Accrual basis of accounting means
that the costs or revenues of events are recognized in the period in which they
occur, though the cash flows may take place in another accounting period.
Like for a period of July 05 - October 05, if the organization was due to
receive 1000K from an individual X but has not received yet for some reason,
will receive in November 05. It would be still be accounted for in the period
July 05 - October 05 and not the period starting from November 05.
All the transaction which are
outstanding or prepaid recorded in accrual basis like next year income and expense are also recorded if income due but not received till the accounting year close
it is recorded.
What is procedure for testing after
implementation as functional consultant
Testing involves a step by step check of various transactions configured in the system.
Example: In case of MM we need to check say if the purchase cycle is working in
the system as it is in real business scenario i.e. whether it is generating
PRs,RFQ,PO,GI,LIV properly and there is no errors during transactions.
What is the significance of responsibility
in oracle applications?
Users cannot access the concurrent programs (just like Forms) until unless the program is attached to a responsibility through a ‘Request Group’. Thus, the responsibilities provide the complete security by restricting access to forms, reports, tables (through data-groups) and also to specific records (through profile options like Set of Books Id, MO Org Id).
What is about Future Period and
Adjustment Period?
Future period means in oracle not yet opened, u can't post any entry in this period, U can have two future periods or one displayed in calendar options, adjustment period means, normally company may have 12 months, or 13 months as per company requirements, if u have 13 month, Jan to Dec its 12 months, additional one month i.e. Dec say example 25th to 31st Dec. So here we have 13 months, additional 5 days called adjustment period, this is use full to enter additional entries Audit time, if your Dec period is closed, u may still have 5 days period to entry adjustment entries given by auditors.
Revenue accounts can be viewed only by the head of
the Finance team, who has a GL Super user responsibility. She has successfully
created a standard Profit and Loss statement for the company. Another member of
the department with a General Ledger Supervisor responsibility has been asked
to run the standard Profit and Loss statement for Feb-06. The report shows only
the expenses accounts. Which two steps should she perform so that the Profit
and Loss statement will run successfully?
Ask to have security removed from her responsibility.
Ask to have
the profile option FSG: Enforce Segment Value Security changed to No.
In creating a report, what is true about the column
set?
Formats can be set for each column.
Calculations can be performed using columns.
Select the two-minimum set up steps for
intercompany accounting.
Enable Balance Intercompany Journal when defining the set of books.
Set up intercompany accounts for journal source and
journal category of Other.
Select the three true statements about mapping
rules.
A rollup rule tells General Ledger what detail level of information to transfer and how to roll that information up to the parent.
You can
define a combination of segment values and account rules.
Mapping sets enable you transfer data from multiple
subsidiaries simultaneously.
XYZ Corporation has two sets of books and six
inventory organizations. What is the minimum number of times that XYZ needs to run
the general ledger interface in order to close the inventory at the end of each
accounting cycle?
6
XYZ Company has many Financial Statement Generator
reports created to produce Profit & Loss statements and Balance Sheet
reports. Occasionally XYZ has a need to run a report that is slightly different
than the standard ones that are already created. Which two types of changes
could XYZ make using the Row Order feature?
display segment values and descriptions
XYZ Enterprise has two diverse business operations
in retail stores and services. It has five legal entities in Canada and five in
the United States for both operations. The fiscal year end is the same for all
the legal entities with 12 monthly periods. However, XYZ wants to use a 4-5-4
accounting calendar for its retail operations and a calendar-month accounting
calendar for the services operations. XYZ also wants to use a single chart of
accounts structure. Which five items must XYZ define to meet the minimum setup
steps that are required for the sets of books for all legal entities? (Choose
five.)
four sets of books
two
accounting calendars
chart of
accounts structure
period
types or use seeded ones
enable seeded CAD and USD currencies
BK Corporation has a legal entity in each of its business operations in
the United States, Canada, Malaysia, Singapore, and Italy. The controller in
Italy advises that the corporation must use the Italian statutory accounts as
its natural accounts. The corporation decides to define five sets of books (one
for each country) but wants to use a single, global chart of accounts
structure.
Choose a possible design (for the sets of books)
that uses a single, global chart of accounts structure, and also meets the
Italian controller’s requirement.
The list of values in the Account segment includes a range reserved for Italy.
What is the effect of summary accounts on the
efficiency of the posting process?
Use of summary accounts decreases the efficiency of
the posting process.
The Tree line Company is getting ready to complete
its month-end process. It needs to create a profit and loss statement and it
wants to use the Financial Statement Generator feature to create the report.
Which two elements are required to create the report? (Choose two.)
Row Set
Column Set
An auditor has asked the payables manager to
provide detail that supports the Oracle Payables Liability amount listed on the
balance sheet. Which report would best meet the auditor’s request?
Accounts Payable Trial Balance
One of your co-workers, Tim, is working to define
and develop Financial Statement Generator reports where the budget amounts and
actual amounts would display on the report per period. Tim comes to you and
says that he has defined an FSG report according to the client’s requirements;
the actual amounts are correctly shown, but the problem is that budget amounts
are not showing up on the report. What is your response?
The budget name needs to be associated with the row set through control values.
In the course of implementing General Ledger, you and your customer have created a number of Financial Statement Generator reports in a test environment. They have been tested and you are now ready to create these same reports in a production environment. You want to run the
Financial Statement Generator transfer program.
What is the minimum necessary to run this program?
Database links must be defined.
Same set of books must be defined.
For each subledger there should be one _____
Journal Source
Which two are true statements regarding
elimination?
Currency is an optional component when defining an elimination set.
You must specify an elimination company in the
Elimination Sets window.
What is general ledger in oracle language and what
are the step for define the journal entry?
General Ledger is the central repository of all accounting information in Oracle Applications. It provides the following functionality: General Accounting, Budgeting, Multiple Currencies, Intercompany Accounting, Cost Accounting, Consolidation and Financial Reporting.
GL is the destination for all accounting entries.
Navigation for entering journals: Journals-Enter
General ledger is the central respiratory of all accounting.
In AP, AR, FA you can transfer the transaction from ap to gl or ar to Gl. But general u need not to transferred. If you want to create a journal entry. Journal-enter journal.
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