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Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

1. You want to monitor the dose process of all your financial subledgers and ledgers.
How can you quickly obtain this information?

A) Use the Manage Accounting Periods page to view the status of all subledgers and ledgers.
B) Use Close Monitor in General Accounting Dashboard.
C) Run Closing Status reports.
D) Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period.

2. 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, the Intercompany module keeps track of the trading partners for you based on the Intercompany rules you define.
B) 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.
C) 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.
D) 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.

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

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

4. Which three objectives must be considered when designing the chart of accounts?

A) Anticipate growth and maintenance needs as organizational changes occur.
B) Try to use all 30 segments and 25 characters per segment because you cannot change It later.
C) Effectively manage an organization's financial business.
D) Consider implementing a single, global chart of accounts
E) Limit the number of segments to those you need today to reduce data entry.

5. Which two General Ledger work would you assign to all your entry-level General Ledger accountants?

A) General Accounting Dashboard
B) Period Close Work Area
C) Financial Reporting Center
D) Journals Work Area

Solutions: