General Ledger Exam Prep V2

Which category should you assign to a role you are creating to use with Segment Value Security?

Default

As part of the period close activities you are about to run the "Translate General Ledger Account Balances" program and find that the list of values for the mandatory parameter Target Currency is empty.

Define a balance level reporting currency.

John and Mike should be given access to enter and view only the transactions for Cost Center "10". What is the best approach for securing data?

Define a segment value security rule.

Oracle General Ledger cloud includes the essbase cube functionality. All components of a ledger are represented by and mapped to dimensions in the cube. How do reporting currencies and secondary ledgers map in the cube?

Dimension member name in the Ledger dimension

XYZ is implementing GL and is looking to add some dimensions to the balances cube. Which statement is true?

Dimensions are seeded and new ones cannot be added

You implemented supporting references for subledger journal entries to analyze account balances and financial results by different transaction attributes. When trying to query on the supporting references for a subledger journal no information is displayed. Which option should be checked?

Ensure the supporting references are assigned at the subledger journal entry line level.

Which of the following modules require you to enable a cost center segment? (Choose two)

Expenses Assets

You want to import/load your highly complex budgeting data into the GL Balances Cube. Which option will you use?

Oracle Hyperion Planning, Fusion Edition

Which application is used to configure journal approval rules?

Oracle business process management worklist application

Select the correct statements when importing budget data from a spreadsheet using Oracle Application Development Framework Desktop Integrator. (Four Things)

Performs most validations on the worksheet Secures values by data access sets Supports multiple entered currencies in addition to the ledger currency Contains user-friendly lists of values

Foreign Currency Translation is a process that restates the Functional currency account balances into a Reporting currency. What 4 Translation Options are there while setting up a Reporting Currency Ledger with Conversion Level as Balance?

Period End Rate Type Revenue and Expense Translation Rule Owner's Equity Translation Rule Period Average Rate Type

What is the precedence of intercompany balancing rules?

Primary balancing segment rules Legal entity rules Ledger rule Chart of Account Rules

Intercompany balancing rules can be defined at these levels: chart of accounts, primary balancing segment, legal entity and ledger. If balancing rules are defined at all four levels, which one takes precedence?

Primary balancing segment rules.

To prepare your budget, you import budget data from a flat file. What should be the extension of that file?

.csv

To prepare your budget, you import budget data from a flat file. When you export budget data from your budgeting application to a file with comma-separated values, what should the extension of the file be?

.csv

How many balancing segment values are required for a chart of accounts?

1

How many balancing segments are required for a Chart of Accounts?

1

The vision chart of accounts is used by 3 ledgers. One of the ledgers has a different calendar. How many balance cubes were created?

2

What is the recommended number of hierarchy versions you should create if you are manually creating hierarchies?

2

How many segments can the intercompany balancing feature balance?

3

How many types of ledgers are available to configure?

3

If many legal entities share a ledger, you should identify them by assigning what?

A balancing segment value

If many legal entities share a ledger, you should identify them by assigning which of the following?

A balancing segment value

An approval rule is set with "parallel" mode and routing as "single", and the approval group consists of five members. What is the correct flow of the approval process?

A notification is sent to all participants in the approval group at the same time, but requires approval from only the first responder.

We can define multiple Auto Post criteria sets to automatically post journal entries. For each criteria set, we can choose to select journal batches for posting based on what things?

Accounting Period Journal Source Ledger or Ledger Set Journal Category

In Oracle General Ledger, Primary Ledger is the main record keeping ledger. Which of the following are the mandatory components to define a Primary Ledger?

Accounting convention Chart of Accounts (COA)

Your primary ledger uses US GAAP and you want to maintain a secondary ledger for your IFRS accounting requirement. Which conversion level would you recommend for the secondary ledger?

Adjustment only

You have defined a ledger and have submitted the "Review and Submit accounting configuration" program, which launces the cube creation process. The cube gets created successfully but you would like to do some changes to the cube outline. How can those changes be done to the GL cube?

Any changes to the GL cube are done by specific ESS programs that update the cube.

Which 3 List Builders are in approvals?

Approval Group Supervisory

You should enable a cost center segment if you plan to use which modules?

Assets Expenses

Journal reversal criteria set has been defined for generating reversal journals for certain journal categories. Journals have been created and posted but the Auto Reverse program is not finding any journals to reverse. Which setup step is missing?

Assign the journal reversal criteria set to the ledger.

In oracle cloud applications, what does Accounting Sequence help in?

Assignment of sequential number when journals are posted Assignment of sequential number for both the GL and subledger journals

What 2 things does Account Sequence help in?

Assignment of sequential numbers for Ledger and Subledger Assignment of sequential numbers when journals are posted

Reporting currencies maintain and report subledger and general ledger journal entries in additional currencies. A reporting currency is linked to a primary or secondary ledger and can be maintained at three data conversion Levels, which are?

Balance Level Journal Level Subledger Level

What are the 3 different financial consolidation options available in Oracle Fusion Financials?

Balance transfer consolidation when either the calendar or the COA is different. Oracle Hyperion Financial Management, Fusion Edition Reporting currency consolidation when ledgers share the same calendar and COA.

Oracle Fusion Intercompany supports business activity between legal entities or between management entities within the same enterprise. Intercompany balancing rules are defined for what 4 things:

COA Structure Pairs of primary balancing segment values Pairs of legal entities Pairs of ledgers

Which chart of accounts component can be created using rapid implementation spreadsheets

COA Structure COA Instance Cross Validation Rules Segments Segment Values

You have decided to use a secondary ledger to maintain another accounting representation of your primary ledger. The 2 ledgers share the same calendar, currency, and accounting method. What do you need to set up in addition to the secondary ledger?

Chart of Accounts Mapping.

Which 4 options are true when importing budget data from a spreadsheet by using ADFDI?

Contains user friendly list of values Supports entered currencies in addition to the ledger currency Performs most validations on the worksheet Secures values by data access sets

Oracle Fusion General Ledger has the following predefined conversion rate types - Spot, Corporate, User and EMU Fixed. Which represents the standard rates determined by senior financial management and used over a period of time throughout the enterprise?

Corporate

What can you use to prevent entry of invalid code combinations?

Cross validation rules

What can you use to prevent entry to invalid code combinations?

Cross validation rules

You need to load hundreds of GL journals from another system into the General Ledger Cloud. Which is option is applicable for doing this besides via ADFdi multiple journals and bulk journal sheets?

File backed load via UCM.

Which components comprise Financial Reporting Center?

Financial reporting Smartview Account monitor and account inspector Workspace Financial reporting studio

The workspace for financial reports allows performing multiple functions like administering report folders and objects. It also offers the option to install client side tools. Which client tools can be installed from the Workspace menu option Tools > Install?

Financial reporting studio and smart view.

The journal import verification process is used to identify and correct journal import errors. Journal import validates the following attributes to ensure that journals contain what 4 appropriate accounting data?

Foreign currency errors Unbalanced journal entries Account combinations Periods

Which table should you use to load daily rates for currencies?

GL_Daily_Rates_Interface

John wants to allocate his "office supplies" expenses to different departments based on their rent expenses. What conditions are correct in regards to Allocation?

If you require IC transactions or invoicing for your allocations, you have to submit the Generate Intercompany Allocations process. The cross ledger intercompany allocations have to belong to a ledger set.

"Accounting Period" is a major component for creating a ledger. Select the two correct statements about "Accounting period."

In order to enter and post a journal, the accounting period has to be open. The number of Future Enterable periods can be controlled by the setting in Ledger options.

What validation type is recommended for the value sets used by accounting flexfield segments?

Independent

You would like to enforce an enterprise-wide currency for your intercompany transactions. Where would you set this?

Intercompany System Options

How are transactions that cross legal entities accounted for?

Intercompany Transactions

How are transactions that cross legal entities accounted for?

Intercompany transactions

When the Create Accounting process is executed, an execution report is generated. This report provides a summary of the actions performed. Which statement is true about the Create Accounting Execution Report?

It can be recreated as needed by running the "Create Accounting Report" process.

In Oracle General Ledger, when we create a ledger, it automatically creates a data access set. What is the significance of having a data access set? (Choose two)

It gives full ledger access with read and write options. If you have read and write access to a balancing segment value, you can create and post journals, view journals, update balances, and run reports for that BSV.

One of the allocation rule components is run time prompt. What is not true about run time prompt?

It is a dimension for classifying balances data.

Journal Approval is enabled in which 2 places?

Journal Source Ledger Options

Journal Approval is enabled in which 2 areas?

Journal Source Ledger

Which processes use ledger options?

Journal posting

At what level can you enable sequencing? (2 Answers)

Ledger Legal Entity

Which 2 places can sequencing be enabled?

