Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Sample Questions:

1. In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)

A) Smart View
B) Oracle Enterprise Repository
C) Oracle Transactions Business Intelligence
D) Application Composer
E) Financial Reporting Studio

2. Your customer is reconciling their Intercompany Receivables accounts. Which two reports should they use in addition to using the intercompany Reconciliation report?

A) Receivables Aging by General Ledger Account report
B) General Ledger Trial Balance report
C) Receivables to General Ledger Reconciliation report
D) AR Aging report

3. All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance. They do perform intercompany accounting. What is Oracle's recommended approach to performing consolidations?

A) Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
B) Use Oracle Hyperion Financial Management for this type of complex consolidation
C) Use General Ledger's Financial Reporting functionality to produce reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment
D) Define multiple ledgers for consolidation and report on ledger set

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

5. You entered a cross validation rule to prevent the balance sheet cost center (000) being used with Profit.
and Loss Accounts (4000-2222). ) being
The following combinations exist in the Code Combination table:
01-000-4110-00, 01-000-5299-000, 01-000-5105-000 and 01-000-7640-00
Which two statements are true regarding cross-validation rules?

A) There is no need to create cross-validation rules if Dynamic Combination Creation eek. fs ; enabted for your chart of accounts instance. 1 & You need to run the Cross-Validation Rule Violations process to allow rules te apely lind combinations that violate rules.
B) The rules will validate and apply to new and existing accounts. Xs
C) The rules validate and apply to new accounts only
D) You need to run the Cross-Validation Rules Process to list and optionally disable combinations a

Solutions: