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

1. 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 ownerships. What is Oracle's recommended approach to performing consolidations?

A) Use Oracle Hyperion Financial Management for this type of complex consolidation.
B) 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 creates a ledger set across all ledgers and report on the ledger set.
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) 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

2. You are implementing Financials Cloud and are using spreadsheets to load Legal Entities, Business Units, and Account Hierarchies. Which three setup objects can be loaded via a spreadsheet from Functional Setup Manager?

A) Suppliers and Customers
B) chart of account values, accounting calendar, and ledger
C) complete Accounting Configuration
D) Banks, Bank Accounts, and Branches
E) setup data for Receivables and Payables product

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

4. You want to monitor the close process if all your financial subledgers and ledgers. How can you quickly obtain this information?

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

5. What is most efficient way to add a new year to the accounting calendar?

A) Add the periods manually
B) The Application automatically populates the year when you open the first period of a new fiscal year.
C) Import the periods from a spreadsheet
D) Use the Add Year button

Solutions: