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Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

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

2. 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 does Oracle consider the best practice approach to performing consolidations?

A) Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar,currency, and accounting method. Create a separate elimination ledger to enter intercompany eliminations. Then create a ledger set across all ledgers and report on the ledger set.
B) Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to theparent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
C) Use General Ledger's Financial Reporting functionality to produce consolidated reports bybalancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment.
D) Use Oracle Hyperion Financial Management for this type of complex consolidation.

3. Most of the accounting entries for transactions from your source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use TAX_AMOUNT as the source.
At what level can you override the default accounting attribute assignment?

A) Event Type
B) Journal Line Rule
C) Event Class
D) Journal Entry
E) Journal Entry Rule Set

4. Identify three functions of Functional Setup Manager.

A) Assign setup tasks to individuals with due dates where users must manually update their completion status.
B) Centrally manage the close processes across subledgers and ledgers.
C) Automatically mark the status of tasks as Completed after they have been completed.
D) Automatically generate lists of setup tasks in the correct sequence with dependencies highlighted.
E) Provide a central place to access and perform all of the setup steps across Fusion application product

5. You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account's activities.
What type of report will provide this type of information?

A) An Online Transactional Business Intelligence (OTBI) report to create ad hoc queries on transactions and balances
B) Aging Reports
C) Account Analysis Reports
D) Journals Reports

Solutions: