Oracle EBS R12: General Ledger and Payables Fundamentals (1Z0-215) Free Practice Test

Question 1

XYZ Corp. must complete the subledger account process and perform other period-end closing activities. Payables must validate and account for the remaining invoices that have system holds. Select the period-end processing order to be followed assuming that there are no error transactions.

A. transfer journal entries to General Ledger, submit journal import, create accounting, invoice validation, journal posting

B. journal import, journal posting, invoice validation, create accounting, transfer journal entries to General Ledger

C. invoice validation, create accounting, transfer journal entries to General Ledger, journal import, journal posting

D. create accounting, invoice validation, transfer journal entries to General Ledger, journal import, journal posting

Correct Answer: C

Question 2

A manager wants to review the cash balance by company. He has asked you to create the
summary account template. The company's accounting flexfield has four segments:
company (5 values)
cost centers (30 values)
region (4 values)
account (180 values)
The total number of cash accounts is five that are associated with two parents:
Three accounts are associated with the parent called Checking.
Two accounts are identified with the parent called Savings.
To combine the cash parents, you create a rollup group named Cash.
Which summary account template would you create to review the cash balances by company? (D:
Detail) (T: Total)

A. T-D-D-Cash

B. T-T-T-Cash

C. D-D-D-Cash

D. D-T-T-Cash

E. T-D-T-Cash

F. D-T-D-Cash

Correct Answer: D

Question 3

Client L has implemented Oracle Payables. They have been able to enter invoices and have them validated, but have been unable to create accounting entries. You have been asked to review the situation. Identify what could be causing this problem.

A. Automatic offsets have been set to balancing.

B. The account for gain or loss attribute has not been enabled.

C. The base currency has not been defined.

D. The Payables Accounting Process was not submitted.

E. The primary accounting method has not been defined.

Correct Answer: D

Question 4

As part of its closing process, XYZ Corporation reviews receipt accruals. Occasionally, Payables matches incorrectly, and therefore they find that some perpetual accruals never clear, leaving reconciliation items on their accrual reports. Which two actions can they perform to solve the problem? (Choose two.)

A. Reverse the invoice distributions and rematch if possible.

B. Run the Accrual Rebuild Reconciliation Report to identify the receipt accrual that has not cleared and use the Write-Off window to remove the item from reappearing on subsequent reports. Create a manual journal entry in General Ledger to clear the accrual.

C. Run the Matching Hold Detail Report to identify the receipt that has not cleared and use the Write-Off window to remove the item from reappearing on subsequent reports. Create a manual journal entry in General Ledger to clear the accrual.

D. Run theUninvoiced Receipts Report to identify the receipt accrual that has not cleared and create a manual journal entry in General Ledger to clear the receipt from the report.

Correct Answer: A,B

Question 5

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 deleted from the system.

B. The transactions would be flagged as exceptions.

C. The transactions would prevent Receivables from being closed.

D. The transactions would prevent Order Management from being closed.

Correct Answer: B

Question 6

Subledger Accounting is a rule-based accounting engine that centralizes accounting for Oracle E-Business Suite Release 12 products. Select the Oracle application that is NOT a Subledger Accounting module.

A. Payables

B. Receivables

C. Purchasing

D. General Ledger

E. Assets

Correct Answer: D

Question 7

Identify the item that requires approval through the workflow process.

A. recurring invoices if the recurring invoice template did not have the Approval Workflow Required option enabled

B. expense reports imported through the Payables Expense Report Import Program

C. invoices not matched to a purchase order

D. invoices that existed before you enabled the feature

Correct Answer: C

Question 8

Which three activities would use summary accounts? (Choose three.)

A. allocating the total monthly costs of the Information Services department to other departments

B. estimating a sales commission accrual based on the total of all product sales for each division

C. formulating a budget for employee benefits in each company based on the total of all budgeted employee salaries

D. creating a monthly recurring standard journal entry to amortize goodwill

Correct Answer: A,B,C

Question 9

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, 3, 4

B. 6, 5, 2, 1, 4, 3

C. 6, 2, 3, 1, 5, 4

D. 3, 2, 1, 6, 4, 5

E. 6, 5, 1, 3, 2, 4

Correct Answer: A

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Oracle EBS R12: General Ledger and Payables Fundamentals (1Z0-215) Free Practice Test