[Dec-2023] Latest Oracle 1z0-1054-22 Certification Practice Test Questions
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Oracle 1z0-1054-22 Exam is designed for professionals who are interested in becoming Oracle Financials Cloud: General Ledger 2022 Implementation Professionals. Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification exam is meant to test the candidate's knowledge of the latest Oracle Financials Cloud: General Ledger 2022 implementation techniques and best practices. 1z0-1054-22 exam covers topics such as creating and managing chart of accounts, managing and posting journal entries, designing and managing financial reports, and managing period close processes.
NEW QUESTION # 59
Which two statements are TRUE regarding the Balances Cubes in General Ledger? (Choose two.)
- A. They are updated automatically when the Translation process is run
- B. They are updated automatically when the General Ledger period is opened
- C. A new Balances Cube is created for a unique combination of Ledger and Currency
- D. New dimensions can be added to a General Ledger Balances Cube
- E. They are updated automatically when the Revaluation process is run
Answer: A,E
Explanation:
According to Oracle documentation1, the following statements are true regarding the Balances Cubes in General Ledger: They are updated automatically when the Revaluation process is run, and they are updated automatically when the Translation process is run. A balances cube stores financial balances in a multidimensional database for interactive reporting and analysis. A balances cube is automatically updated when certain processes are run in General Ledger, such as posting, revaluation, translation, and consolidation. Therefore, options C and E are correct. Option A is incorrect because they are not updated automatically when the General Ledger period is opened. Option B is incorrect because new dimensions cannot be added to a General Ledger Balances Cube. Option D is incorrect because a new Balances Cube is created for a unique combination of chart of accounts and calendar, not ledger and currency.
NEW QUESTION # 60
You need to define a chart of accounts that includes an intercompany segment. Your customer plans to use segment value security rules for the Company segment.
What is Oracle's recommended method to define this chart of accounts?
- A. Create two different value sets for the company and intercompany segments.
- B. Define the intercompany segment with a default value.
- C. Define the company segment and assign both the primary balancing segment and intercompany segment labels.
- D. Share the same value set for the company and intercompany segments.
Answer: D
Explanation:
According to Oracle documentation3, Oracle's recommended method to define a chart of accounts that includes an intercompany segment when your customer plans to use segment value security rules for the Company segment is to share the same value set for the company and intercompany segments. Sharing the same value set enables you to use segment value security rules for both segments and ensures that the values in both segments are consistent. Therefore, option B is correct. Option A is incorrect because defining the intercompany segment with a default value does not enable segment value security rules for the intercompany segment. Option C is incorrect because defining the company segment and assigning both the primary balancing segment and intercompany segment labels does not enable segment value security rules for the intercompany segment. Option D is incorrect because creating two different value sets for the company and intercompany segments does not ensure that the values in both segments are consistent.
NEW QUESTION # 61
How can your Accounting Manager expedite journal processing during the time-critical month-end close?
- A. by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other
- B. by running the Journals report using Business Intelligence Publisher
- C. by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)
- D. by using the Close Status monitor to drill down on the close status across ledgers
Answer: A
NEW QUESTION # 62
On a primary ledger in the system options close section, the following field has been selected 'Prevent General Ledger Period Closure When Open Subledger Periods Exist'.
For which three subledgers can you opt out of the period close checking feature by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE? (Choose three.)
- A. Assets
- B. Order Management
- C. Receipt accounting
- D. Revenue Management
- E. Receivables
Answer: A,C,E
Explanation:
According to Oracle documentation3, you can opt out of the period close checking feature for these three subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE: Receipt accounting, Receivables, and Assets. The period close checking feature prevents you from closing a General Ledger period if there are any open subledger periods that exist for that ledger. You can opt out of this feature for specific subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE and setting the Enabled flag to No for those subledgers. Therefore, options A, B, and D are correct. Option C is incorrect because Revenue Management is not a subledger that can be opted out of the period close checking feature. Option E is incorrect because Order Management is not a subledger that can be opted out of the period close checking feature.
NEW QUESTION # 63
How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?
- A. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
- B. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
- C. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
- D. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
Answer: B
Explanation:
cross-validation rules only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table. Therefore, option C is correct. Option A is incorrect because deactivating the value will not prevent further usage of the invalid account combination. Option B is incorrect because cross-validation rules are not assigned to the end user role. They are defined at the chart of accounts level. Option D is incorrect because cross-validation rules do not automatically disable that account code combination.
NEW QUESTION # 64
You need to set up a calendar for fiscal year Apr-XX to March-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.
What Calendar format should you choose?
- A. Calendar
- B. Period
- C. Fiscal
- D. Year
Answer: B
NEW QUESTION # 65
Your company has a legal entity in the UK, US, and Canad A.
They can all share the same chart of accounts but are required to transact and report in their local currency.
What is the minimum number of ledgers you need and why?
- A. Three, because each requires a different currency
- B. Two, because the US and Canada can share the same ledger because they are in North America
- C. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting
- D. One, because they can all share the same chart of accounts
Answer: D
NEW QUESTION # 66
You have a requirement for the Intercompany Provider and Receiver distribution accounts to be created automatically for all intercompany transactions.
What should you configure?
- A. the Transaction Account Definition
- B. Intercompany transaction type default accounts
- C. a Provider and Receiver distribution set
- D. the AutoAccounting Definition
Answer: C
NEW QUESTION # 67
Which delivered role can access the full functionality of Functional Setup Manager?
- A. Application Implementation Consultant
- B. Functional Setup Manager Superuser
- C. Any functional user
- D. IT Security Manager
- E. Application Implementation Manager
Answer: E
Explanation:
According to Oracle documentation2, the delivered role that can access the full functionality of Functional Setup Manager is Application Implementation Manager. Functional Setup Manager is a tool that enables you to manage and perform all of the setup tasks required for an application implementation. Application Implementation Manager is a predefined role that grants access to Functional Setup Manager and all of its features, such as setup tasks, implementation projects, setup export and import, and setup reports. Therefore, option A is correct. Option B is incorrect because Functional Setup Manager Superuser is not a delivered role. Option C is incorrect because IT Security Manager is a role that grants access to security-related tasks, not Functional Setup Manager. Option D is incorrect because any functional user does not have access to Functional Setup Manager by default. Option E is incorrect because Application Implementation Consultant is not a delivered role.
NEW QUESTION # 68
You are defining an income statement report using Financial Reporting Studio. Users of the report need to be able to analyze the balances directly from the report.
What should you enable to allow this?
- A. Drill Down in Report Functions
- B. Drill Through in Grid Properties
- C. Nothing. All report are drillable
- D. Allow Expansion in Report Functions
Answer: B
Explanation:
To enable users of the income statement report to analyze the balances directly from the report, you should enable Drill Through in Grid Properties. This option allows users to drill down from summary balances to journal details and subledger transactions using Smart View or Financial Reporting Web Studio. You do not need to enable anything else, as all reports are drillable by default if Drill Through is enabled in Grid Properties. You do not need to enable Drill Down in Report Functions, as this option allows users to drill down within a report using different dimensions and hierarchies, but not to originating transactions. You do not need to enable Allow Expansion in Report Functions, as this option allows users to expand or collapse members within a report using different dimensions and hierarchies, but not to originating transactions. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Create Financial Reports 12
NEW QUESTION # 69
You want to be notified of anomalies in certain account balances in real time. What is the most efficient way to do this?
- A. Open a Smart View file saved on your desktop
- B. Use Account Inspector
- C. Perform an account analysis online
- D. Create an Account Group using Account Monitor
Answer: D
NEW QUESTION # 70
What are the two benefits of having the Essbase cube embedded in General Ledger Cloud? (Choose two.)
- A. You can access real-time results for reporting and analysis because every time a transaction is posted in General Ledger, multidimensional balances are also updated simultaneously
- B. Integrating with third-party systems is easier because the Essbase cube provides chart of accounts mapping rules
- C. You no longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of accounts
- D. General ledger balances are multidimensional, allowing you to perform robust reporting and analysis
- E. Posting performance is much faster
Answer: A,D
NEW QUESTION # 71
You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)
- A. automatic or manual batch numbering and the maximum transaction amount
- B. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
- C. automatic or manual batch numbering and the minimum transaction amount
- D. whether to allow receivers to reject intercompany transactions
- E. the approvers who will approve intercompany transactions
Answer: B,D,E
Explanation:
The Intercompany System Options page allows you to specify various settings for intercompany transactions, such as whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies, whether to allow receivers to reject intercompany transactions, and the approvers who will approve intercompany transactions3.
NEW QUESTION # 72
What are the two purposes of a secondary ledger? (Choose two.)
- A. It is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting
- B. It should not be used when trying to meet local accounting requirements
- C. It can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency, and/or journal processing options
- D. It is used to main balances in a different currency only
- E. It should only be used to main balances for processing performance
Answer: A,C
NEW QUESTION # 73
You set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Which two actions should you now perform? (Choose two.)
- A. Ensure that the Accounting Calendar and Currency are the same as the Primary Ledger
- B. Define Journal Conversion Rules that exclude subledgers
- C. Assign a Subledger Accounting Method to the secondary ledger
- D. Define Journal Conversion Rules that include subledgers in order to transfer subledger transactions
- E. Define Supporting References with balances
Answer: C,D
Explanation:
you need to define journal conversion rules that include subledgers in order to transfer subledger transactions when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Journal conversion rules define how journal entries are converted from one ledger to another ledger. Therefore, option B is correct. You also need to assign a Subledger Accounting Method to the secondary ledger when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. A Subledger Accounting Method defines how accounting entries are generated for subledger transactions. Therefore, option D is correct. Option A is incorrect because you don't need to ensure that the Accounting Calendar and Currency are the same as the Primary Ledger when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. You can have different Accounting Calendar and Currency for your secondary ledger. Option C is incorrect because you don't need to define journal conversion rules that exclude subledgers when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. You need to include subledgers in your journal conversion rules. Option E is incorrect because you don't need to define Supporting References with balances when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Supporting References are used to store additional information for journal lines.
