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| Section | Objectives |
|---|---|
| Financial Accounting Fundamentals | - Accounting principles in Workday - Financial structures and ledgers |
| Chart of Accounts and Organizational Setup | - Financial dimensions and configuration - Ledger and organizational structure design |
| Journal Processing and Accounting Entries | - Journal creation, validation, and posting - Adjustments, reversals, and approval workflows |
| Financial Reporting and Analytics | - Reporting frameworks and analytics tools - Financial statement generation |
| Period End Close and Consolidation | - Month-end and year-end close procedures - Financial consolidation and intercompany processing |
| Security and Workflow Configuration | - Access controls for financial processes - Process automation and workflow design |
| Introduction to Record-to-Report | - Core concepts and purpose of the R2R cycle - End-to-end business process overview |
1. Once a user enters a financial transaction, what company accounting detail is locked from being changed?
A) Company Currency
B) Account Translation Rule Set
C) Account Control Rule Set
D) Account Posting Rule Set
2. What task will you use to specify a bank account's usage?
A) Set Up New Bank Account
B) Edit Bank Account
C) Define Bank Account Usage
D) Modify Bank Account Information
3. Refer to the following scenario to answer the question below.
A company is a global organization that needs to comply with multiple accounting standards. The company has configured their account posting rules so that certain supplier invoices will comply with U.S. GAAP rules but will not comply with IFRS.
What would we need to do to report according to U.S.GAAP standards?
A) Create two adjusting journal entries that include book codes for IFRS and for U.S. GAAP.
B) Report using the common book, including the blank book code.
C) Create an adjusting journal entry that includes a book code specific to IFRS.
D) Create an adjusting journal entry that includes a book code specific to U.S. taxes.
4. In addition to a unique report name, what must you immediately identify when creating a custom report?
A) Related business object
B) Data source
C) Primary business object
D) Report fields
5. Your company reports profit and loss under different accounting standards. Under US GAAP, prepaid expenses are recorded as a current asset. However, under IFRS, the company must expense immediately. Someone posted an operational transaction resulting in the use of a prepaid expense account in line with US GAAP.
What should the next step be?
A) Enter an accounting journal to adjust by selecting the IFRS book code and the appropriate ledger accounts to expense the costs.
B) Enter an accounting journal to adjust by selecting the IFRS book code as a balancing worktag.
C) Unpost the original transaction and create two manual journals for each accounting treatment.
D) Unpost and then edit the original transaction to include the book code for IFRS.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |
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