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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q59-Q64):
NEW QUESTION # 59
A company implementing Oracle General Ledger has a business requirement to report under two accounting conventions and is considering setting up a primary and secondary ledger. The two accounting standards are very close.
Which data conversion level should you recommend to ensure only manual journals will be entered in the secondary ledger?
- A. Balance level
- B. Subledger level
- C. FBDI level
- D. Journal level
- E. Adjustment only level
Answer: E
Explanation:
The adjustment only level is the data conversion level that ensures only manual journals will be entered in the secondary ledger. This level means that no data is copied from the primary ledger to the secondary ledger automatically. Instead, the user can enter manual adjustments in the secondary ledger to reflect the differences between the two accounting standards. This level issuitable for scenarios where the accounting methods or charts of accounts are very close between the primary and secondary ledgers, and there is no need to maintain detailed journals or subledger transactions in the secondary ledger. References: Primary Ledgers, Secondary Ledgers, and Reporting Currencies, High Volume Data Migration Considerations for General Ledger, Reporting Currencies - Conversion Level Balance
NEW QUESTION # 60
Which two statements are true about infotiles and infolets?
- A. Infolets are accessed only from the News Feed home page layout.
- B. You can create your own user-defined infolets.
- C. Infotiles have Front view. Back view, and Expanded view.
- D. Infotiles pull data from a Smart View analysis.
- E. You can refresh infolets to see up-to-date data.
Answer: C,E
Explanation:
Infotiles and infolets are graphical components that display key information and metrics on the General Accounting dashboard. They help users access many sources of information across the enterprise in an efficient, timely, and engaging manner. Infolets can be refreshed to see up-to-date data by clicking the Refresh icon on the infolet. Infotiles have three views: Front view, which shows a summary of the most important information; Back view, which shows additional details and actions; and Expanded view, which shows a full-screen view of the infotile content. References:
* Oracle Financials Cloud: Using General Ledger, Chapter 6: Financial Reporting and Analysis, Section:
General Accounting Infolets
* Oracle Financials Cloud: Implement General Ledger, Chapter 1: Overview of Oracle Financials Cloud, Section: Overview of Using Infolets to Identify Issues and Prioritize Tasks
NEW QUESTION # 61
TheDelete Translated Balancesprocess provides the ability to completely reset translations in the event that significant changesare made to the accounting configuration.
Once the deletion process completes, what additional process must you run?
- A. Submit the Create General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.
- B. Submit the Create Currency Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.
- C. Submit the Create Scenario Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.
- D. Submit the Update General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.
Answer: A
NEW QUESTION # 62
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 USD 136,550. This balance needs to be revalued.
The month end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true for the resulting revaluation run? (Choose two.)
- A. You have an unrealized exchange gain recorded.
- B. You have an unrealized exchange loss recorded.
- C. The original journal entry in Euros is updated.
- D. The original journal entry in Euros remains the same.
- E. There is no unrealized exchange gain or loss calculated.
Answer: A,B
Explanation:
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550
- 136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.
NEW QUESTION # 63
You have set up asupporting reference with balancesto capturerevenue by account manager.
Which option should you use to view thesupporting reference balances?
- A. General Ledger inquiries and reports
- B. A SmartView analysis
- C. An OTBI analysis
- D. An Account Group
Answer: C
NEW QUESTION # 64
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