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| Section | Objectives |
|---|---|
| Topic 1: Journal Processing | - Journal approvals and posting
|
| Topic 2: Security and Integration | - Integration with subledgers
|
| Topic 3: General Ledger Configuration | - Accounting configuration
|
| Topic 4: Advanced Financials Features | - Allocations and automation
|
| Topic 5: Accounting and Close Processes | - Period close activities
|
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NEW QUESTION # 99
You are using Oracle General Ledger (GL), Oracle Payables, and Oracle Receivables and you want to prevent the closure of the GL period if the corresponding subledger period is not closed. How do you achieve this?
Answer: A
Explanation:
You can prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period.
This can help ensure an effective period close process that validates all transactions are complete and aren't held up during the close. To enable this feature, you need to set the relevant option on the Specify Ledger Options page for each primary ledger. The option is called Prevent General Ledger Period Closure When Open Subledger Periods Exist and it is located in the Period Close section. You can also specify which subledgers to include or exclude from the validation, except for Assets, which is automatically excluded by default. References:
How to Prevent a General Ledger Period from Closing When Open Subledger Periods Exist Period Close Components Review: Prevent General Ledger Period Closure When Open Subledger Periods Exist
NEW QUESTION # 100
Your company wants to change theCumulative Translation Adjustment (CTA) accountto record gains/losses from varying currency rates.
What steps must you perform to achieve this objective without causing data corruption?
Answer: C
NEW QUESTION # 101
Which three factors should you consider while specifying Intercompany System options?
Answer: A,C,D
Explanation:
Intercompany System options are used to set up intercompany processing rules at the enterprise level, based on your specific business needs. They help you standardize and simplify transaction processing, minimize disputes, and reduce administrative costs. The three factors that you should consider while specifying Intercompany System options are:
Automatic or manual batch numbering and the minimum transaction amount: These options help you control the numbering and the size of intercompany transactions. You can choose to use system generated or manual batch numbering, and you can specify a minimum threshold amount for intercompany transactions to prevent immaterial transactions. To use the minimum transaction amount option, you must also select an Intercompany currency option.
Whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies: This option helps you manage the currency risk and the conversion rate fluctuations for intercompany transactions.
You can choose to standardize transaction processing by selecting an Intercompany currency, which means that all intercompany transactions created in the Intercompany module are entered in this currency.
Alternatively, you can choose to allow intercompany transactions in local currencies, which means that intercompany transactions can be entered in the ledger currency of the sender or the receiver.
Whether to allow receivers to reject intercompany transactions: This option helps you handle the approval and dispute resolution process for intercompany transactions. You can choose to allow receivers to reject intercompany transactions if they disagree with the sender's information, such as the amount, the account, or the date. If you enable this option, you must also specify the rejection reason and the notification details for the sender.
Intercompany System Options
Implementing Enterprise Structures and General Ledger
Implement General Ledger
NEW QUESTION # 102
A new Oracle Fusion Cloud client needs to produce an income statement on a regular basis using Smart View.
Which Smart View tool would be best for this?
Answer: B
Explanation:
Query Designer is a Smart View tool that enables you to create and modify ad hoc queries on General Ledger balances cubes. You can use Query Designer to select the dimensions, members, and filters that you want to include in your query, and then retrieve the data in a grid format in Excel. You can also save, open, and refresh your queries as needed. Query Designer is the best tool for producing an income statement on a regular basis using Smart View, because it allows you to easily access and analyze the income and expense accounts, as well as the ledger, period, currency, and other dimensions that are relevant for your report. You can also customize the layout and format of your grid, and use Excel functions and features to enhance your report. References:
Overview of Smart View
Creating an Ad Hoc Analysis in Smart View
NEW QUESTION # 103
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 137,000 USD. This balance needs to be revalued. The month-end exchange rate for revaluation is 1 Euro = 1.25 USD.
What two statements are true about the resulting revaluation run?
Answer: B,C
Explanation:
The original foreign currency journal is not changed by revaluation. Revaluation creates a separate revaluation journal to adjust the accounted ledger-currency value of foreign-currency-denominated balances. Here, the original USD equivalent is 137,000 USD, but the revalued amount is 100,000 EUR ×
1.25 = 125,000 USD. Because the liability balance decreases from 137,000 USD to 125,000 USD, the company records an unrealized exchange gain. A liability becoming smaller in ledger currency is favorable, so it is a gain, not a loss. The Euro transaction balance remains intact because revaluation adjusts the accounted value, not the original entered currency transaction. Oracle General Ledger revaluation uses generated journals to record unrealized gain or loss adjustments rather than rewriting the original journal.
NEW QUESTION # 104
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