Latest Oracle 1z0-1054-22 Exam questions and answers [Q11-Q34]

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Latest Oracle 1z0-1054-22 Exam questions and answers

Dumpleader 1z0-1054-22 Exam Practice Test Questions (Updated 133 Questions)

Earning the Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification through passing the Oracle 1z0-1054-22 Exam can lead to increased job opportunities and higher pay. Employers often seek candidates who are certified in Oracle Financials Cloud and general ledger implementation, as it demonstrates a commitment to staying up-to-date with the latest industry standards and best practices. Overall, the Oracle 1z0-1054-22 Exam is an excellent way for professionals to validate their skills and knowledge in financials and general ledger implementation.

Oracle 1z0-1054-22 exam is designed for professionals who want to demonstrate their expertise in implementing and configuring the Oracle Financials Cloud General Ledger module. 1z0-1054-22 exam is part of the Oracle Financials Cloud Implementation Specialist certification and is intended for individuals who have a strong understanding of accounting principles and experience with financial systems. Passing 1z0-1054-22 exam validates that the candidate has the skills and knowledge required to implement and configure the Oracle Financials Cloud General Ledger module.

QUESTION 11
Identify three roles that get access to the reports in the Fusion Accounting Hub Reporting Cloud Service (FAHRCS). (Choose three.)

Controller

General Accountant

General Accountant Manager

Business Intelligence Administrator (BI Admin)

Financial Analyst

QUESTION 12
Which two statements are true regarding the Translation process? (Choose two.)

Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.

If necessary, before submitting the Translation process, the Revaluation process should be completed.

The Translation process should be run before posting Period Close adjustment entries.

The Translation process can only be used for translating the balances of Secondary ledgers.

The Translation process can only be used to translate balance sheet accounts.

QUESTION 13
Which AMX builder method is most effective in routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal?

Supervisory level approval

Cost center based approval

Dynamic Approval Groups

Management Chain approval

Approval Groups

QUESTION 14
Account combinations can be created and/or modified using the Import Account Combinations file-based data import (FBDI).
Which represents the appropriate upload steps?

Submit the Import Account Combinations process, then insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template.

Insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.

Insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.

Submit the Import Account Combinations process, then insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template.

QUESTION 15
Most of the accounting entries for transactions form your source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use TAX_AMOUNT as the source.
At what level can you override the default accounting attribute assignment?

Journal Entry Rule Set

Event Type

Journal Line Rule

Journal Entry

Event Class

QUESTION 16
Before implementing Financials Cloud, your customer used to manually reconcile their intercompany payables and receivables accounts. What is a more automated approach to do this?

Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances

In Financials Cloud, you must manually reconcile your intercompany account balances

Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances

Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance

Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances

QUESTION 17
Budgetary control for accounts 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013. Which statement is true?

If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward

The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances

If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.

If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.

If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward

QUESTION 18
You are planning to create an Income Statement using Smart View.
Which Smart View tool should you use for this?

Smart Queries

Smart Slices

Ad Hoc Analysis

Query Designer

QUESTION 19
Your Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three.)

Sunburst reports

Online Transactional Business Intelligence

Account Inspector

Account Monitor

Smart View

QUESTION 20
You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed.
How will you achieve this?

Opt in to the Prevent Period Close option for the offering

Set the relevant option on the Specify Ledger Options page

Nothing, this option is enabled automatically

Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes

QUESTION 21
All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance.
They do perform intercompany accounting. What is Oracle’s recommended approach to performing consolidations?

Use General Ledger’s Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment

Use Oracle Hyperion Financial Management for this type of complex consolidation

Use General Ledger’s Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.

Define multiple ledgers for consolidation and report on ledger set

QUESTION 22
You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account’s activities.
What type of report will provide this type of information?

Account Analysis Reports

Aging Reports

an Online Transactional Business Intelligence (OTBI) report to create ad hoc queries on transactions and balances

Journals Reports

QUESTION 23
Account combinations can be created and/or modified using the Import Account Combinations file-based data import (FBDI).
Which represents the appropriate upload steps?

Submit the Import Account Combinations process, then insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template.

Insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.

Insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.

Submit the Import Account Combinations process, then insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template.

QUESTION 24
All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownerships. What is Oracle’s recommended approach to performing consolidations?

Translate balances to the corporate currency, create a chart of accounts mapping to the corporate chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program

Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger’s Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.

Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar, currency, and accounting method. Create a separate elimination ledger to enter intercompany eliminations. Then creates a ledger set across all ledgers and report on the ledger set.

Use Oracle Hyperion Financial Management for this type of complex consolidation.

QUESTION 25
Journal Description Rules are assigned to Subledger Journal Entry Rule Sets.
What are the other three subcomponents of a Subledger Journal Entry Rule Set? (Choose three.)

Accounting Date

Chart of Accounts

Journal Line Rules

Account Rules

Supporting References

QUESTION 26
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

You can only drill down to the general ledger journal and then from there to the subledger journal entry.

The report includes Ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.

The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.

The report displays the intercompany receivables and intercompany payables balances in summary for a period.

The report displays all clearing company balancing lines for a period.

QUESTION 27
When creating your financial statements, you would like to have a chart, such as a bar graph, included in the report output.
Which two reporting tools allow you to achieve this? (Choose two.)

Financial Reporting Studio

Account Inspector

Smart View

Financial Statement Generator

QUESTION 28
You are creating values for the chart of account value set that you are planning to use for the account segment within your Chart of Accounts.
You are not able to assign an Account Type. What is the reason for this?

You have not set the Allow Budgeting attribute for the value set

The Account Type qualifier has not been enabled when defining the value set

You are creating values before assigning the value set to the structure

You have not set the Allow Posting attribute for the value set

QUESTION 29
You are using budgetary control. You have an open purchase order for $500 USD, and an invoice for $300 is matched to the purchase order. What will be the funds status of the purchase order and the invoice?

Both are Partially Reserved

The purchase order is Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice will be Reserved

Both are reserved

The purchase order is Open and the invoice is Validated

QUESTION 30
Your customer has a large number of legal entities. The legal entity values are defined in the company segment which represents the primary balancing segment. They want to easily create eliminating entries for their intercompany activity. What would you recommend?

Define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and subledger accounting will automatically populate the intercompany segment which the balancing segment value of the legal entity with which you are trading

There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the intercompany rules to define

Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment

There is no need to define an intercompany segment. You can track the intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner

QUESTION 31
Your company has two legal entities in the US (Balancing Segment Values [BSV] 101 and 102), one legal entity in France (BSV 401), and one legal entity in the UK (BSV 402).
Both US legal entities share the same ledger, whereas the UK and France have their own ledgers.
Assuming intercompany transactions are not being entered, what is the minimal action you can take and still configure the ledgers correctly?

You should assign a balancing segment value to identify each legal entity in the US Ledger and assign the balancing segment values to the ledger in the UK and France.

You should assign a balancing segment value to identify each legal entity in the US ledger.

You should assign a balancing segment value to identify each legal entity in each ledger.

You should assign the balancing segment value to the ledger in the US and assign a balancing segment value to identify each legal entity in the UK and France ledgers.

QUESTION 32
You entered the following information in the Companies and Legal Entities tab of the Rapid Implementation Spreadsheet:

Assuming currency is left blank in the Ledger worksheet, how many Ledgers will the process create?

QUESTION 33
Your customer requires physical invoices to be generated in Payables Cloud and Receivables Cloud for the Intercompany payables and receivables transactions. Which two statements are correct with regards to setting this up? (Choose two.)

You only need to assign the Legal Entity and Organization Contact

You can only associate one Intercompany Organization per Legal Entity

You must have implemented Payables Cloud and Receivables Cloud

You must assign the corresponding Receivables and Payables Business Units

QUESTION 34
On which three occasions are Essbase balances updated? (Choose three.)

every time the tree version is published

every time you run the batch program called “Update Essbase Balances”

every time you open a new period

every time journals are posted to the general ledger

at report run-time

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