1Z0-516 Oracle EBS R12.1 General Ledger Essentials Exam Set 8

Which two statements would be true when helping a customer make implementation decisions for General Ledger? (Choose two)
A. Integration issues can be minimized.
B. Training can be standardized when Oracle is implemented without customization.
C. Patching cannot be done on a customized implementation.
D. All Oracle subledger journals go directly to General Ledger to overcome interface problems.
E. Cost of upgrades would not be affected.


Options are :

  • A,C
  • A,B (Correct)
  • C,D
  • B,E

Answer : A,B

Which four statements are true about the Global Inter company System Auto Accounting Rules? (Choose four.)
A. Sender Clearing Rules automatically generate the sender clearing transaction line.
B. Sender Distribution Rules automatically generate the sender transaction distribution line(s).
C. You can use only one set of Autoaccounting rules per pair of sender/receiver chart of accounts.
D. Receiver Clearing Rules automatically generate the receiver clearing transaction line.
E. Receiver Distribution Rules automatically generate the receiver transaction distribution line(s). 


Options are :

  • A,C,D,E (Correct)
  • A,B,C,D
  • A,B,C,E
  • B,C,D,E

Answer : A,C,D,E

Revenue accounts can be viewed only by the head of the Finance team, who has a GL Superuser responsibility. She has successfully created a standard Profit and Loss statement for the  company. Another member of the department with a General Ledger Supervisor responsibility has been asked to run the standard Profit and Loss statement for Feb-06. The report shows only the expenses accounts. Which two steps should she perform so that the Profit and Loss statement will run successfully? (Choose two.)

A. Perform an on-line inquiry to get the revenue balances.
B. Recreate the Profit and Loss under her own responsibility.
C. Ask to have the profile option FSG: Enforce Segment Value Security changed to No.
D. Ask to have security removed from her responsibility. 


Options are :

  • A,B
  • B,D
  • C,D (Correct)
  • A,C

Answer : C,D

Your client is in the process of closing its first year-end. The client completed the accounting cycle and found that several income statement accounts have a remaining balance. What would be the likely cause of these remaining balances?


Options are :

  • Natural accounts were defined with incorrect account type. (Correct)
  • Natural accounts were defined to not allow posting.
  • Natural accounts were defined to hold both statistical and monetary values.
  • Natural accounts were defined as parent values.

Answer : Natural accounts were defined with incorrect account type.

You are implementing Oracle General Ledger at a ABC.com site. ABC.com is based in the U.S. but has a presence in many countries worldwide, and has transactions in multiple currencies. The implementation team decides that GL multi currency setup will be part of the implementation. ABC.com's management in the U.S. wants to see all the transactions in U.S. dollars, whereas the management in Europe wants to see the transactions in euros. The CFO has stated this requirement: While entering the daily transactions the user should have the ability to enter the current exchange rate, but at month end the assets and liabilities in euros could be converted into U.S. dollars at the
monthly average exchange rate. Can this requirement be satisfied?


Options are :

  • Account generator needs to be customized to satisfy this requirement.
  • Workflow needs to be customized to satisfy this requirement
  • Oracle GL provides this functionality and there is no problem in satisfying the requirement (Correct)
  • Oracle GL does not support this functionality

Answer : Oracle GL provides this functionality and there is no problem in satisfying the requirement

Which three are part of the Global Consolidation System functionality ? (Choose three.)
A. View the multilevel structure of your consolidation in a graphical format.
B. Create consolidated journal entries in both parent and subsidiary set of books as part of the
consolidation process.
C. Define mapping rules to determine how subsidiary account balances roll up into the parent.
D. View the status and monitor subsidiary account balances for any changes that occur after the
subsidiary data has been transferred.
E. Use the IDT to transfer data from Oracle Global Consolidations to external financial feeder
systems.


Options are :

  • C,D,E
  • A,C,D (Correct)
  • B,C,D
  • A,B,C

Answer : A,C,D

Select the three true statements about mapping rules. (Choose three.)
A. There are only two mapping rule actions: 1. Copy Value from; 2. Assign Value from
B. Mapping sets enable you transfer data from multiple subsidiaries simultaneously.
C. A rollup rule tells General Ledger what detail level of information to transfer and how to roll that information up to the parent.
D. You can define a combination of segment values and account rules.
E. There are only three rollup rules: 1. Transfer Level Detail - Using Detail Ranges; 2. Transfer
Level Detail - Using Parent; 3. Transfer Level Summary - Using Parent 


Options are :

  • B,C,D (Correct)
  • C,D,E
  • A,B,D
  • A,B,C

Answer : B,C,D

Your client wants the ability to report with Financial Statements Generator (FSG) and perform account inquiry at the summary (business unit) level of its Cost Center segment. A business unit is a group of cost centers and a business unit manager typically has several cost centers under his or her responsibility. Which option will meet the client's requirements?


Options are :

  • Define parent cost centers and a hierarchy of parent-child cost centers. Define Roll up Groups for the parent cost centers. Create FSG based on the Roll up Groups
  • Define parent cost centers and a hierarchy of parent-child cost centers. Create Summary Accounts based on the parent cost centers. Create FSG based on the parent cost center values
  • Define parent cost centers and a hierarchy of parent-child cost centers. Define Summary Accounts for the parent cost centers. Create FSG based on the parent cost center values or Summary Accounts.
  • Define parent cost centers and a hierarchy of parent-child cost centers. Define Roll up Groups for the parent cost centers, and Summary Accounts. Create FSG based on the parent cost center values or Summary Accounts (Correct)

Answer : Define parent cost centers and a hierarchy of parent-child cost centers. Define Roll up Groups for the parent cost centers, and Summary Accounts. Create FSG based on the parent cost center values or Summary Accounts

ABC.com wants to compare actual amounts against their budgeted amounts. Which reporting or query options would provide that detail? (Choose two.)
A. Account Analysis
B. On-line Account Inquiry
C. On-line Budget Inquiry
D. Trial Balance
E. Financial Statement Generator


Options are :

  • B,E (Correct)
  • A,B
  • A,C
  • C,D

Answer : B,E

Joe is the controller of ABC.com, your client. He is anxious to see you demonstrate the basic functionality of General Ledger with a set of books that somewhat reflects his company's business. Tell him the minimum four pieces of information you need from him, to create a set of books for your demonstration. (Choose four.)
A. number of accounting periods
B. accounting calendar with periods and fiscal year end
C. currencies that his company has transactions in
D. currency conversion rates
E. suspense account
F. retained earnings account
G. intercompany account
H. company organization structure for Chart of Accounts
I. encumbrance account
J. the base (functional) currency of his company


Options are :

  • A,B,C,D
  • B,F,H,J (Correct)
  • F,G,H,I
  • C,D,E,F

Answer : B,F,H,J

ABC.com, the GL accountant, comes to you and asks whether she can use the Constant (C)
segment type with parent segment values while defining the mass allocation formula. What is your
response?


Options are :

  • You can only do so if there is a summary account associated with the parent. (Correct)
  • Whether you can do this depends on the formula.
  • Whether you can do this depends on the responsibility.
  • Allow Dynamic Insert must be enabled, and then you can do this

Answer : You can only do so if there is a summary account associated with the parent.

The GL user entered a taxable journal and posted it. Later the user realizes that he entered a wrong tax code. What should he do?


Options are :

  • delete the journal and re-enter it
  • modify the tax code at the line level
  • reverse and re-enter the journal (Correct)
  • enter another journal with the difference in the tax amount

Answer : reverse and re-enter the journal

A ABC.com manager wants to review the cash balance by company. He has asked you to create the summary account template. ABC.coms accounting flexfield has four segments: Company (5 values) Cost Centers (30 values) Region (4 values) Account (180 values) The total number of cash accounts is 5, which are associated with 2 parents: 3 accounts are associated with the parent called Checking; 2 accounts are identified with the parent called Savings. To combine the Cash parents, you create a rollup group named Cash. Which summary account template would you create to review cash balances by company?
(D: Detail)
(T: Total)


Options are :

  • T-D-T-Cash
  • D-T-T-Cash (Correct)
  • D-D-D-Cash
  • D-T-D-Cash

Answer : D-T-T-Cash

One of your co-workers, ABC.com, is working to define and develop Financial Statement Generator reports where the budget amounts and actual amounts would display on the report per period. Tess comes to you and says that he has defined an FSG report according to the client's requirements; the actual amounts are correctly shown, but the problem is that budget amounts are not showing up on the report. What is your response?


Options are :

  • There is some issue with the assignment of accounts to the budget organization.
  • The budget name needs to be associated with the row set through control values (Correct)
  • The last fiscal year of the budget is Closed.
  • Budget status is Frozen

Answer : The budget name needs to be associated with the row set through control values

Identify two features of Content Sets when creating reports using Financial Statement Generator (FSG)? (Choose two.)

A. They cannot be added at the time an FSG is run.
B. They are required for profit and loss statements.
C. They provide the ability to override row set definition.
D. They provide the ability to add calculations.
E. They enable the generation of multiple similar reports in a single run. 


Options are :

  • A,D
  • A,B
  • B,C
  • C,E (Correct)

Answer : C,E

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