Last Year Oracle Fusion General Ledger Certification Question Answers

QUESTION 5
All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownership.
What is Oracle's recommend approach to performing consolidations?

 

Option's:
A.    Use Oracle Hyperion Financial Management for this type of complex consolidation.
B.    Translate balances to the corporate currency, create a chart of accounts mapping to the corporate Chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program.
C.    Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.
D.    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.

Answer: D

Answer Explanation: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.

 

QUESTION 6
Identify three functions of Functional Setup Manager?

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

 

Answer: A,B,E

Answer Explanation:Provide a central place to access and perform all of the setup steps across Fusion application product & Automatically generate lists of setup tasks in the correct sequence with dependencies highlighted and Centrally manage the close processes across sub ledgers and ledgers.

 

QUESTION 7
Your customer is having issues transferring intercompany transactions to General Ledger.. Identify three reasons for this.

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

Answer: A,B,C

QUESTION 8
You need to create a month-end re-porting package for an upcoming Audit Committee meeting. You have 10 financial reports that you will need to share with executives and auditors.
In which three ways do you accomplish this?

A.    Using Workspace, assemble multiple reports into a book.
B.    Use a Report Batch to run reports at a specific time to create set of snapshot reports based on accounting information at that specific point in time.
C.    Users can drill down on snapshot reports for future analysis.
D.    The report contained in the book can be printed or viewed individually or as an entire book that includes a table of contents.
E.    Snapshot reports can only be viewed online.

Answer: A,B,D

Answer Explanation: Three ways are 'Using Workspace, assemble multiple reports into a book' & 'Use a Report Batch to run reports at a specific time to create set of snapshot reports based on accounting information at that specific point in time' and 'The report contained in the book can be printed or viewed individually or as an entire book that includes a table of contents'.