Your client is in the process of closing its first year-end. The client completed the accounting cycle and found that several income statement accounts have a remaining balance. What would be the likely cause of these remaining balances?
A. Natural accounts were defined as parent values.
B. Natural accounts were defined to not allow posting.
C. Natural accounts were defined with an incorrect account type.
D. Natural accounts were defined to store both statistical and monetary values.
You have a new employee in the buying department. She set up a number of item numbers and chose not to flag them for invoicing. Several transactions have been completed in Order Management by using these new item numbers. What effect would this event have on the Receivables closing process?
A. The transactions would be flagged as exceptions.
B. The transactions would be deleted from the system.
C. The transactions would prevent Receivables from being closed.
D. The transactions would prevent Order Management from being closed.
Identify two types of inquiries that are possible on ledger sets. (Choose two.)
A. variance inquiry
B. summary template and summary account inquiries
C. a budget balance inquiry to view the budgeted figures
D. an account inquiry on ledger sets to view actual accounts balances across multiple ledgers that are assigned to a ledger set
E. an account inquiry on ledger sets to view encumbrance account balances across multiple ledgers that are assigned to a ledger set
Your manager has asked you to create a period close process that maximizes the efficiency of your two staff members and minimizes the number of closing days. Identify two sets of subledgers that can be closed concurrently. (Choose two.)
A. Payables and Assets
B. Projects and Payables
C. Inventory and Receivables
D. Payables and Receivables
E. Order Management and Projects
Which four attributes are validated during the Journal Import process? (Choose four.)
A. period
B. approval level
C. balanced journal
D. cross-validation rule
E. account combination
F. journal sequence number
Which two statements correctly describe the translation process? (Choose two.)
A. You can rerun the translation process more than once per period.
B. With the translation process, you can translate only year-to-date amounts.
C. If you rerun the translation process, it adds more data to the previous translated amounts.
D. Translation for a subsidiary can be initiated from the parent by clicking the state controller translate button.
Which two are true about elimination? (Choose two.)
A. You can define balancing options for eliminating entries.
B. You can define an elimination set to contain one elimination entry.
C. Currency is an optional component when defining an elimination set.
D. You must specify an elimination company in the Elimination Sets window.
All manual journal entries are defaulting to a non-current period. Which step was omitted from the accounting cycle?
A. updating the period
B. posting journal entries
C. consolidating financials
D. reversing journal entries
E. translating foreign balances
Select the correct sequence of tasks required for period closing in Oracle General Ledger.
1.
Verify that all journals are posted.
2.
Close the period of each subledger.
3.
Run the Trial Balance report and other month-end reports.
4.
Close the period and open the next period.
5.
Perform reconciliation of subsidiary ledgers.
6.
Transfer and import data from all subledgers.
A. 6, 5, 2, 1, 4, 3
B. 3, 2, 1, 6, 4, 5
C. 6, 5, 1, 3, 2, 4
D. 6, 5, 2, 1, 3, 4
E. 6, 2, 3, 1, 5, 4
Which item cannot be queried in the Find Consolidation Process window?
A. balance type
B. parent period
C. mapping sets
D. parent calendar
E. elimination sets
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