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| Section | Objectives |
|---|---|
| Topic 1: Introduction to Record-to-Report | - Core concepts and purpose of the R2R cycle - End-to-end business process overview |
| Topic 2: Chart of Accounts and Organizational Setup | - Ledger and organizational structure design - Financial dimensions and configuration |
| Topic 3: Journal Processing and Accounting Entries | - Journal creation, validation, and posting - Adjustments, reversals, and approval workflows |
| Topic 4: Financial Accounting Fundamentals | - Financial structures and ledgers - Accounting principles in Workday |
| Topic 5: Financial Reporting and Analytics | - Reporting frameworks and analytics tools - Financial statement generation |
| Topic 6: Security and Workflow Configuration | - Access controls for financial processes - Process automation and workflow design |
| Topic 7: Period End Close and Consolidation | - Month-end and year-end close procedures - Financial consolidation and intercompany processing |
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?
Correct Answer: D 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
You need to record a financial transaction in Workday. The transaction does not automatically come from an operational area such as supplier accounts or customer accounts.
Why might you use an accounting journal?
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Company A provides IT services to Company
B At the end of the month, Company A needs to bill Company B.
How will they do so?
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
After an acquisition, a new legal entity needs to be set up.
What should you create?
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
At month-end, during the account certification process, a company would like certain ledger accounts prepared, reviewed, and certified by specific users.
What form of configuration do they need for this?
Correct Answer: C 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
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