Oracle Exam 1Z0-342 Topic 9 Question 101 Discussion

Actual exam question for Oracle's 1Z0-342 exam

Question #: 101
Topic #: 9

[All 1Z0-342 Questions]

Your client submitted the Annual Close application to close their fiscal year.

When you close a fiscal year, which AAI Items does the system use?

AGLG4 retained earnings and GLGxx for all GL accounts

BGLG4 retained earnings, GLG6 beginning revenue account, and GLG12 ending profit and loss

CGLG4 retained earnings, GLG12 ending profit and loss, and GLG7 year-end close account

DGLG4 retained earnings and FSxx Interim subtotals

EGLG4 retained earnings, GLG12 ending profit and loss, and the ICCC intercompany account

Show Suggested Answer

Suggested Answer: C

by Noel at Sep 08, 2024, 01:11 AM

Limited Time Offer

25%

Off

Get Premium 1Z0-342 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Layla

1 months ago

Haha, E is just plain wrong. Bringing in the beginning revenue account? That's not how you close the books, my friend. I'll stick with C and hope I don't have to do any actual accounting work on this exam!

upvoted 0 times

...

Bong

1 months ago

D seems a bit off. Using interim subtotals for the fiscal year close? Nah, that doesn't sound right. I'm confident C is the way to go.

upvoted 0 times

Adela

20 days ago

Definitely, C seems like the correct choice for the AAI Items used in the Annual Close application.

upvoted 0 times

...

Ardella

25 days ago

Yeah, I think C makes the most sense for closing the fiscal year.

upvoted 0 times

...

Margot

1 months ago

I agree, D does seem a bit off. C looks like the most accurate option.

upvoted 0 times

...

Mozell

2 months ago

Hmm, this is a tricky one. I'm torn between B and C, but I'll go with C since the inter-company account is often involved in the close. Gotta love those complex accounting procedures!

upvoted 0 times

Ellsworth

17 days ago

User 3: C sounds like the most comprehensive option, covering all the necessary AAI Items for the fiscal year close.

upvoted 0 times

...

Cecilia

20 days ago

User 2: Yeah, I agree. It's important to consider all the accounts involved in the annual close.

upvoted 0 times

...

Karma

1 months ago

User 1: I think C is the right choice, inter-company accounts are usually part of the closing process.

upvoted 0 times

...

Raymon

2 months ago

I'm going with B. The year-end close account is definitely used in the fiscal year close process. Plus, the ending profit and loss is a key component.

upvoted 0 times

Shantell

2 months ago

User 2: Yeah, B makes sense. It includes all the necessary AAI Items for the annual close process.

upvoted 0 times

...

Idella

2 months ago

User 1: I agree, B seems like the right choice. The year-end close account is important for closing the fiscal year.

upvoted 0 times

...

Rima

2 months ago

I think the answer is C. It makes sense to use the retained earnings, ending profit and loss, and the inter-company account to close the fiscal year. That's how I've done it before.

upvoted 0 times

Audrie

1 months ago

User 4: It's crucial to use the correct AAI items to ensure a smooth year-end close.

upvoted 0 times

...

Alecia

1 months ago

User 3: I always make sure to double check those accounts before closing the fiscal year.

upvoted 0 times

...

Tamra

1 months ago

User 2: I agree, those are important accounts to use for the annual close process.

upvoted 0 times

...

Elza

2 months ago

User 1: I think the answer is C. It makes sense to use the retained earnings, ending profit and loss, and the inter-company account to close the fiscal year. That's how I've done it before.

upvoted 0 times

...