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

1. Alter submitting the journal for approval, you realize that the department value in the journal incorrect.
How do you correct the value?

A) Reverse the journaland create a new one
B) Update the journal through workflow
C) Click the Withdraw Approval button in the Edit Journals page and edit the journal
D) Delete the journal and create a new journal

2. Which tool can you use to create a Financial Income Statement?.

A) One View Reporting
B) Rapid Implementation Enterprise Structures setup
C) PS/nVision
D) Account Inspector

3. Which three objectives must be considered when designing the chart of accounts? (Choose three.)

A) Anticipate growth and maintenance needs as organizational changes occur
B) Limit the number of segments to those you need today to reduce data entry
C) Try to use all 30 segments and 25 characters per segment because you cannot change it later
D) Effectively manage an organization's financial business
E) Consider implementing a single, global chart of accounts

4. Budgetary control for account 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year2013. Which statement is true?

A) If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward
B) If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward
C) The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances
D) If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
E) If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.

5. Your customer wants to control spending against an annual budget but report balances on a monthly year-to-date basis. Encumbrance accounting is also in use. What setup is required to achieve this requireme

A) Create a summary budget annually with advisory control and control budget monthly with absolute control.
B) Create a Summary budget annually with absolute* control and monthly control budget with advisory or track control.
C) Create two detail control budgets: annually with advisory/track control and monthly with absolute control.
D) Create two detail control budgets: annually with absolute control and monthly with advisory or trackcontrol.
E) Create an annual budget with absolute control and so encumbrance accounting will work.

Solutions: