Oracle 1Z0-215 Actual Free Exam Questions & Community Discussion

Scott, the CFO at ABC Company in the USA, wants to present the annual income statement to the board of directors of the company. ABC Company engages in many exports and import activities and follows the policy to revalue all its transactions in foreign currency with the current market rates. Scott requests George, the head accountant of the company, to revalue all foreign currency transactions done during the year. Select two prerequisites that George must comply with to ensure that the revaluation is done as desired. (Choose two.)

For each subledger, there must be one _____.

Which statement is correct about the differences between the functionalities of parent accounts and summary accounts?

XYZ Company is implementing Oracle at its headquarters in the US. It has operations in Australia,
the UK, and China. The Australian and the US operations can share the same chart of accounts
segments, and the UK and China operations can share the same chart of accounts segments. All
operations share the same calendar or period-type combination, but not the currency. Each
country requires that a separate accounting data be maintained.
Identify the number of legal entities to be created and the number of accounting setups.

The Health Department of the United Kingdom is using the cash basis of accounting. After the recent elections, the new government has decided to implement Oracle General Ledger. They want to change the accounting method to accrual basis. However, they also want to maintain the cash basis of accounting for reporting purposes. As an implementation consultant, what one recommendation would you make to meet the above requirement?

Select two statements that are true about ledgers in Oracle General Ledger. (Choose two.)

You are implementing Oracle General Ledger at a client site. The client is based in the US, but they have a presence in many countries and transactions in multiple currencies. The implementation team decides that the GL multi-currency setup will be a part of the implementation. The company's management in the US wants to see all transactions in USD, whereas the management in Europe wants to see the transactions in Euros. The CFO has this requirement:
While entering daily transactions, the user must be able to enter the current exchange rate. But at month end, the assets and liabilities in Euros must be converted into USD at the monthly average exchange rate. Can this requirement be satisfied?

A client is implementing ACH and has a business requirement that all invoices go through an approval process flow. Identify three features of the Invoice Approval Workflow that would meet their requirement. (Choose three.)

Treeline Company is getting ready to complete its month-end process. It needs to create a profit-and-loss statement and wants to use the Financial Statement Generator feature to create the report. Which two elements are required to create the report? (Choose two.)

Identify two true statements about using column sets in an FSG report. (Choose two.)

To set up Offset Tax under the Tax Configuration tab, which Tax Configuration tab must you select to locate and enable "Set as Offset Tax"?

Company A wants to use Oracle Internet Expenses with expense report templates. Identify three true statements for the setup of expense report templates. (Choose three.)

Which four attributes are validated during the Journal Import process? (Choose four.)

Identify the item that requires approval through the workflow process.

Which journal entry type does General Ledger automatically reverse and post?