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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) 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.
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) 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.
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. Your foreign currency transactions need to be revalued every month. For balance sheet accounts, you reverse the revaluation journals in the next period. You are using the period-to-date (PTD) method of revaluation tor your income statement accounts.
When should you reverse revaluation journals, if at all required?

A) Never, because each period's revaluation adjustment is just for that period.
B) Reverse them in the same period as the revaluation run.
C) The reversals must be done at the end of each quarter.
D) Both balance sheet and income statement revaluation journals should be reversed in the period.


3. Which reporting tool is best suited for submitting high-volume transactional reports, such as invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or XML?

A) Oracle Transactional Business Intelligence (OTBI)
B) Financial Reporting Center
C) Smart View
D) Intelligence Publisher (BI Publish.
E) Oracle Business Intelligence Applications (OBIA)


4. What are the tables or views from which the Create Accounting program takes source data that is used in rules to create journal entries?

A) Event Entities
B) Event Classes
C) Transaction Objects
D) Mapping Sets
E) Accounting attributes


5. Your customer is having issues transferring intercompany transactions to General Ledger..
Identify three reasons for this.

A) If they are different, then the exchange rate is missing between the intercompany and ledger currency.
B) The corresponding Payables and Receivablesinvoicehave not been generated.
C) The intercompany transaction is not approved.
D) Both the intercompany and general ledger periods are open.
E) The intercompany period is closed.


Solutions:

Question # 1
Answer: A
Question # 2
Answer: D
Question # 3
Answer: A
Question # 4
Answer: C
Question # 5
Answer: A,B,C

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