Oracle Financials Cloud: General Ledger 2018 Implementation Essentials

Question 1

You are setting up Close Monitor, which compromises a ledger set hierarchy definition.
Which two components of the enterprise structure should the ledgers in the ledger set share? (Choose two.)

A. Chart of Accounts

B. Legal Entities, Business Units, and Chart of Accounts

C. Chart of Accounts and Business Units

D. Accounting Calendar

E. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method

Correct Answer: A,D

Question 2

You need to create a month-end reporting package for an upcoming Audit Committee meeting, you have 10 financial reports that you want to share with executives and auditors that are nicely formatted.
Identify the two Oracle recommended ways to accomplish this. (Choose two.)

A. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee

B. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book

C. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet

D. Use a report batch to run reports at a specific time to create a set of snapshot reports

E. Use OTBI to create multiple reports that you save to a folder that only the users can access

Correct Answer: B,D

Question 3

Your Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three.)

A. Smart View

B. Sunburst reports

C. Online Transactional Business Intelligence

D. Account Inspector

E. Account Monitor

Correct Answer: A,D,E

Question 4

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. Funds reservation only happens for non-matched invoices, so the system will not reserve funds

B. Purchase order encumbrance will be released for $2,100 USD

C. No change

D. 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

E. As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016

Correct Answer: B,E

Question 5

Your enterprise structure has one ledger and two business units. Business unit one wants to enable budgetary control for Requisitioning only on Procure-to-Pay Business Functions and business unit two wants to enable budgetary control for Payable Invoicing only in Procure-to-Pay Business Functions. Which two statements are correct? (Choose two.)

A. Define budgetary control at ledger level with Budgetary Control Exceptions for each business unit

B. Define budgetary control at ledger level and only encumbrance control at the business units

C. While defining control for business unit one, disable control for Purchasing, Payable Invoicing, and Receiving

D. Define control for business unit two to disable control for Requisitioning, Purchasing, and Receiving

E. While defining control for business unit one, enable control at purchasing and define the exceptions to only include requisitioning

F. While defining control for business unit two, enable control at Requisitioning and define the exceptions to only include invoicing

Correct Answer: C,F

Question 6

You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?

A. Run Closing Status reports

B. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period

C. Use Close Monitor in General Accounting Dashboard

D. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers

Correct Answer: A

Question 7

You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)

A. You must assign the job role and data security context to each user

B. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration

C. A Data Access Set with full read/write access to the ledger is automatically created

D. You must re-deploy the chart of accounts

Correct Answer: A,C

Question 8

Your customer wants to create fully balanced balance sheets for the Company, Line of Business, and Product segments for both financial and management reporting.
What is Oracle's recommended method for doing this?

A. Use account hierarchies to create different hierarchies for different purposes and use those hierarchies for reporting

B. Create a segment that acts as the primary balancing segment and create values that represent a concatenation of all three business dimensions

C. Create two segments where the first segment represents the concatenation of Company and Line of Business, and then enable secondary tracking for the Product segment

D. Create three segments for the Company, Line of Business, and Product segments and qualify them as primary balancing segment, second, and third balancing segments, respectively

Correct Answer: D

Oracle Financials Cloud: General Ledger 2018 Implementation Essentials - 1Z1-1004 Exam Practice Test

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