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| Section | Objectives |
|---|---|
| Topic 1: Financial Reporting | - Real-time reporting and analytics - Financial Statement Generator (FSG) and reporting tools |
| Topic 2: Security and Controls | - Audit and compliance controls - Role-based access control in General Ledger |
| Topic 3: General Ledger Configuration | - Chart of Accounts structure and segments - Ledger setup and accounting configuration - Accounting calendar and currency setup |
| Topic 4: Period Close and Reconciliation | - Account reconciliation and balancing - Period close process in General Ledger |
| Topic 5: Journal Processing | - Recurring journals and allocations - Journal creation and approval workflows - Journal import and automation |
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NEW QUESTION # 69
Which two statements are true about the Intercompany Reconciliation report?
Answer: A,E
Explanation:
The Intercompany Reconciliation report is a tool that helps you reconcile your intercompany transactions and identify any discrepancies between the provider and receiver sides. The report shows the entered or transaction amount of the accounting entries booked to the intercompany receivables and payables accounts for a pair of provider and receiver legal entities. The accounted amounts may be different when the conversion rates used for the intercompany receivables and payables are different. Therefore, you can run the report using an additional currency and conversion rate that converts all amounts into a common currency for comparison. This option helps you manage the currency risk and the conversion rate fluctuations for intercompany transactions. The report also displays the intercompany receivables and payables balances in summary for a period, and any differences between them. You can drill down on the links to view the balances by source and then by journal lines. You have full drill-down capabilities to the general ledger journal, subledger accounting entry, and source receivables or payables transaction.Reference:
Intercompany Reconciliation
Intercompany Reconciliation Reports
NEW QUESTION # 70
After completing a business requirement mapping session, it has been decided that only single Currency Journals will be entered for this Company.
To achieve this requirement, on which two objects should you enable "Limit a Journal to a Single Currency"?
(Choose two.)
Answer: A,C
Explanation:
To achieve the requirement of only single currency journals being entered for this company, you should enable "Limit a Journal to a Single Currency" on both ledger options and journal sources. Ledger options are settings that apply to a specific ledger, such as journal processing options, currency options, and average balance processing options. Journal sources are identifiers that indicate where a journal originated, such as manual entry, subledger accounting, or import. You can enable "Limit a Journal to a Single Currency" on both ledger options and journal sources using the Specify Ledger Options and Manage Journal Sources tasks in Setup and Maintenance. This will enforce single currency journals for journals entered on the Create Journal page and for journals that are imported. You do not need to enable "Limit a Journal to a Single Currency" on journal lookup codes, as these are codes that indicate the status of a journal, such as Entered, Posted, or Reversed. You do not need to enable "Limit a Journal to a Single Currency" on journal category, as this is an attribute that classifies journals by purpose or function, such as Purchase Invoices or Allocations.
You do not need to enable "Limit a Journal to a Single Currency" on profile option, as this is a setting that affects the behavior of an application or feature for a user or responsibility. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Ledgers 12
NEW QUESTION # 71
Which two statements are true regarding the Translation process? (Choose two.)
Answer: C,D
Explanation:
According to Oracle documentation1, the following statements are true regarding the Translation process: Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes. The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.
NEW QUESTION # 72
You are planning to use Financial Reporting Web Studio to create your income statement and balance sheet reports.
Which report component allows you to connect with GL Balances Cube?
Answer: B
NEW QUESTION # 73
The intercompany accountants on the cloud project are trying to reconcile intercompany balances using the latest intercompany reconciliation report.
However, they have some concerns about the information presented in the report and want you to clarify the content in the standard reconciliation report.
What is included in the intercompany reconciliation report?
Answer: C
NEW QUESTION # 74
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