Oracle 1z1-408

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Oracle Fusion Financials: General Ledger 2014 Essentials Sample Questions:

1. You defined a tree or hierarchy, but you are unable to set its status to Active.
What is the reason?

A) Two tree versions were not defined
B) Accounting Configuration was not submitted-
C) An Audit process needs to be successfully performed before a tree version can be set to Active.
D) Chart of accounts was not deployed.

2. Journal approval uses Approvals Management Extension (AMX).
Which AMX builder method is most effective in routing the journals to the Accounting Manager when the General Ledger Accountant enters the journal?

A) Position
B) Supervisory level based on HR Supervisors
C) Job level
D) Approval Group

3. Your customer has a large number of legal entities. The legal entity values are defined in the company segment and the primary balancing segment. They want to easily create eliminating entries for the intercompany activity.
What should you recommend?

A) There is no need to define an intercompany segment. You can track the Intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner.
B) There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the Intercompany rules you define.
C) Define an intercompany segment in the chart of accounts. The Intercompany module and the intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment with the balancing segment value of the legal entity with which you are trading.
D) Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment.

4. You are creating financial statements and want to have charts, such as a bar graph, automatically inserted to improve the understanding of the financial results.
What's the most efficient way to achieve this?

A) When viewing the report, download to Excel and use Excel's Charting features to create your bar graph.
B) Use Account Inspector that automatically creates graphs on financial balances.
C) When designing your financial statement using Financial Report (FR), embed a chart into your report
D) Use Smart View, which is and Excel Add-on

5. All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance. They do perform intercompany accounting.
What does Oracle consider the best practice approach to performing consolidations?

A) Use Oracle Hyperion Financial Management for this type of complex consolidation.
B) Use General Ledger's Financial Reporting functionality to produce consolidated reports bybalancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment.
C) Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar,currency, and accounting method. Create a separate elimination ledger to enter intercompany eliminations. Then create a ledger set across all ledgers and report on the ledger set.
D) Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to theparent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.

Solutions: