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Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

1. You lust submitted the Accounting Configuration. Which two statements are correct?

A) A Data Access Set with full read/write access to the ledger is automatically created.
B) Open the ledger's period to begin entering transactions.
C) You must define a Data Access Set to obtain full read/write access to the ledgers in the Accounting Configuration.
D) Verify the data roles created and assign them to the General Ledger users.

2. You need to integrate Fusion Accounting Hub with external source systems used for Billing.
Identity the step that is not correct when implementing this integration.

A) Capture accounting events.
B) Create the accounting in the source system and then import the journal entries into subledger accounting.
C) Analyze external system transactions.
D) Determine the accounting impact of transactions.

3. You defined a tree or hierarchy, but you are unable to set its status to Active.
What is the reason?

A) Accounting Configuration was not submitted-
B) Two tree versions were not defined
C) Chart of accounts was not deployed.
D) An Audit process needs to be successfully performed before a tree version can be set to Active.

4. 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) Close all subledger periods.
C) Close Intercompany periods in Fusion Intercompany.
D) Freeze the Intercompany Journal source in General Ledger.

5. 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) 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.
C) 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.
D) 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.

Solutions: