Credit Reconciliation feature?

A. Set the Reconciliation Type processing option to 1. Matching Debit Credit Reconciliation for the Manual Reconciliation (P09131) program. B. Specify a tolerance amount greater than 10% by which debit and credit transactions can be out of balance in the Manual Reconciliation (P09131) program. C. Set up the Financial AAI GLRD D. Specify whether debits and credits are required to balance In the Manual Reconciliation (P09131) program.

Correct Answer: A,D

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Question 10

Which three rules apply when setting up Invoice Document Type Codes in UDC table 00/DT?

A. Some document types are hard-coded. B. The special handling code must be populated for all document types. C. All document types are soft-coded. D. Both Invoice and receipt document types are set up In UDC 00/DT. E. All document types are hard-coded. F. Invoice document types that are set up In UDC OO/DT should also be set up In UDC 00/DT

Correct Answer: B,E,F

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Question 11

What program is used to change the location of an asset?

A. Location Transfer B. Branch/Plant C. It is not possible to transfer an asset once it is established in a location D. Business Unit Master

Correct Answer: A

Question 12

You are going through the month end dose process. If you run the Account Balance without Account Master Integrity report and have the processing option set to update mode/ what do you update?

A. the company number of all account ledger records that have an invalid company number B. the business unit of all account ledger records that have an invalid business unit number C. the company number of the account master records with the correct business unit D. the account description of ail account ledger records that have an invalid company number E. the company number of all account balance records that have an invalid company number

Correct Answer: E

Oracle JD Edwards EnterpriseOne Financial Management 9.2 Implementation Essentials - 1z1-342 Exam Practice Test