Free 1z0-1054-22 Exam Braindumps - New 2024 Oracle Pratice Exam [Q14-Q38]

Free 1z0-1054-22 Exam Braindumps - New 2024 Oracle Pratice Exam

Practice Test for 1z0-1054-22 Certification Real 2024 Mock Exam

To prepare for the Oracle 1z0-1054-22 certification exam, candidates should have a solid understanding of financial accounting principles and practices. They should also have experience working with Oracle Financials Cloud: General Ledger 2022 and be familiar with the features and functionality of the software. 1z0-1054-22 exam covers a wide range of topics, including financial reporting, journal entries, and accounting setups, so a thorough understanding of these areas is essential.

 

NEW QUESTION # 14
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.)

• A. Supporting Reference
• B. Journal Line Rules
• C. Chart of Accounts
• D. Accounting Date
• E. Account Rules

Answer: A,B,E

Explanation:
According to Oracle documentation3, the subcomponents of a Subledger Journal Entry Rule Set are Journal Line Rules, Account Rules, and Supporting Reference. A Subledger Journal Entry Rule Set defines how subledger journal entries are created for each event class and event type. A Journal Line Rule defines how subledger journal lines are created for each event class and event type. An Account Rule defines how accounts are derived for each journal line. A Supporting Reference stores additional information for journal lines. Therefore, options C, D, and E are correct. Option A is incorrect because Accounting Date is not a subcomponent of a Subledger Journal Entry Rule Set. Option B is incorrect because Chart of Accounts is not a subcomponent of a Subledger Journal Entry Rule Set.

NEW QUESTION # 15
Your customer has a number of Chart of Account Mapping Rules for their Primary and Secondary ledgers. You decide to use the FBDI template to load the rules.
Which two statements are true when using this method of entry? (Choose two.)

• A. You can create, update, and delete account rules for a chart of accounts mapping.
• B. You can create, update, and delete segment rules for a chart of accounts mapping.
• C. You can download the template only from the Manage Chart of Accounts Mappings page.
• D. It supports external integration using REST services.

Answer: A,B

Explanation:
According to Oracle documentation3, when using FBDI template to load Chart of Account Mapping Rules for their Primary and Secondary ledgers, you can create, update, and delete account rules for a chart of accounts mapping, and you can create, update, and delete segment rules for a chart of accounts mapping. FBDI enables you to import chart of accounts mapping rules from a spreadsheet template into General Ledger. You can use FBDI to manage both account rules and segment rules for a chart of accounts mapping. Therefore, options C and D are correct. Option A is incorrect because you can download the template from other pages besides the Manage Chart of Accounts Mappings page. Option B is incorrect because FBDI does not support external integration using REST services.

NEW QUESTION # 16
You need to create a month-end reporting package for an upcoming Audit Committee meeting, you have 10 financial reports that you want to share with executives and auditors that are nicely formatted.
Identify the two Oracle recommended ways to accomplish this. (Choose two.)

• A. Use OTBI to create multiple reports that you save to a folder that only the users can access
• B. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
• C. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
• D. Use a report batch to run reports at a specific time to create a set of snapshot reports
• E. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet

Answer: B,D

NEW QUESTION # 17
Which three objectives must be considered when designing the chart of accounts? (Choose three.)

• A. Anticipate growth and maintenance needs as organizational changes occur
• B. Consider implementing a single, global chart of accounts
• C. Limit the number of segments to those you need today to reduce data entry
• D. Try to use all 30 segments and 25 characters per segment because you cannot change it later
• E. Effectively manage an organization's financial business

Answer: A,B,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 # 18
Which reporting tool is best suited for submitting high-volume transactional reports, such as Invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or xml?

• A. Oracle Transactional Business Intelligence (OTBI)
• B. Financial Reporting Center
• C. Oracle Data Visualization Cloud Service
• D. Smart View
• E. Business Intelligence Publisher (BI Publisher)

Answer: E

Explanation:
BI Publisher is a reporting tool that allows you to create, manage, and deliver high-volume transactional reports, such as Invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or xml. BI Publisher provides a set of predefined templates and data models for various E-Business Suite modules, including General Ledger. You can also create your own custom templates and data models using BI Publisher Desktop2.

NEW QUESTION # 19
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.)

• A. You must assign the corresponding Receivables and Payables Business Units
• B. You only need to assign the Legal Entity and Organization Contact
• C. You can only associate one Intercompany Organization per Legal Entity
• D. You must have implemented Payables Cloud and Receivables Cloud

Answer: A,D

NEW QUESTION # 20
Which feature outside of reporting and analysis leverages the Essbase cube?

• A. period closing and opening of ledgers to keep General Ledger Cloud and the Essbase cubes in sync
• B. revaluations and translation to revalue and translate currencies stored in the Essbase cube
• C. journal entries and journal approval to create journals that update balances to the cube directly
• D. calculation manager to perform allocations based on multidimensional balances and budgets

Answer: B

NEW QUESTION # 21
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?

• A. 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.
• B. 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.
• C. You should assign a balancing segment value to identify each legal entity in the US ledger.
• D. You should assign a balancing segment value to identify each legal entity in each ledger.

Answer: B

Explanation:
According to Oracle documentation1, the minimal action you can take and still configure the ledgers correctly when 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) is to 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. A balancing segment value is a segment value that represents a legal entity or a business unit that must balance independently. Therefore, option A is correct. Option B is incorrect because you should also assign the balancing segment values to the ledger in the UK and France. Option C is incorrect because you should also assign the balancing segment values to the ledger in the UK and France. Option D is incorrect because you should also assign a balancing segment value to identify each legal entity in the US ledger.

NEW QUESTION # 22
The general accountant is trying to update the cost center for the Default Suspense Account in the Ledger Options to match the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the List of Values for the accountant to select in the Suspense Account.
What is the reason for this?

• A. The general accountant does not have the Financials Application administrator role assigned and, therefore, has view-only privileges on this page
• B. There is a primary balancing segment attached to the legal entity of the primary ledger
• C. The general accountant has a segment value security rule assigned which restricts access to that cost center
• D. A cross validation rule is in place to prevent the resulting combination from being created

Answer: D

NEW QUESTION # 23
How can your Accounting Manager expedite journal processing during the time-critical month-end close?

• A. by running the Journals report using Business Intelligence Publisher
• B. by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)
• C. by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other
• D. by using the Close Status monitor to drill down on the close status across ledgers

Answer: C

NEW QUESTION # 24
In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)

• A. Oracle Enterprise Repository
• B. Oracle Transactions Business Intelligence
• C. Application Composer
• D. Smart View
• E. Financial Reporting Studio

Answer: B,D,E

NEW QUESTION # 25
Which subject area has been enhanced to allow you to drill down from OTBI General Ledger Reports to a General Ledger journal?

• A. General Ledger - Summary Journals Real Time
• B. General Ledger - Journals Real Time
• C. General Ledger - Journal Balances Real Time
• D. General Ledger - Journal Transaction Balances Real Time

Answer: B

Explanation:
https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/r13-2018-financials-wn.htm#F4376

NEW QUESTION # 26
You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)

• A. You must re-deploy the chart of accounts
• B. A Data Access Set with full read/write access to the ledger is automatically created
• C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
• D. You must assign the job role and data security context to each user

Answer: B,D

Explanation:
you must assign the job role and data security context to each user after you submit the Accounting Configuration. This enables users to access the ledger and perform tasks based on their roles. Therefore, option D is correct. A Data Access Set with full read/write access to the ledger is automatically created after you submit the Accounting Configuration. This allows users to enter and post journals to the ledger. Therefore, option B is correct. Option A is incorrect because you don't need to re-deploy the chart of accounts after you submit the Accounting Configuration. Option C is incorrect because you don't need to define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration. A Data Access Set is automatically created for you.

NEW QUESTION # 27
After loading your budget data into General Ledger Cloud, you can view budget balances using these features. Which feature does not belong on the list?

