Exam Code: 1Z0-333 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
Certification Provider: Oracle
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Q9. All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownerships.
What is Oracle's recommend approach to performing consolidations?
A. Use Oracle Hyperion Financial Management for this type of complex consolidation.
B. Translate balances to the corporate currency, create a chart of accounts mapping to the corporate Chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program.
C. Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.
D. 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.
Answer: D
Q10. You create a prepayment for USD l00 and validate it to consume the budget and reduce available funds under the prepayment account. You then pay the prepayment of USD 100 create an invoice for USD 300, and validate the* invoice to consume the budget and reduce available funds for the expense-accounts used in the invoice. You then apply the prepayment fully on to the invoice and revalidate it.
What happens to the available funds when you apply a prepayment that requires budgetary control?
A. The prepayment application was already released at the time of payment and the invoice consumes funds of 300 USD.
B. The prepayment application releases funds of 200 USD ^nd the invoice consumes funds of lOO USD, with a net decrease to available funds of 200 USD.
C. Available funds will not change till invoice is approved.
D. The prepayment application releases funds of lOO USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 200 USD.
E. The prepayment application releases funds of 300 USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 100 USD.
F. The budget will be released only foi the USD 30O invoice amount.
Answer: F
Q11. Your customer uses Financials Cloud, Projects, Inventory and Procurement.
Which two statements are true regarding intercompany accounting tor these products?
A. Each product has its own Intercompany Accounting feature that needs to be set up separately.
B. Intercompany Balancing Rules are defined centrally and applied across Financials, Portfolio Project
Management and Supply Chain Management products.
C. Within Financials Cloud, Intercompany Balancing Rules are used to balance both cross- ledger intercompany transactions and single ledger intercompany journals.
D. They need to license a separate stand-alone Intercompany product that acts as the Intercompany Accounting Hub.
Answer: A,D
Q12. Alter submitting the journal for approval, you realize that the department value in the journal incorrect. How do you correct the value?
A. Delete the journal and create a new journal.
B. Update the journal through workflow
C. Click the Withdraw Approval button in the Edit Journals page and edit the journal.
D. Reverse the journaland create a new one.
Answer: B
Q13. Your customer wants to have balance sheets and income statements for their cost center and program segments. That is, they want to have three balancing segments.
Which two recommendations would you give your customer?
A. When entering journals manually, the customer will need to make sure that the debits and credits are equal across all balancing segments because the system will not automatically balance the journal.
B. Every journal where debits do not equal credits across the three balancing segments will result in the System generating extra journal lines to balance the entry.
C. Additional intercompany rules will need to be defined for the two additional balancing segments.
D. Ledger balancing rules will need to be defined to instruct the system on how to generate balancing entries for the second and third balancing segments.
Answer: A,D
Q14. You are implementing Financials Cloud and are using spreadsheets to load Legal Entities, Business Units, and Account Hierarchies.
Which three setup objects can be loaded via a spreadsheet from Functional Setup Manager?
A. complete Accounting Configuration
B. Suppliers and Customers
C. Banks, Bank Accounts, and Branches
D. chart of account values, accounting calendar, and ledger
E. setup data for Receivables and Payables product.
Answer: B,C,D
Explanation: https://docs.oracle.com/cloud/latest/financialscs_gs/FACSF/FACSF1004386.htm#FACSF1 236038
Q15. In which two ways can your users customize the Dashboards and Work Areas to suit their individual working styles?
A. They can format each table by hiding and showing columns, moving columns, and resizing columns.
B. They can use Personalization to move and remove regions from those pages.
C. Users have very little control customizing their Dashboards and Work Areas; they can only resize columns.
D. They can have the System Administration customize pages for them using Page Composer.
Answer: C
Q16. You've set up the standard accrual with encumbrance accounting for your ledger and you realized that the encumbrance journals are defaulting with current date as the accounting date.
What is causing this?
A. The subledger accounting option Is set to system date.
B. The actual accounting date was set up under the encumbrance accounting Default Date Rule.
C. The system date was set up under the encumbrance accounting Default Date Rule.
D. The current transaction accounting date was set up under the encumbrance accounting Default Date Rule.
E. The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule.
Answer: D