Ledger Legal Entity

You are about to start the intercompany balancing setup and have these requirements: balancing segments 2 and 3 are going to be used; clearing company options are going to be used and when a journal has multiple lines within the same legal entity; change the default summarization option used by Balancing. Which balancing option should be setup for that scenario?

Ledger balancing options.

At what level can you enable sequencing?

Legal Entity Ledger

One of the allocation rule components is run time prompt. What three things are true about it?

Makes the rule dynamic and reusable It's a user-defined element at the time of the rule definition Value supplied by the user when allocation rule is run

Select the correct statements about the chart of accounts instance (2 Things)

Multiple COA instances can be created from the same COA structure You can override value set assignment for segments

Allocation Rules help to create journals to allocate amounts in a single ledger or across different ledgers in a ledger set. Which 5 components are used during allocation rule design?

Offset Target Source Validation Basis

The Manage Intercompany Organizations task allows you to create intercompany organizations and assign legal entities to them. Which one of the following is not true regarding intercompany organizations?

One cannot disable intercompany organizations that have no open transactions.

What are the different financial consolidation options available in oracle financials cloud?

Oracle Hyperion Financial management fusion edition Reporting currency consolidation when ledgers share the same calendar and chart of accounts

You want to import load your highly complex budgeting data into the GL Balances Cube. Which of the following options will you use?

Oracle Hyperion Planning, Fusion Edition

What does the Chart of Accounts Structure Set?

Segment Name Segment Sequence Default Value Sets Number of Segments

Which option indicates the structure set by the Chart of Accounts?

Segment Name, Segment Sequence, Default Value Sets, and Number of Segments

The ADF Desktop Integrator spreadsheet contains a Record Status column that shows the status rows after the import operation. In this regard, select the correct option.

Shows the status of only those rows that have uploaded successfully or with errors

The ADF Desktop Integrator spreadsheet contains a Record Status column that shows the status of rows after the import operation. Which option is correct given the scenario?

Shows whether the rows have uploaded successfully or with errors.

When loading budget data, as a best practice, which tool is not recommended to be used?

Smart View

In Oracle Cloud, what can you use to import budgets (Three things)

Smart View A Flat File Spreadsheet

When loading budget data, as a best practice, which of the following tools is not recommended?

SmartView

In Oracle Fusion, what 2 things can you use to import budgets?

Spreadsheet SmartView

In Fusion General Ledger, the debit and credit sides of the journal should be balanced. Which of the following accounts is used to balance the unbalanced journal entries?

Suspense account

You would like to prevent the entry of manual GL journals and manual subledger journals to control account. What do you need to select when setting up the value?

Third party

John wants to prevent the users from entering invalid code combinations while entering transactions and hence is using the cross validation rules for his COA. What 2 things are true about this?

The combination in the code combination table will always override the cross validation rule. Cross validation rules will determine or define whether a value of a particular segment can be combined with specific values of other segments or not.

When running the Revaluation Process, journal entries are created to register the revaluation adjustments. Depending on whether balance sheet accounts or income statement accounts are being revaluated, the adjustments are managed differently. Select the correct statement for revaluation journals of balance sheet accounts:

The revaluation journal entries are reversed in the next period

When running the Revaluation Process, journal entries are created to register the revaluation adjustments. Depending on whether balance sheet accounts or income statement accounts are being revaluated, the adjustments are managed differently. Select the correct statement for revaluation journals of balance sheet accounts:

The revaluation journal entries are reversed in the next period.

The financial controller has asked if it is possible to give read only access to a ledger. What is your response?

This can be achieved by creating a full ledger access data access set with the read-only option selected

For different account types, different balances and rates are used for translation. When the account type is Equity, which balances and rates will be used?

Translation Rule Option and period-end rate unless historical rates are defined for these accounts.

How many segments can you have in your Chart of Accounts?

Up to 30

When does the number get assigned to a journal if you are using document sequencing?

When the journal is saved

When is a number assigned to a journal if you are using Document Sequencing?

When the journal is saved

In Oracle Fusion, Intercompany supports business activities between legal entities or between management entities within the same enterprise. What 2 statements are correct about Intercompany?

You can define a default intercompany currency in the Manage intercompany System option You can have up to 3 balancing segments in our intercompany

Which statements are true about the Chart of Accounts instance?

You can override value set assignment for segments. Multiple COA instances can be created from the same COA.

What is the impact of enabling security for a value set?

You deny access to all value sets by default