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| Section | Objectives |
|---|---|
| Topic 1: Security and Integration | - Role-based access control
|
| Topic 2: General Ledger Configuration | - Accounting configuration
|
| Topic 3: Journal Processing | - Journal creation and management
|
| Topic 4: Advanced Financials Features | - Allocations and automation
|
| Topic 5: Accounting and Close Processes | - Period close activities
|
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NEW QUESTION # 134
Your ledger currency is USD. At month end you have a balance on the Accounts Payable Liability Account of
100,000 Euros which is equivalent to USD 136,550. This balance needs to be revalued.
The month end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true for the resulting revaluation run? (Choose two.)
Answer: C,D
Explanation:
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755 USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550
- 136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.
NEW QUESTION # 135
There is a business requirement for a subsidiary company to report to the parent company on a monthly basis.
Given that:
The subsidiary is in another country from the parent.
There is no requirement to have daily balances.
The objective is to minimize the data stored in the reporting currency.
Which data conversion level should you recommend?
Answer: E
Explanation:
According to Oracle documentation, when there is a business requirement for a subsidiary company to report to the parent company on a monthly basis with different currencies and no requirement to have daily balances, you should recommend Balance level as the data conversion level. A Balance level data conversion level enables you to translate balances from one currency to another at month-end or quarter-end for reporting purposes. A Balance level data conversion level minimizes the data stored in the reporting currency because it does not store daily balances or journal details. Therefore, option D is correct. Option A is incorrect because a Subledger level data conversion level stores daily balances and journal details in the reporting currency.
Option B is incorrect because a Journal Level data conversion level stores journal details in the reporting currency. Option C is incorrect because an Adjustment only level data conversion level does not translate balances from one currency to another. Option E is incorrect because a Spreadsheet level data conversion level does not exist.
NEW QUESTION # 136
You have enabled budgetary control and have a control budget set toAdvisorycontrol level. For September
2016, your budget for a given account combination is$5,000 USD.
In the same month, there is anapproved requisitionfor that account of$900and anapproved purchase orderfor that account of$2,500 USD. There is also aGeneral Ledger adjustment journal entryfor that account of$1,600 USD. Anapproved purchase order line of $400 USDis thencanceled.
Aninvoice is matchedto the purchase order for$2,100 USD.
Which two statements are true? (Choose two.)
Answer: A,B
NEW QUESTION # 137
You need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.
What format should you choose?
Answer: B
Explanation:
According to Oracle documentation3, when you need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in, you should choose Fiscal Year as the format. A Fiscal Year format enables you to define periods based on fiscal years that span two calendar years. Therefore, option A is correct. Option B is incorrect because a Calendar Year format defines periods based on calendar years that start on January 1st and end on December
31st. Option C is incorrect because a Period format defines periods based on any number of days or weeks.
Option D is incorrect because a Year format defines periods based on calendar years that start on any month other than January and end on any month other than December.
NEW QUESTION # 138
You are setting up Close Monitor for your organization. What is the key consideration when selecting the ledgers or ledger sets that form part of the Close Monitor hierarchy?
Answer: C
NEW QUESTION # 139
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