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

1. After Loading your ledger data into General Ledger cloud, you can view budget balances using those features. Which feature does not belong on list?

A) Account Inspector
B) Application Development framework Desktop Integration Budget Balances Report
C) Account Monitor
D) Smart View

2. The general accountant Is trying to update the cost center for the Default Suspense Account in the Ledger Options to match the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the list of account for the accountant to select in the Suspense Account.
What Is the reason for this?

A) A cross validation rule is in place to prevent the resulting combination from being created.
B) There Is a primary balancing segment attached to the legal entity of the primary ledger.
C) The general accountant has a segment value security rule assigned which restricts access to the cost center.
D) The general accountant does not have the Financials Application administrator role assigned therefore, has view-only privileges on this page. -

3. What are the two benefits of having the Essbase cube embedded in General Ledger Cloud? (Choose Two)

A) Integrating with third-party systems is easier because the Essbase cube provides chart of Accounts mapping rules.
B) You No longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of Accounts.
C) You can access real-time results for reporting and analysis because every time a transaction is posted in General Ledger, multidimensional balances are also updated simultaneously.
D) General Ledger balances are multidimensional, allowing you to perform robust reporting and analysis.

4. you are defining intercompany balancing rules that are applied to a specific source and category, such as payables and invoices, or a specific intercompany transaction type, such as intercompany sales. Which two statements are correct? (Choose Two)

A) Set up a chart of accounts rule for every chart of accounts structure you have in order to ensure that intercompany balancing will always find a rule to use to generate balancing accounts.
B) if you choose to have rules at various levels, then intercompany balancing evaluates the rules in this order: Ledger, Legal Entity, chart of accounts, and primary balancing segment value
C) You must define rules for every combination of specific categories and sources. Otherwise, the intercompany balancing will not work
D) you can create a rule for all sources and categories by selecting the source "Other" and the category
"Other".

5. You have enabled budgetary control and have a control budget set to Advisory control level. For September 2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of$2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD.
An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)

A) No change
B) As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016
C) The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation
D) Funds reservation only happens for non-matched invoices, so the system will not reserve funds

Solutions: