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Oracle EBS R12: General Ledger and Payables Fundamentals Sample Questions:
1. Isa Global Inc. is based in the United States with divisions in Europe and Asia. All journal imports, recurring journals, mass allocations, and manual journal entries have been posted for their European subsidiary. What is the next logical step in the period-close process?
A) revaluing foreign currency balances
B) closing the current period
C) opening the next period
D) consolidating to the parent set of books
E) translating to the functional currency
2. Sam, the CFO of XYZ Company, finds that in the expenditure budget of the current year, there are many funds available in the stationery account, whereas there is not much amount left for employee travel expenses. Sam instructs the budget analyst John to transfer 80% of the stationery account to the travel expenses account. While transferring the amount, John encountered errors and approached Sam for a resolution. Sam reviews the situation and clarifies it to John. Choose what Sam would have explained to John.
A) There must be some budgetary control enabled on the travel expenses, and a transfer can be made only after a funds check.
B) It is not possible to transfer amount from one account to another unless the absolute amount is known. So John should have calculated 80% of the stationery account and then tried to make the transfer.
C) There must be some budgetary control enabled on the stationery account, and a transfer can be made only after a funds check.
D) There must be some budgetary control enabled on the stationery and travel expenses accounts, and a transfer can be made only after a funds check.
3. ABC Inc. wants to have 16 accounting periods that include an adjusting period for each quarter in its 4-5-4 accounting calendar. Its fiscal year-end is March 31.The normal month-end is on a Friday, but the last day of each quarter is always on the last day of the quarter's final calendar month.Select the remaining setup for the calendar to meet the requirement.
A) defining 12-monthly periods based on the4-5-4 calendar ending on the last Friday of each month, except for the last month of each quarter ending on the last day of the month; defining an adjusting period for each of the last day of the quarter
B) defining 12-monthly periods based on the4-5-4 calendar ending on the last day of each month; defining an adjusting period on the last day of each quarter
C) defining 12-monthly periods based on the4-5-4 calendar ending on the last Friday of each month; defining four adjusting periods for March 31 of the fiscal year
D) defining 12-monthly periods based on the4-5-4 calendar ending on the last Friday of each month; defining an adjusting period on the last Friday of each quarter
4. The client's GL accountant comes to you with a problem. A journal cannot be posted because it has not been approved. The preparer cannot submit the journal for approval because the Approve button is disabled in the Enter Journals form and the supervisor has not received a notification requesting the approval. What could be the possible cause for this problem?
A) Budgetary control has been enabled for the set of books and funds have not been reserved for the journal.
B) Authorization limits have not been defined properly and the GL period is closed.
C) The profile option GL: Allow Preparer Approval must be reset.
D) One of the GL account code combinations in the journal is invalid.
5. During a pilot run of Financial Statement Generator reports, the report output displayed credit amounts as negative numbers. The customer requires the credit amounts on the reports to be positive instead of negative. Identify the solution that must be implemented to meet the customer's requirements.
A) Create a journal by doubling the values wherever the report is displaying negative numbers.
B) Select the change sign check box for the related row or column definition.
C) Inform the customer that this requirement would require a customization.
D) Deselect the change sign check box for the related row or column definition.
Solutions:
Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: B |