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Workday Fin Cert MC exam questions
with answers
Which of the following describes a domain (select all) A. Setup Data B. Power Users C. Static Data D. Highly Configurable - CORRECT ANSWERS ✔✔Setup Data, Power Users, static data A ____________ is a set of tasks that is initiated, acted upon, and completed by users in Workday. A. Business Process B. Functional Area C. Supplier Invoice - CORRECT ANSWERS ✔✔Business Process What are the three guidelines for custom organizations vs. custom worktags? A. Security, hierarchy, and workers. B. Security, hierarchy, and business process.
C. Security, hierarchy, and accounting. - CORRECT ANSWERS ✔✔Security, hierarchy, and workers Which organization type represents a legal entity? A. Company Hierarchy B. Company C. Cost Center D. Custom Worktag - CORRECT ANSWERS ✔✔Company Which of the following describes a Custom Worktag? A. Delivered by Workday to track financial transactions and group people. For example, company or cost center. B. Delivered by Workday to track financial transactions. For example, supplier or customer. C. Created by customers to track financial transactions. For example, course number or market segment. D. Created by customers to track financial transactions and group workers. For example, training center or sales channel. - CORRECT ANSWERS ✔✔Created by customers to track financial transactions. For example, course number or market segment. Which field in Maintain Assignable roles tells us whose picture will display on the Org Chart? A. Restricted to Single Assignment B. Assigned by Security Groups C. Leader/In Supporting
C. Data Sources D. Shared Reports - CORRECT ANSWERS ✔✔Custom Report Types The first and most important step in developing a custom report is choosing a: A. Data Source B. Business Object C. Class Report Field D. Related Business Object - CORRECT ANSWERS ✔✔Data Source Which of the following is not a part of maintaining Company Accounting Details?' A. Assign Company Currency B. Assign Company Account Set C. Assign Account Posting Rule Sets D. Open Ledger Year and Ledger Periods - CORRECT ANSWERS ✔✔Open Ledger year and periods Before you can begin creating and posting financial transactions you need to set up financial accounting details for each company. What is the first step in setting up financial accounting details? A. Create Ledger B. Edit Company Accounting Details C. Maintain Ledger Period
D. Create Ledger Year and Periods - CORRECT ANSWERS ✔✔Edit Company Accounting Details Which item needs to be updated to ease data entry in an EIB? A. Organization Code B. Reference ID C. Reorganization D. Company Name - CORRECT ANSWERS ✔✔Reference ID True or False: There are two types of journals: Accounting journals and Operational journals. - CORRECT ANSWERS ✔✔True Which is not an accounting journal status? A. Posted B. Created C. In Progress D. Approved - CORRECT ANSWERS ✔✔Approved True or False: Supplier invoices can be managed after the invoice has been submitted - CORRECT ANSWERS ✔✔True Which security role is used to create and maintain supplier invoices? A. Accounts Payable Analyst
True or False: The Fix Operational Journals with Errors task can be run by the Accounting Manager at period end to determine if there were any posting errors that occurred in the period. - CORRECT ANSWERS ✔✔True Customer deposits can be made by which of the following methods? A. Record the deposit of the customer payment at the same time as you record the payment. B. Customer deposits are made as separate task after the customer payment is recorded. C. Both methods are correct - CORRECT ANSWERS ✔✔Both methods are correct. True or False: A Workday customer must be set up as a supplier before they can be refunded following an adjustment or overpayment. - CORRECT ANSWERS ✔✔False What type of security affects tenant wide permission? - CORRECT ANSWERS ✔✔User based security What account posting rules are automatically applied to supplier invoices?
- CORRECT ANSWERS ✔✔Spend (Debit), Payables (Credit), Retained Earnings What account posting rules are automatically applied to supplier invoice payments? - CORRECT ANSWERS ✔✔Payables (Debit), Cash (Credit)
What account posting rules are automatically applied to customer invoices?
- CORRECT ANSWERS ✔✔Receivables (Debit), Revenue (Credit), Retained Earnings What account posting rules are automatically applied to customer payments? - CORRECT ANSWERS ✔✔Cash (Debit), Receivables (Credit) T/F: Workday starts at the least granular account posting rules - CORRECT ANSWERS ✔✔False: it starts at the most granular (specific) - More dimensions = More granular What is the difference between dimensions and values in account posting rules? - CORRECT ANSWERS ✔✔Dimensions mean AND (must meet all conditions) and Values mean OR (must meet at least 1 value) When do accounting journals need account posting rules? - CORRECT ANSWERS ✔✔When one of the following is affected: Intercompany, Realized Currency Gain/Loss, or Retained Earnings T/F: Cost centers are required on income statement accounts - CORRECT ANSWERS ✔✔True: income statement includes income/revenue accounts and expense accounts T/F: Cost centers are required on balance sheet accounts - CORRECT ANSWERS ✔✔False: balance sheet includes assets, liability, and equity accounts
A. Accounting Manager B. Controller C. Accountant D. Finance Administrator - CORRECT ANSWERS ✔✔A. Accounting Manager Where can you specify who has permission to cancel a business process? A. Domain security policy B. Business process definition C. Functional area D. Business process security policy - CORRECT ANSWERS ✔✔D. Business Process Security Policy Where can you find and correct BP transactions that were unsuccessfully routed for approval? A. Fix Operational Journals with Errors B. Business Process Unassigned Step Audit C. Maintain Custom Validations D. Maintain Related Worktag Usage - CORRECT ANSWERS ✔✔B. Business Process Unassigned Step Audit For an Import Accounting Journal EIB, when the Submit column is set to "N" or left blank what will be the status of the resulting journal entry? A. Submitted B. Created
C. In Progress D. Approved - CORRECT ANSWERS ✔✔B. Created When you select the Create Reversal option for an accounting journal what does the reversal date default to? A. Today B. Last day of the current period C. First day of the next period D. One year from today - CORRECT ANSWERS ✔✔C. First day of the next period True or False: Both Supplier Category and Supplier Group can be used as dimensions in the Account Posting Rules to drive account postings. - CORRECT ANSWERS ✔✔True Spend categories are used to classify assets, expense items, purchase items, and supplier catalog items. After spend categories are created, their usage can be defined for all of the following except: A. Ad Hoc Payment B. Expense C. Journal Lines D. Procurement E. Supplier Invoice - CORRECT ANSWERS ✔✔C. Journal Lines
Who can settle a customer refund? A. Only a Settlement Specialist B. Only an Accounts Receivable Specialist C. Both a Settlement Specialist and an Accounts Receivable Specialist - CORRECT ANSWERS ✔✔C. Both a Settlement Specialist and an Accounts Receivable Specialist True or False: As soon as you create the customer refund and the business process is completed, Workday creates a journal entry for it. - CORRECT ANSWERS ✔✔False True or False: In order to create an ad hoc payment, the payee must be an existing supplier in the tenant. - CORRECT ANSWERS ✔✔False True or False: You can only print checks for one type of payment at a time. - CORRECT ANSWERS ✔✔False Which account posting rule that impacts financial will be setup in a payroll first deployment? A. Retained Earnings B. Payables C. Undeposited Payments - CORRECT ANSWERS ✔✔A. Retained Earnings
- What is the primary driver of the FDM structure? A. Redesigning the Chart of Accounts B. Financial Reporting C. Worktag Definition - CORRECT ANSWERS ✔✔B. Financial Reporting True/False: A custom organization hierarchy can be created before a custom organization subtype and type - CORRECT ANSWERS ✔✔False (subtype > type > hierarchy) True/False: An organization cannot be assigned to a hierarchy from the organization itself - CORRECT ANSWERS ✔✔True True/False: A superior organization can only be assigned from the hierarchy that will fall under it - CORRECT ANSWERS ✔✔True What should always be the top condition when editing a bp definition and adding a new condition rule? - CORRECT ANSWERS ✔✔Company (Common Financials Dimensions) In finance, at what level should all transactions balance? - CORRECT ANSWERS ✔✔Company level Why are account posting rules not recommended on supplier groups? - CORRECT ANSWERS ✔✔It is an optional field and you do not want optional fields to drive your accounting
