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Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

1. You want to prevent intercompany transactions from being entered during the last day of the close.
What should you do?

A) Close the General Ledger period in the Manage Accounting Periods page.
B) Freeze the Intercompany Journal source in General Ledger.
C) Close Intercompany periods in Fusion Intercompany.
D) Close all subledger periods.

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

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

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

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

4. Your customer has a large number of legal entities. The legal entity values are defined in the company segment and the primary balancing segment. They want to easily create eliminating entries for the intercompany activity.
What should you recommend?

A) Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment.
B) There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the Intercompany rules you define.
C) There is no need to define an intercompany segment. You can track the Intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner.
D) Define an intercompany segment in the chart of accounts. The Intercompany module and the intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment with the balancing segment value of the legal entity with which you are trading.

5. What are the tables or views from which the Create Accounting program takes source data that is used in rules to create journal entries?

A) Accounting attributes
B) Event Classes
C) Transaction Objects
D) Mapping Sets
E) Event Entities

Solutions: