Oracle Exam 1Z0-516 Topic 7 Question 35 Discussion

Actual exam question for Oracle's 1Z0-516 exam

Question #: 35
Topic #: 7

Scott, the CFO at ABC Company in the USA, wants to present the annual income statement to the board or 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.)

ADefine accounts for realized gains and realized losses.

BDefine accounts for unrealized gains and unrealized losses.

CDefine the weights for each currency used for doing transactions.

DDefine a batch under which the revaluation journals would be stored.

EDefine a revaluation rate for each currency for each period or date for which the revaluation must be run.

Show Suggested Answer

Suggested Answer: B, E

by Avery at Nov 13, 2024, 04:39 AM

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Halina

4 days ago

I believe George should also define a revaluation rate for each currency for each period.

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Christene

11 days ago

I agree with Louisa. It's important to have those accounts set up for accurate revaluation.

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Louisa

14 days ago

I think George should define accounts for unrealized gains and unrealized losses.

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