Oracle
1Z0-516 · Question #162
The fiscal year of XYZ Inc. is the calendar year. Before closing the Mar-05 period, a GL user notices that an entry related to the Dec-04 period has not been entered. Dec-04 has a closed status. Now…
The correct answer is C. Open Dec-04; enter and post the journal; run the Trial Balance report; close the period. See the full explanation below for the reasoning.
Question
The fiscal year of XYZ Inc. is the calendar year. Before closing the Mar-05 period, a GL user notices that an entry related to the Dec-04 period has not been entered. Dec-04 has a closed status. Now that the user has all the approvals, he or she wants to know how to enter and post the journal in GL, ensuring that all balances are reflected correctly. What must the user do?
Options
- AOpen Dec-04; enter and post the journal; close the period.
- BOpen Dec-04, Jan-05, and Feb-05; enter and post the journal; close all periods.
- COpen Dec-04; enter and post the journal; run the Trial Balance report; close the period.
- DThe user cannot post to a prior period that is not in the current fiscal year. So, enter and post it in
How the community answered
(42 responses)- A5% (2)
- B12% (5)
- C81% (34)
- D2% (1)
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