• A. Account Inspector
• B. Application Development Framework Desktop Integration Budget Balances Report
• C. Smart View
• D. Account Monitor

Answer: B

Explanation:
"The Application Development Framework Desktop Integration Budget Balances Report is a spreadsheet-based report that you can use to view budget balances for a selected budget and period range." This feature does not belong on the list of features that can be used to view budget balances after loading your budget data into General Ledger Cloud. The other features are Account Monitor, Smart View, and Account Inspector, which are all tools that can access Essbase balances cubes and display budget information.

NEW QUESTION # 28
You are trying to run a Financial Reporting Web Studio report from Financial Reporting Center. However, it is not appearing as a choice.
Which are two reasons for this? (Choose two.)

• A. You have not saved it in the Shared Folder/Custom/Financials directory.
• B. You have not uploaded it to Financial Reporting Center.
• C. You have not downloaded the report to your local drive.
• D. You have not saved it in the MyFolders directory.

Answer: B,D

Explanation:
According to Oracle documentation, two reasons why a Financial Reporting Web Studio report may not appear as a choice in Financial Reporting Center are: You have not saved it in the Shared Folder/Custom/Financials directory, and you have not uploaded it to Financial Reporting Center. Financial Reporting Web Studio enables you to design and generate reports with grids, charts, images, and text boxes using data from various sources. Financial Reporting Center enables you to access and run all types of reports from a single user interface. To make a Financial Reporting Web Studio report available in Financial Reporting Center, you must save it in the Shared Folder/Custom/Financials directory and upload it to Financial Reporting Center using Workspace. Therefore, options A and C are correct. Option B is incorrect because saving it in the MyFolders directory does not make it available in Financial Reporting Center. Option D is incorrect because downloading it to your local drive does not make it available in Financial Reporting Center.

NEW QUESTION # 29
You are defining an income statement report. You want to allow viewers of the report to be able to drill down from report balances to the underlying transactions. What so you need to enable?

• A. Allow Expansion
• B. Drill Through in Grid Properties
• C. Report Functions
• D. Nothing. All report balances are drillable in all FR Studio reports

Answer: B

NEW QUESTION # 30
Management has added a requirement to segregate the duties of transferring journals to the General Ledger from the posting function. Which two new features allow this segregation? (Choose two.)

• A. For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.
• B. Journal entry spreadsheets are not impacted by this new function.
• C. Uncheck the Enable Posting from the Manage Subledger Accounting Options task.
• D. Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.

Answer: C,D

Explanation:
According to Oracle documentation1, the following new features allow the segregation of duties of transferring journals to the General Ledger from the posting function: Uncheck the Enable Posting from the Manage Subledger Accounting Options task, and create separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Therefore, options A and C are correct. Option B is incorrect because journal entry spreadsheets are impacted by this new function. Users who create journals using spreadsheets must have the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Option D is incorrect because for previously scheduled automated processes, it is not recommended to cancel and reschedule the process for the option to be effective. The option will be effective for any new processes submitted after unchecking the Enable Posting option.

NEW QUESTION # 31
You create an invoice for USD 100 that is matched to a purchase order of USD 100. You validate the invoice to consume the budget and reduce funds available. And then later, you cancel the invoice. What happens to funds available when you cancel an invoice that requires budgetary control?

• A. Funds available will change when the invoice is approved
• B. The funds reserved for the purchase order is reinstated while the invoice expenditure is reserved by USD 100
• C. The budget and funds available will increase by USD 100
• D. The budget will increase by USD 100 and the funds available will decrease by USD 100

Answer: C

Explanation:
According to Oracle documentation2, what happens to funds available when you cancel an invoice that requires budgetary control is that the budget and funds available will increase by the invoice amount. When you validate an invoice, the budget and funds available are reduced by the invoice amount. When you cancel an invoice, the budget and funds available are restored by the invoice amount. Therefore, option D is correct. Option A is incorrect because funds available will change when the invoice is canceled, not when it is approved. Option B is incorrect because the funds reserved for the purchase order are not affected by the invoice cancellation. Option C is incorrect because the budget will increase by the invoice amount, not decrease by it.

NEW QUESTION # 32
The Create Accounting program could not determine the debit side of the journal entry.
Which component of Subledger Accounting determines the debit or credit side of a journal entry?

• A. Journal Balances Rule
• B. Account Rule
• C. Journal Entry Rule Set
• D. Journal Accounting Rule
• E. Journal Line Rule

Answer: C

NEW QUESTION # 33
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?

• A. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
• B. Opt in to the Prevent Period Close option for the offering
• C. Set the relevant option on the Specify Ledger Options page
• D. Nothing, this option is enabled automatically

Answer: B

Explanation:
Reference:
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NEW QUESTION # 34
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?

• A. 0
• B. 1
• C. 2
• D. 3

Answer: C

Explanation:
The process will create 3 ledgers based on the information entered in the Companies and Legal Entities tab of the Rapid Implementation Spreadsheet. The process will create one ledger for each unique combination of chart of accounts, accounting calendar, and currency. Since currency is left blank in the Ledger worksheet, the process will use the currency specified in the Companies and Legal Entities tab. The process will create one ledger for US1 with chart of accounts COA1, accounting calendar CAL1, and currency USD. The process will create another ledger for UK1 with chart of accounts COA2, accounting calendar CAL2, and currency GBP. The process will create a third ledger for FR1 and FR2 with chart of accounts COA2, accounting calendar CAL2, and currency EUR. The process will not create separate ledgers for FR1 and FR2 because they share the same chart of accounts, accounting calendar, and currency. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Chart of Accounts 12

NEW QUESTION # 35
You have enabled budgetary control and have a control budget set to Advisory control level. For September 2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of $2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD. An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)

• A. The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation
• B. As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016
• C. Funds reservation only happens for non-matched invoices, so the system will not reserve funds
• D. Purchase order encumbrance will be released for $2,100 USD
• E. No change

Answer: C,D

Explanation:
When a purchase order is matched to an invoice, the purchase order encumbrance is released for the matched amount. In this case, the purchase order encumbrance of $2,500 USD will be reduced by $2,100 USD, leaving a balance of $400 USD. The system will not reserve funds for the invoice because it is matched to a purchase order that has already reserved funds. Funds reservation only happens for non-matched invoices or invoices that are matched to a purchase order with no encumbrance. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12

NEW QUESTION # 36
You can run predefined reports to reconcile subledger application balances to General Ledger balances.
Which attribute needs to be set up on the Manage Values page for chart of accounts segment values so that you can run the Payables to General Ledger Reconciliation Report or Receivables to General Ledger Reconciliation Report?

• A. Start Date
• B. Reconcile
• C. Financial Category
• D. End Date
• E. Third Party Control Account

Answer: E

Explanation:
According to Oracle documentation3, the attribute that needs to be set up on the Manage Values page for chart of accounts segment values so that you can run the Payables to General Ledger Reconciliation Report or Receivables to General Ledger Reconciliation Report is Third Party Control Account. The Third Party Control Account attribute enables you to maintain detailed balances by third party for an account combination. Valid third-party information must be associated with the journal line if the account is a third party control account. General Ledger prevents manual journal entries from posting to third party control accounts. Therefore, option B is correct. Option A is incorrect because Financial Category is not an attribute that affects the reconciliation reports. Option C is incorrect because End Date is not an attribute that affects the reconciliation reports. Option D is incorrect because Start Date is not an attribute that affects the reconciliation reports. Option E is incorrect because Reconcile is not an attribute that affects the reconciliation reports.

NEW QUESTION # 37
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?

• A. You have not set the Allow Posting attribute for the value set
• B. You have not set the Allow Budgeting attribute for the value set
• C. You are creating values before assigning the value set to the structure
• D. The Account Type qualifier has not been enabled when defining the value set

Answer: A

NEW QUESTION # 38
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Oracle 1z0-1054-22 Certification Exam is an important certification for finance and accounting professionals who are looking to demonstrate their skills and knowledge in Oracle Financials Cloud: General Ledger 2022 implementation. By obtaining this certification, professionals can showcase their expertise to potential employers, clients, and colleagues.

 

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