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

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

A) General Ledger balances are multidimensional, allowing you to perform robust reporting and analysis.
B) 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.
C) You No longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of Accounts.
D) Integrating with third-party systems is easier because the Essbase cube provides chart of Accounts mapping rules.

2. Your customer wants to use a clearing company to automatically balance intercompany entries. Which three statements are true regarding the use of a clearing company value? (Choose three.)

A) If you choose to use a clearing company, you can define a default clearing company value or select the clearing company value directly in the general ledger journal
B) You must map legal entities to balancing segment values in order to use a clearing company
C) If you map legal entities to balancing segment values, then a clearing company can only be applied within a legal entity
D) If you do not map legal entities to balancing segment values, then a clearing company can be applied to any journal within the ledger
E) Clearing companies are not supported

3. You need to build a complex account rule. Which four value types can you use in your definition?

A) Constant
B) Account Combination
C) Mapping Set
D) Source
E) Value Set
F) Existing Account Rule

4. Your are setting up Close Monitor, which comprises 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) Chart of Account, Currency, Accounting Calendar, and Sub ledger Accounting Method
C) Legal Entities, Business Units, and Chart of Accounts,
D) Chart of Accounts and Business Units
E) Accounting Calendar

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) 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
C) Funds reservation only happens for non-matched invoices, so the system will not reserve funds
D) As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016

Solutions: