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Oracle Applications 1Z1-508

1Z1-508

Exam Code: 1Z1-508

Exam Name: Oracle Fusion Financials 11g General Ledger Essentials

Updated: Jul 22, 2026

Q&A Number: 127 Q&As

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Oracle 1Z1-508 Exam Syllabus Topics:

SectionWeightObjectives
Period Close and Reconciliation15%- Reconciliation with subledgers
- Opening and closing accounting periods
- Trial balance and period-end adjustments
- Period close process and monitor
Integration and Security8%- Accounting Hub and third-party integration
- Integration with Subledger Accounting
- Data access and security policies
Financial Reporting and Inquiry12%- Balances and transaction inquiry
- Account Monitor and Account Inspector
- Financial Reporting Center and OTBI
- Reporting tools and integration options
Chart of Accounts Configuration20%- Account combinations and security rules
- Value sets, segments, and hierarchies
- Designing and defining chart of accounts structure
- Cross-validation and segment validation rules
Multi-Currency and Intercompany Accounting15%- Intercompany transactions and reconciliation
- Foreign currency transactions and revaluation
- Currency configuration and daily rates
- Translation and consolidation processes
Journal Entries and Processing20%- Reversing, correcting, and reviewing journals
- Approval workflows and rules
- Creating, importing, and posting journals
- Allocation and periodic entries
Overview of Oracle Fusion Financials and General Ledger10%- Key features and benefits of Fusion General Ledger
- General Ledger role within the financial ecosystem
- Fusion Financials architecture and deployment options

Oracle Fusion Financials 11g General Ledger Essentials Sample Questions:

1. Which method will reverse accruals in the next accounting period?

A) Create one event and use the Accounting Reversal attribute.
B) Create one event and use the GL functionality to perform the reversal.
C) Create one entry and use Accrual Reversal GL Date.
D) Create two events, one for accrual and another for the reversal.


2. Which three options can you use from the Generate Allocations link to open the Submission page?

A) Fax the output
B) Automatically saveitas an Excel file
C) E-mail the output
D) Notification when this process ends
E) Print Output


3. What are NOT included in the intercompany reconciliation reports?

A) Intercompany receivables and Intercompany payables lines generated for the provider and receiver of each intercompany transaction
B) Intercompany receivables and intercompany lines generated by the intercompany balancing feature
C) Ledger balancing lines generated when the primary balancing segment value is in balance butneither the second balancing segment northird balancing segment is out of balance; clearing company balancing lines
D) Clearing company balancing lines


4. How do you identify errors in the accounting calendar?

A) An error messageisdisplayed when you enter a new calendar or change data on an existing calendar
B) Run the Transaction Calendar Concurrent Process.
C) Run the Create Accounting Process.
D) A calendar with errors can NOT be saved.


5. You have created allocution and periodic journal entry definitions for several monthly entries. You are now ready to generate allocation entries. Which task must be completed before generating the allocation and periodic entries?

A) Set the period to Close or Open.
B) Enter and post the journal balances for Mass Allocation in the Close period.
C) Define, validate and deploy the rules or rule sets successfully from Allocation Manager.
D) Manually set the last day of the submission period as the Accounting Date and Calculation effective Date.


Solutions:

Question # 1
Answer: C
Question # 2
Answer: C,D,E
Question # 3
Answer: D
Question # 4
Answer: D
Question # 5
Answer: B

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