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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q35-Q40):

NEW QUESTION # 35
Your ledger currency is USD. At month end you have a balance on the Accounts Payable Liability Account of
100,000 Euros which is equivalent to USD 136,550. This balance needs to be revalued.
The month end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true for the resulting revaluation run? (Choose two.)

A. There is no unrealized exchange gain or loss calculated.
B. The original journal entry in Euros remains the same.
C. The original journal entry in Euros is updated.
D. You have an unrealized exchange gain recorded.
E. You have an unrealized exchange loss recorded.

Answer: D,E

Explanation:
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550
- 136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.

NEW QUESTION # 36
On a primary ledger in the system options close section, the following field has been selected 'Prevent General Ledger Period Closure When Open Subledger Periods Exist'.
For which three subledgers can you opt out of the period close checking feature by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE? (Choose three.)

A. Receivables
B. Assets
C. Receipt accounting
D. Order Management
E. Revenue Management

Answer: A,B,C

Explanation:
According to Oracle documentation3, you can opt out of the period close checking feature for these three subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE: Receipt accounting, Receivables, and Assets. The period close checking feature prevents you from closing a General Ledger period if there are any open subledger periods that exist for that ledger. You can opt out of this feature for specific subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE and setting the Enabled flag to No for those subledgers. Therefore, options A, B, and D are correct. Option C is incorrect because Revenue Management is not a subledger that can be opted out of the period close checking feature. Option E isincorrect because Order Management is not a subledger that can be opted out of the period close checking feature.

NEW QUESTION # 37
You want to automatically post journal batches imported from subledger sources to prevent accidental edits or deletions of the subledger sources journals, which could cause an out-of-balance situation between your subledgers and general ledger.
Which two aspects should you consider when defining your AutoPost Criteria?

A. Use the All option for category and accounting period to reduce maintenance and ensure that all imported journals are included in the posting process.
B. Include all of your subledger sources in the AutoPost Criteria. Divide up criteria sets by subledger source only if you need to schedule different posting times.
C. Create your AutoPost criteria using minimal sources and categories.
D. Schedule your AutoPost Criteria set to run during off-peak hours only.

Answer: A,B

NEW QUESTION # 38
You are reconciling yourPayablesandReceivablesbalances against theGeneral Ledger. You are using the Payables to Ledger Reconciliation report.
You notice discrepancies between the balances in thesubledgers, subledger accounting, and general ledger.
Which three factors are responsible for these out-of-balance situations?

A. Subledger transactions have been accounted and transferred to General Ledger but have not been posted.
B. Period Close processes, such as Revaluation, Translation, and Consolidation have not been performed yet.
C. There were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.
D. Intercompany transactions have not been fully processed.
E. All subledger transactions have been entered but do not have complete accounting.

Answer: A,B,D

NEW QUESTION # 39
Which two statements areTRUEregarding theBalances CubesinGeneral Ledger?

A. They are updated automatically when the Revaluation process is run.
B. A new Balances Cube is created for a unique combination of Ledger and Currency.
C. They are updated automatically when the Translation process is run.
D. They are updated automatically when the General Ledger period is opened.
E. New dimensions can be added to a General Ledger Balances Cube.

Answer: C,D

NEW QUESTION # 40
......

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