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Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Sample Questions:

1. You create an invoice for USD 100 that is matched to a purchase order of USD 100. You validate the invoice to consume the budget and reduce funds available. And then later, you cancel invoice. What happened to funds available when you cancel and invoice that requires budgetary control?

A) The Budget and funds available will increase by USD 100.
B) The Budget will increase by USD 100 ad the funds available will decrease by USD 100
C) funds Available will change when the invoice is approved
D) The funds reserved for the purchase order is reinstated while the invoice expenditure is reversed by USD 100

2. Which two statements are true regarding how intercompany balancing rule, are defined? (Choose Two)

A) All Ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules
B) You can only define balancing rules for different journals sources. You cannot define balancing rules for different journal categories
C) You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types
D) you can define different rules for different chart of accounts, ledgers, legal entities, and primary balancing segment value.

3. Your customer is implementing budgetary control with encumbrance accounting. Your customer has businesses is Australia, New Zealand, and Singapore with a ledger in each country with a Corporate Chart of Account instance that has four segments. Which three statements are true regarding the creation of a control budget?

A) Control Budget are always absolute to generate encumbrance accounting.
B) The control Budget structure has all the chart of accounts segments as budget segments.
C) A Control Budget Can be associated with a different calendar than accounting calendar.
D) A control budget is associated to a ledger and creates three control budgets for Australia, New Zealand and Singapore.
E) A Control Budget can allow override rules only if the control level is absolute.

4. After loading your budget data into General Ledger Cloud, you can view budget balances using these features.?

A) Smart View
B) ADFDI Budget Balance Report
C) Account Monitor
D) Account Inspector

5. You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle's recommended practice when this occurs?

A) Translate only the adjusting journal entry
B) Rerun Revaluation and then rerun Translation
C) Enter another adjusting journal entry in the target currency to true up the balances
D) Rerun Translation and then reconsolidate your results

Solutions: