Multiple choice technology packaged enterprise solutions

To use multiple reporting currencies, you must create a primary set of books and separate reporting sets of books for each reporting currency

  1. True

  2. False
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A Correct answer
Explanation

In Oracle General Ledger, multiple reporting currencies require a primary set of books (functional currency) and separate reporting sets of books for each additional reporting currency. Each reporting set maintains its own currency translation and reporting requirements.

AI explanation

In Oracle E-Business Suite General Ledger's Multiple Reporting Currencies (MRC) functionality, you must first establish a primary set of books (in the entity's functional currency) and then define one or more separate reporting sets of books, each associated with a different reporting currency, which are automatically kept in sync with the primary set via currency conversion. You cannot simply add reporting currencies to a single set of books — MRC's architecture specifically requires this primary-plus-reporting-sets structure, so the statement is True.

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