Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

1. Your customer has a large number of legal entities. The legal entity values are defined in the company segment and the primary balancing segment. They want to easily create eliminating entries for the intercompany activity.
What should you recommend?

A) Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment.
B) There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the Intercompany rules you define.
C) There is no need to define an intercompany segment. You can track the Intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner.
D) Define an intercompany segment in the chart of accounts. The Intercompany module and the intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment with the balancing segment value of the legal entity with which you are trading.

2. You want to define a tree or hierarchy for use in reports and allocations.
What three aspects should you remember when creating the tree?

A) It is fine to have the same child value roll up to two or more different parent values.
B) You only need to flatten the columns if you plan to use the hierarchy in Oracle Transactional Business Intelligence (OTBI).
C) You need to flatten the rows to be able to use drilldown in Smart View and you must publishtree to view the hierarchy in Essbase cubes.
D) The tree should have at least two tree versions to reduce report and allocation maintenance.
E) You must flatten the columns and publish the tree to view the hierarchy in Essbase cubes.

3. Alter submitting the journal for approval, you realize that the department value in the journal incorrect. How do you correct the value?

A) Reverse the journaland create a new one.
B) Click the Withdraw Approval button in the Edit Journals page and edit the journal.
C) Update the journal through workflow
D) Delete the journal and create a new journal.

4. You are reconciling your Payables the Receivables balances against the General Ledger. You are using the Payables to Ledger Reconciliation report. You notice discrepancies between thebalances in the subledgers, subledger accounting, and general ledger.
Which three factors are responsible for these out-of-balance situations?

A) Period Close processes,such as Revaluation, Translation, and Consolidation have not beenperformed yet
B) There were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.
C) Intercompany transactions have not been fully processed.
D) All sub ledger transactions have been entered but do not have complete accounting.
E) Subledger transactions have been accounted and transferred to General Ledger but have not been posted.

5. You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results.
What does Oracle consider best practice when this occurs?

A) Enter another adjusting journal entry in the currency to true up the balances.
B) Rerun Translation and then reconsolidate your result
C) Rerun Revaluation and then rerun Translation
D) Translate only the adjusting journal entry.

Solutions: