Question 1

Your client, a banking organization, is currently using different transaction systems to take care of various types of loans, including vehicle loans, personal loans, education loans, and housing loans. You recently uploaded the source system data that includes Loan Origination, Loan Interest Accrual, Loan Scheduled Payment, Loan Interest Adjusted, Loan Late Payment, and Loan Charge Off as event types. Now the customer has asked you to add another transaction type called Loan Interest Accrual Reversal. What should be your response to the customer?

Options :

A :

The source system should be registered again by including the Loan Interest Accrual Reversal event type.

B : A new transaction type cannot be added after the source system is registered.

C : Loan Interest Accrual Reversal can be added as a new event type from the user interface.

D :

Loan Interest Accrual Reversal can be added as a new event type by using the update spreadsheet template.

Answer: C

Question 2

Your customer needs to generate journal entries for the insurance premium collected from the sale of policies. The different components of the premium collected by the company include Basic Premium and Tax. While uploading the transaction details containing both Basic Premium and Tax amounts, which transaction source would you use to link the transaction header and line information?

Options :

A : Document Key

B : Transaction Number

C : Document Sequence Number

D : Transaction Type

Answer: B

Question 3

Which statement is true about journal entry rule sets?

Options :

A : Description rules can be assigned at both the header and the line level of a journal entry rule set.

B : Description rules can be assigned only at the header level of a journal entry rule set.

C : Description rules can be assigned only at the line level of a journal entry rule set.

Answer: A

Question 4

Your client has operations in the US and the UK, and they currently use a third-party billing system to process their transactions, such as Complete an Invoice, Record a Payment, Record Late Charges, and Recognize Revenue. As part of the Accounting Hub implementation, you have been asked to register the billing source system. While registering the source system using the spreadsheet template, which TWO could be flagged as errors by the validation check process?

Options :

A : You cannot add more than 30 sources when the Journal Display column is enabled

B : You cannot add more than 10 sources when the Journal Display column is enabled

C : The event type name cannot exceed 30 characters

D : The event type name cannot exceed 25 characters

Answer: B,D

Question 5

Which two actions can you accomplish for a registered source system?

Options :

A : Modify the subledger application name as long as there are no pending accounting entries

B :

Import the source system registration spreadsheet template multiple times as long as there are no accounting rules created yet

C : Revise source Information through the user interface and add more sources

D : Add new event classes through the user interface

Answer: B,C

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