NEW QUESTION # 74
You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?
- A. Application Developer Framework Desktop Integrator
- B. Enterprise Resource Budget Integrator
- C. The budget journal spreadsheet
- D. File Based Data Import
Answer: A
Explanation:
Reference:
According to Oracle documentation3, you should use Application Developer Framework Desktop Integrator (ADFdi) to load data from your budgeting application into a .csv file into General Ledger. ADFdi enables you to use Excel spreadsheets to load data into General Ledger using web services. You can use ADFdi to create budget journals or budget balances from your .csv file. Therefore, option D is correct. Option A is incorrect because the budget journal spreadsheet is not a tool to load data into General Ledger. Option B is incorrect because Enterprise Resource Budget Integrator is not a tool to load data into General Ledger. Option C is incorrect because File Based Data Import is not a tool to load data into General Ledger.
NEW QUESTION # 75
Which three objectives must be considered when designing the chart of accounts? (Choose three.)
- A. Limit the number of segments to those you need today to reduce data entry
- B. Effectively manage an organization's financial business
- C. Anticipate growth and maintenance needs as organizational changes occur
- D. Try to use all 30 segments and 25 characters per segment because you cannot change it later
- E. Consider implementing a single, global chart of accounts
Answer: B,C,E
Explanation:
These are some of the objectives that must be considered when designing the chart of accounts, according to Oracle documentation1. Anticipating growth and maintenance needs as organizational changes occur helps to design a flexible and scalable chart of accounts that can accommodate future business requirements. Effectively managing an organization's financial business requires a chart of accounts that can provide accurate and timely financial reporting and analysis. Considering implementing a single, global chart of accounts can simplify consolidation and standardization across multiple ledgers and currencies.
NEW QUESTION # 76
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)
- A. All ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules.
- B. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys
- C. You can only define balancing rules for different journals' sources. You cannot define balancing rules for different journal categories.
- D. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
Answer: B,D
NEW QUESTION # 77
A subsidiary company, in a highly regulated country, where there is a legal requirement to produce fiscal reports under local GAAP, is about to configure their General Ledger.
Given the following:
Subledgers transferring to general ledger must use the local currency.
There is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).
Which two ledger types should be configured to address this reporting requirement? (Choose two.)
- A. a primary ledger with the local accounting convention
- B. a reporting currency with the IFRS accounting convention
- C. a secondary ledger with the IFRS accounting convention
- D. a primary ledger with the IFRS accounting convention
- E. a reporting currency with the local accounting convention
Answer: A,C
Explanation:
According to Oracle documentation4, when you have a subsidiary company in a highly regulated country where there is a legal requirement to produce fiscal reports under local GAAP, you should configure the ledgers using these two ledger types: a primary ledger with the local accounting convention, and a secondary ledger with the IFRS accounting convention. A primary ledger represents your main accounting books that comply with local GAAP. A secondary ledger represents an alternative accounting representation that complies with IFRS. Therefore, options A and D are correct. Option B is incorrect because a reporting currency with the IFRS accounting convention does not represent an alternative accounting representation. Option C is incorrect because a primary ledger with the IFRS accounting convention does not comply with local GAAP. Option E is incorrect because a reporting currency with the local accounting convention does not represent an alternative accounting representation.
NEW QUESTION # 78
Your customer wants to create fully balanced balance sheets for the Company, Line of Business, and Product segments for both financial and management reporting.
What is Oracle's recommended method for doing this?
- A. Create a segment that acts as the primary balancing segment and create values that represent a concatenation of all three business dimensions
- B. Create three segments for the Company, Line of Business, and Product segments and qualify them as primary balancing segment, second, and third balancing segments, respectively
- C. Use account hierarchies to create different hierarchies for different purposes and use those hierarchies for reporting
- D. Create two segments where the first segment represents the concatenation of Company and Line of Business, and then enable secondary tracking for the Product segment
Answer: B
NEW QUESTION # 79
The expense account of airfare was erroneously assigned to the account type "Liability". Which method should you choose to fix the problem?
- A. Run the "Correct Misclassified Account" program
- B. Deactivate the value
- C. Run the "Update Balance Cube Chart of the Accounting Dimension" program
- D. Run the "Segment Value Inheritance" program
Answer: A
Explanation:
you can use the Correct Misclassified Account program to change the account type of an account that was erroneously assigned. This program updates all balances for that account with the new account type and ensures that all existing reports reflect this change. Therefore, option C is correct. Option A is incorrect because deactivating the value will not change the account type of the account. Option B is incorrect because running the Segment Value Inheritance program will not change the account type of the account. Option D is incorrect because running the Update Balance Cube Chart of Accounting Dimension program will not change the account type of the account.
NEW QUESTION # 80
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