Oracle 1z0-1054-22 Exam Prep Guide: Prep guide for the 1z0-1054-22 Exam
2024 New Preparation Guide of Oracle 1z0-1054-22 Exam
NEW QUESTION # 10
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. Journal entry spreadsheets are not impacted by this new function.
- B. For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.
- C. Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.
- D. Uncheck the Enable Posting from the Manage Subledger Accounting Options task.
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 # 11
Your customer is planning to have three balancing segments for generating balance sheets and income statements at cost center segment and program segment levels.
Which two recommendations would you give your customer? (Choose two.)
- A. Every journal where debits do not equal credits across the three balancing segments will result in the system generating extra journal lines to balance the entry
- B. When entering journals manually, the customer will need to make sure that debits and credits are equal across all balancing segments because the system will not automatically balance the journal
- C. Additional intercompany balancing and clearing options will need to be defined
- D. Additional intercompany rules will need to be defined for the two additional balancing segments
Answer: A,D
Explanation:
https://docs.oracle.com/cd/E25178_01/fusionapps.1111/e20375/F350915AN26721.htm Oracle's recommended approach to performing consolidations when you have three balancing segments for generating balance sheets and income statements at cost center segment and program segment levels is to use additional intercompany rules for the two additional balancing segments and additional intercompany balancing and clearing options. Intercompany rules define how intercompany transactions are accounted for across different balancing segments. Intercompany balancing and clearing options define how intercompany balances are eliminated or cleared during consolidation. Therefore, options A and B are correct. Option C is incorrect because you don't need to run balance transfer programs for this scenario. Option D is incorrect because you don't need to manually balance the journal entries across all balancing segments for this scenario.
NEW QUESTION # 12
Your customer has enabled budgetary control for purchase orders. They have a purchase order for $1,000 USD which is fully reserved. An invoice for $600 is entered and matched to the purchase order, and the purchase order is closed for further invoicing.
What happens to the remaining $400 USD?
- A. Only obligation type will have $400 USD funds available
- B. Invoice type will have less funds available by $400 USD
- C. $400 USD will be added back to available funds
- D. Manual encumbrance journal needs to be entered in General Ledger to release the budget amount of $400 USD
- E. $400 USD will be expired and not available for use
Answer: C
Explanation:
When a purchase order is closed for invoicing, any remaining encumbrance amount is liquidated automatically. This means that the reserved funds are released and added back to the available funds for the budget. You do not need to enter a manual encumbrance journal or perform any other action to release the budget amount. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 13
In the implementation project, there is a requirement to add new transactional attributes to the journal approval notification.
Which two Business Intelligence catalog objects should you copy (or customize) and edit? (Choose two.)
- A. The Sub Template
- B. The Style Template
- C. Output type
- D. The Data Model
- E. The layout Template
Answer: C,D
Explanation:
To add a global branding logo and more predefined transactional attributes to the journal approval email notification, you should copy (or customize) and edit the layout template and the data model. The layout template is a file that defines the appearance and content of the notification, such as text, images, tables, or charts. The data model is a file that defines the data sources and queries that provide data for the notification, such as predefined transactional attributes. You can copy (or customize) and edit the layout template and the data model using Oracle Analytics Publisher reports. You do not need to copy (or customize) and edit the output type, as this is a setting that determines the format of the notification output, such as HTML or PDF. You do not need to copy (or customize) and edit the style template, as this is a file that defines the styles and formatting of the notification elements, such as fonts, colors, or margins. You do not need to copy (or customize) and edit the sub template, as this is a file that contains reusable content or logic that can be referenced by multiple layout templates. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Workflow Approvals and Notifications 12
NEW QUESTION # 14
You want to achieve multi-step cascading allocations, which feature do you use?
- A. General Ledger journal entries
- B. RuleSets
- C. Point of View (POV)
- D. Formulas
Answer: B
Explanation:
According to Oracle documentation2, when you want to achieve multi-step cascading allocations, you should use RuleSets. RuleSets enable you to group multiple allocation rules together and run them in a specific sequence. You can use RuleSets to perform cascading allocations, where the output of one rule becomes the input of another rule. Therefore, option A is correct. Option B is incorrect because formulas are used to define the calculation logic of allocation rules, not to group them together. Option C is incorrect because point of view (POV) is used to define the scope and context of allocation rules, not to group them together. Option D is incorrect because general ledger journal entries are used to record the results of allocation rules, not to group them together.
Reference:
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NEW QUESTION # 15
When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).
- A. Financial Reporting Studio
- B. Smart View
- C. Oracle Financial Statement Generator
- D. Financial Reporting Center
Answer: A,D
Explanation:
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Reference:
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NEW QUESTION # 16
Your customer uses Financials Cloud, Projects, Inventory and Procurement.
Which two statements are true regarding intercompany accounting for these products? (Choose two.)
- A. Each product has its own Intercompany Accounting feature that needs to be set up separately
- B. Within Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger intercompany transactions and single-ledger Intercompany journals
- C. Intercompany Balancing Rules are defined centrally and applied across Financials and Project Portfolio Management
- D. They need to license a separate stand-alone Intercompany product that acts as the Intercompany Accounting Hub
Answer: B,C
Explanation:
Intercompany Balancing Rules are used to automatically create balancing entries for intercompany transactions that span different ledgers or legal entities within a ledger. They are defined centrally in the Manage Intercompany Balancing Rules task and can be applied across Financials and Project Portfolio Management products. Intercompany Balancing Rules can also be used to balance single-ledger intercompany journals that have different balancing segment values for the debit and credit lines. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12
NEW QUESTION # 17
Your customer uses Financials Cloud, Projects, Inventory, and SCM.
Which two statements are true regarding intercompany accounting for these products? (Choose two.)
- A. Intercompany Balancing Rules are defined centrally and applied across Financials and Projects
- B. Intercompany balancing rules in General Ledger need to be mapped with the intercompany configuration in each product
- C. In Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger allocation journals and single-ledger journals
- D. Each product has its own Intercompany Accounting feature that needs to be configured separately
Answer: C,D
NEW QUESTION # 18
You want to enter budget data in General Ledger Cloud. Which method is not supported?
- A. Application Development Framework Desktop Integration (ADFdi)
- B. Entering budget journals
- C. Direct budget balance updates from a Financial Statement in Smart View
- D. File-based Data Import
Answer: C
Explanation:
General Ledger Cloud supports four methods for entering budget data: entering budget journals, using ADFdi, using file-based data import, and using source budget integration. Direct budget balance updates from a Financial Statement in Smart View is not a supported method for entering budget data. Smart View is a tool that allows you to view and analyze financial data in Excel, but it does not allow you to directly update budget balances. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 19
Your customer has many eliminating entries to eliminate intercompany balances. The General Ledger does not include a purpose-built Consolidation feature. How would you automate the process of creating eliminating entries, assuming your customer is not using Oracle Hyperion Financial Close Management?
- A. There is no way to automate this process if the customer is not using Oracle Hyperion Financial Close Management
- B. Create a manual journal that includes the eliminating entries, and then create a copy of the journal batch every period
- C. Use the spreadsheet template that is accessed from the "Create Journal in Spreadsheet" task and import the spreadsheet with the eliminating entries every period
- D. Use the General Ledger's Calculation Manager to define an allocation definition to eliminate entries that you can generate every period
Answer: D
NEW QUESTION # 20
During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.
- A. Delete the segment and create a new segment with the correct qualifier.
- B. Change and save the segment qualifier.
- C. Create a new chart of accounts.
- D. Delete the chart of accounts and create a new one.
Answer: D
NEW QUESTION # 21
You want to process multiple allocations at the same time. What feature do you use?
- A. General Ledger journal entries
- B. RuleSets
- C. Point of View (POV)
- D. Formulas
Answer: B
NEW QUESTION # 22
Your new accountants have been making mistakes in reconciling accounts assigned to them. Your account balances have either spiked or dropped 30-40% every period due to human error. This causes delays in reconciliation. What feature can you use to be proactively notified of account anomalies in a more timely manner?
- A. Account Monitor
- B. Smart View
- C. Financial Reports with Embedded charts
- D. Account Inspector and its charts
Answer: A
Explanation:
Account Monitor is a feature that allows you to monitor key account balances in real time and compare them to predefined thresholds. You can set up alerts to notify you when an account balance exceeds or falls below a certain percentage or amount. You can also drill down to the underlying transactions and subledger details to investigate the cause of the account anomalies. Account Monitor helps you to identify and resolve reconciliation issues in a timely manner. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Monitor Account Balances 12
NEW QUESTION # 23
The expense account of airfare was erroneously assigned to the account type "Liability". Which method should you choose to fix the problem?
- A. Deactivate the value
- B. Run the "Segment Value Inheritance" program
- C. Run the "Update Balance Cube Chart of the Accounting Dimension" program
- D. Run the "Correct Misclassified Account" program
Answer: D
NEW QUESTION # 24
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 include subledgers in order to transfer subledger transactions
- C. Define Journal Conversion Rules that exclude subledgers
- D. Define Supporting References with balances
- E. Assign a Subledger Accounting Method to the secondary ledger
Answer: B,E
NEW QUESTION # 25
Your customer is implementing budgetary control with encumbrance accounting. Your customer has businesses in Australia, New Zealand, and Singapore with a ledger in each country with a Corporate chart of account instance that has four segments. Which three statements are true regarding the creation of a control budget? (Choose three.)
- A. Control budgets are always absolute to generate encumbrance accounting
- B. The control budget structure has all the chart of account segments as budget segments
- C. A control budget is associated to a ledger and creates three control budgets for Australia, New Zealand, and Singapore
- D. A control budget can be associated with a different calendar than accounting calendar
- E. A control budget can allow override rules only if the control level is absolute
Answer: A,C,D
Explanation:
According to the Oracle documentation2, "Control budgets are always absolute to generate encumbrance accounting." Therefore, this is a true statement regarding the creation of a control budget.
According to the Oracle documentation3, "You can associate a control budget with a different calendar than your accounting calendar." Therefore, this is also a true statement regarding the creation of a control budget.
NEW QUESTION # 26
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