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Oracle Financials Cloud: General Ledger 2023 Implementation Professional Sample Questions:

1. You have three ledgers that use the same chart of accounts with one intercompany payable and one intercompany receivable account. The chart of accounts also has an intercompany segment. Each ledger has one legal entity assigned to it and each legal entity is associated with one balancing segment value.
At what level should you define the default intercompany balancing rule?

A) Ledger-level rule
B) Chart of accounts rule
C) Legal entity-level rule
D) Primary balancing segment rule

2. Manage Chart of Accounts Structure and Instance
Scenario
Your client is implementing Oracle Fusion Cloud Financials. The decision is to have a 5-segment Chart of Accounts: Company, Cost Center, Account, Product, and Intercompany. You are working in the General Ledger team and will be responsible for creating the Chart of Accounts Structure and Instance for the Chart of Accounts.
Task 1
Create a Chart of Accounts Structure and Instance for the following Chart of Accounts:

Note:
Prefix all your setups with 07, where 07 is your candidate ID
There is one balancing segment.
Choose the appropriate segment labels.
. For the purpose of this test there is no need to deploy the flexfield.
. Valid code combinations should be added to the Code Combination table automatically.
Shorthand aliases will not be implemented.
. Accept the defaults for the instance segments.

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

4. Users with the General Accountant job role have reported that they are unable to access the UK Ledger. They require read/write access to the full ledger. The accounting configuration completed successfully.
What should you do to allow access to the ledger?

A) Create a data access set that allows access to the UK Ledger.
B) Assign the security context value of UK Ledger to the user/role combination.
C) Assign the General Accounting Manager role to those users.
D) Assign the UK reference set to the user/role combination.

5. You have just been hired to add a new subsidiary to the corporate enterprise structure in the customer's Oracle Fusion Cloud.
The subsidiary will capture transaction information from subledgers in the local currency and under International Financial Reporting standards (IFRS) and local GAAP for corporate reporting requirements, which will report via the use of a secondary ledger.
The secondary ledger is used only at period end; there is no need to have real-time transaction or Journal details. It is noted that most of the accounting between IFRS and Corporate GAAP is similar.
Which conversion level would you recommend to keep a thin secondary ledger?

A) Journal ledger
B) Sub-ledger level.
C) Adjustment only
D) Balance level

Solutions: