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Oracle 1z0-1054-24 Exam Syllabus Topics:
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NEW QUESTION # 16
You are using Oracle General Ledger (GL), Oracle Payables, and Oracle Receivables and you want to prevent the closure of the GL period if the corresponding subledger period is not closed. How do you achieve this?
- A. You don't have to do anything; this option is enabled automatically.
- B. Opt in to the Prevent Period Close option for the offering.
- C. Set the relevant option on the Specify Ledger Options page.
- D. Set the ORA_GLJNCLD_STRICT_PRD_CLOSE profile option to yes.
Answer: C
Explanation:
You can prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period.
This can help ensure an effective period close process that validates all transactions are complete and aren't held up during the close. To enable this feature, you need to set the relevant option on the Specify Ledger Options page for each primary ledger. The option is called Prevent General Ledger Period Closure When Open Subledger Periods Exist and it is located in the Period Close section. You can also specify which subledgers to include or exclude from the validation, except for Assets, which is automatically excluded by default. References:
* How to Prevent a General Ledger Period from Closing When Open Subledger Periods Exist
* Period Close Components
* Review: Prevent General Ledger Period Closure When Open Subledger Periods Exist
NEW QUESTION # 17
Users with the General Accountant job role have reported that they are unable to access the UK Ledger. They require read/write access to the full ledger. The accounting configuration completed successfully.
What should you do to allow access to the ledger?
- A. Assign the security context value of UK Ledger to the user/role combination.
- B. Assign the General Accounting Manager role to those users.
- C. Create a data access set that allows access to the UK Ledger.
- D. Assign the UK reference set to the user/role combination.
Answer: C
Explanation:
Data access sets are collections of ledgers that define the data security for users who access General Ledger.
Users can only access the ledgers that are assigned to them through data access sets. To allow users with the General Accountant job role to access the UK Ledger, you need to create a data access set that includes the UK Ledger and assign it to the user/role combination. You also need to specify the access privilege for the data access set, which can be Full Ledger, Both Read and Write, or Read Only. In this case, you need to select Both Read and Write to allow read/write access to the full ledger. References:
* Implement General Ledger
* GL_ACCESS_SET_LEDGERS
* The Default Data Access Set
* Overview of General Ledger Security
NEW QUESTION # 18
An Oracle Fusion Cloud customer has a complex enterprise structure that includes multiple legal entities in multiple countries. To match the intercompany balancing requirements, all four levels of rules have been defined. In user testing, the business experts are asking which rule will be considered first when balancing an intercompany journal?
- A. Legal entity-level rule
- B. Primary balancing segment rule
- C. Ledger-level rule
- D. Chart of accounts rule
Answer: B
Explanation:
When balancing an intercompany journal, Oracle Fusion Cloud will first look for a primary balancing segment rule that matches the provider and receiver primary balancing segment values. If such a rule exists, it will be used to generate the intercompany receivables and payables accounts. If not, Oracle Fusion Cloud will look for a chart of accounts rule, then a legal entity-level rule, and finally a ledger-level rule. The primary balancing segment rule has the highest priority and the ledger-level rule has the lowest priority. References:
* Overview of Intercompany Balancing Rules
* Intercompany Balancing Rules
* Troubleshooting Guide For Intercompany Balancing
* Example of Generating Intercompany Receivables and Intercompany Payables Accounts
NEW QUESTION # 19
You can run predefined reports to reconcile subledger application balances to General Ledger balances.
Which attribute must you 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. Financial Category
- B. Third Party Control Account
- C. Start Date
- D. Reconcile
- E. End Date
Answer: A
NEW QUESTION # 20
You have redesigned your chart of accounts and need to update your existing cross-validation rules. There is a requirement for new rules; some simply need to be updated and others need to be deleted.
What is the most efficient way to achieve this?
- A. by using Cross-Validation Rules Import file-based data import (FBDI).
- B. by creating Cross-Validation Rules desktop-integrated spreadsheet.
- C. by using the Manage General Ledger Security page.
- D. by using the Manage Cross-Validation Rules page.
Answer: A
Explanation:
According to Oracle documentation1, the most efficient way to update your existing cross-validation rules when you have redesigned your chart of accounts is to use Cross-Validation Rules Import file-based data import (FBDI). FBDI enables you to import cross-validation rules from a spreadsheet template into General Ledger. You can use FBDI to create new rules, update existing rules, or delete rules. Therefore, option C is correct. Option A is incorrect because using the Manage General Ledger Security page does not enable you to update cross-validation rules. Option B is incorrect because creating Cross-Validation Rules desktop- integrated spreadsheet does not enable you to update cross-validation rules. Option D is incorrect because using the Manage Cross-Validation Rules page does not enable you to update cross-validation rules efficiently.
According to Oracle documentation2, you should create a Data Access Set that allows access to the UK Ledger to allow users with the General Accountant job role to access the UK Ledger. A Data Access Set is a security feature that defines the ledgers and balancing segment values that a user can access. You can assign Data Access Sets to users or roles using the Manage Data Access for Users page. Therefore, option B is correct. Option A is incorrect because assigning the security context value of UK Ledger to the user/role combination does not enable access to the ledger. Option C is incorrect because assigning the General Accounting Manager role to those users does not enable access to the ledger. Option D is incorrect because assigning the UK reference set to the user/role combination does not enable access to the ledger.
NEW QUESTION # 21
Your ledger currency is USD. At month end, you have a balance on the Accounts Payable Liability Account of 100,000 Euros, which is equivalent to 136,550 USD. This balance needs to be revalued. The month-end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true about the resulting revaluation run?
- A. There is no unrealized exchange gain or loss calculated.
- B. You have an unrealized exchange loss recorded.
- C. You have an unrealized exchange gain recorded.
- D. The original journal entry in Euros remains the same.
- E. The original journal entry in Euros is updated.
Answer: B,D
Explanation:
The revaluation process is used to adjust account balances denominated in a foreign currency. Revaluation adjustments represent the difference in account balances due to changes in conversion rates between the date of the original journal and the revaluation date. These adjustments are posted through journal entries to the underlying account with the offset posted to an unrealized gain or loss account. The two statements that are true about the resulting revaluation run are:
* You have an unrealized exchange loss recorded: Since the ledger currency (USD) has depreciated against the foreign currency (Euro) from the date of the original journal to the revaluation date, the account balance in USD has increased. This means that you have a loss on the
NEW QUESTION # 22
A company implementing Oracle General Ledger has a business requirement to report under two accounting conventions and is considering setting up a primary and secondary ledger. The two accounting standards are very close.
Which data conversion level should you recommend to ensure only manual journals will be entered in the secondary ledger?
- A. FBDI level
- B. Subledger level
- C. Balance level
- D. Adjustment only level
- E. Journal level
Answer: D
Explanation:
The adjustment only level is the data conversion level that ensures only manual journals will be entered in the secondary ledger. This level means that no data is copied from the primary ledger to the secondary ledger automatically. Instead, the user can enter manual adjustments in the secondary ledger to reflect the differences between the two accounting standards. This level issuitable for scenarios where the accounting methods or charts of accounts are very close between the primary and secondary ledgers, and there is no need to maintain detailed journals or subledger transactions in the secondary ledger. References: Primary Ledgers, Secondary Ledgers, and Reporting Currencies, High Volume Data Migration Considerations for General Ledger, Reporting Currencies - Conversion Level Balance
NEW QUESTION # 23
When working with Essbase, versions of the tree hierarchy as defined in the Fusion are not available in the Essbase balances cube. What should you do to correct this situation?
- A. Redeploy the chart of accounts.
- B. Make sure to flatten the rows of the tree version.
- C. Make sure the tree version was published successfully.
- D. Make sure the tree is active.
Answer: C
NEW QUESTION # 24
You notice that a lot of erroneous address data is being saved. How do you ensure that only valid addresses are entered in the system?
- A. Redefine the geography hierarchy.
- B. Define the Geography Validation for Country option to Error.
- C. Define the Geography Validation for Country option to No Validation.
- D. Redefine the location structure.
Answer: B
Explanation:
Geography validation is a feature that enables you to validate the address information entered for a location against the geography hierarchy defined for a country. You can set the Geography Validation for Country option to one of the following values:
* No Validation: No validation is performed on the address information.
* Warning: A warning message is displayed if the address information does not match the geography hierarchy, but the user can still save the address.
* Error: An error message is displayed if the address information does not match the geography hierarchy, and the user cannot save the address until the error is corrected. To ensure that only valid addresses are entered in the system, you should set the Geography Validation for Country option to Error. This will prevent users from saving erroneous address data and enforce data quality and accuracy. References:
* Oracle Financials Cloud: Enterprise Structures with General Ledger Implementation, Chapter 2: Define Geographies, Section: Geography Validation
* Oracle Financials Cloud: Implementing Enterprise Structures and General Ledger, Chapter 2: Define Geographies, Section: Geography Validation
NEW QUESTION # 25
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)
- A. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
- B. The report displays all clearing company balancing lines for a period.
- C. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
- D. 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.
- E. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
Answer: A,D
Explanation:
According to the Oracle documentation12, the Intercompany Reconciliation Report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison (option C). The report also includes ledger balancing lines generated when the primary balancing segment value is in balance, but either the second or third balancing segment values are not (option B). Option A is incorrect because you can drill down to the general ledger journal, subledger accounting entry, and source receivables or payables transaction2. Option D is incorrect because the report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them1
. Option E is incorrect because the report does not display clearing company balancing lines2.
NEW QUESTION # 26
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. It supports external integration using REST services.
- B. You can create, update, and delete segment rules for a chart of accounts mapping.
- C. You can create, update, and delete account rules for a chart of accounts mapping.
- D. You can download the template only from the Manage Chart of Accounts Mappings page.
Answer: B,C
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 # 27
You want to achievemulti-step cascading allocations. Which feature do you use?
- A. Point of View (POV)
- B. RuleSets
- C. General Ledger journal entries
- D. Formulas
Answer: B
NEW QUESTION # 28
What type ofusermust be defined before you can create anImplementation Project?
- A. A full-time employee that has the FSM Superuser role assigned
- B. None. The OIM system administrator user ID, XELSYSADM, which is assigned by the person provisioning the system, has full access.
- C. All roles that will be used throughout the implementation
- D. Implementation Users
- E. None. The Fusion Applications Superuser, FAADMIN, has full access to create an Implementation Project.
Answer: E
NEW QUESTION # 29
InFinancial Cloud, which three reporting tools can be used to accessGeneral Ledger balances?
- A. Financial Reporting Studio
- B. Oracle Transactions Business Intelligence
- C. Oracle Enterprise Repository
- D. Application Composer
- E. Smart View
Answer: A,B,E
NEW QUESTION # 30
When constructing a new chart of accounts instances, it has been decided to control the list of values within certain segments, with the use of related value sets.
When defining new related value sets, which three configuration steps should be considered?
- A. Use independent validation type value sets only
- B. Order of the segments determines filtering sequence
- C. Order of the segments does not determine filtering sequence.
- D. Link multiple value sets together
- E. Use table validated type value sets only
- F. Link two value sets together
Answer: A,B,F
NEW QUESTION # 31
Which two statements are true regarding the Translation process? (Choose two.)
- A. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.
- B. The Translation process should be run before posting Period Close adjustment entries.
- C. The Translation process can only be used to translate balance sheet accounts.
- D. The Translation process can only be used for translating the balances of Secondary ledgers.
- E. If necessary, before submitting the Translation process, the Revaluation process should be completed.
Answer: A,E
Explanation:
According to Oracle documentation1, the following statements are true regarding the Translation process:
Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes.
The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.
NEW QUESTION # 32
You are capturing rental costs for a building in a corporate cost center. At month end, you want to allocate those costs to the cost centers in the building based on the floor area occupied. A statistical journal has been entered to record the floor area. You use Calculation Manager to create the allocation.
Where do you reference the statistical balance within the allocation component?
- A. Offset
- B. Allocation Range
- C. Basis
- D. Source
- E. Target
Answer: D
Explanation:
The source is where you specify the amount to be allocated. You can use various sources, such as account balances, fixed amounts, or statistical balances. In this case, you want to use the statistical balance of the floor area as the source of the allocation. The basis is where you specify the driver or factor that determines how the source amount is distributed among the targets. The target is where you specify the destination accounts that receive the allocated amount. The offset is where you specify the account that records the opposite side of the allocation entry. The allocation range is where you specify the scope of the allocation, such as the ledger, balancing segment, or legal entity. References:
* Oracle Financials Cloud Implementing Enterprise Structures and General Ledger, Chapter 3:
Allocations and Periodic Entries, Allocation Components
* Oracle Financials Cloud Using General Ledger, Chapter 3: Allocations and Periodic Entries, Overview
NEW QUESTION # 33
The Cloud Client wants to add a global branding logo and more predefined transactional attributes to the journal approval email notification.
Which two Business Intelligence catalog objects should you copy (or customize) and edit? (Choose two.)
- A. The layout-Template
- B. Output type
- C. The Data Model
- D. The Sub_Template
- E. The Data Source
Answer: A,C
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 data source, as this is a component of the data model that specifies where data for the notification comes from, such as an SQL query or an XML file. 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 # 34
You entered across-validation ruleto prevent thebalance sheet cost center (000)from being used withProfit and Loss Accounts (4000-ZZZZ).
The following combinations exist in theCode Combination table:
* 01-000-4110-00
* 01-000-5299-000
* 01-000-5105-000
* 01-000-7640-00
Which two statements aretrueregardingcross-validation rules?
- A. You need to run theCross-Validation Rule Violations processto allow rules to apply to existing combinations that violate rules.
- B. You need to run theCross-Validation Rules processto list and optionally disable combinations that violate rules.
- C. There is no need to create cross-validation rules ifDynamic Combination Creation Allowedis notenabled for your chart of accounts instance.
- D. The rules will validate and apply tonew and existing accounts.
- E. The rules validate and apply tonew accounts only.
Answer: A,D
NEW QUESTION # 35
You have a requirement to have invoices generated for certain Intercompany transactions.
Where do you enable invoicing?
- A. the transaction type
- B. the transaction source
- C. the transaction category
- D. the transaction batch
Answer: A
Explanation:
According to Oracle documentation2, you enable invoicing for certain Intercompany transactions on the transaction type. The transaction type defines the characteristics of an intercompany transaction, such as whether it requires approval, whether it generates invoices, and what accounting rules apply. You can enable invoicing for a transaction type by selecting the Invoicing Options tab and choosing the invoice method, invoice source, invoice batch source, and invoice rule. Therefore, option D is correct. Option A is incorrect because you do not enable invoicing on the transaction batch. Option B is incorrect because you do not enable invoicing on the transaction category. Option C is incorrect because you do not enable invoicing on the transaction source.
NEW QUESTION # 36
Budgetary control for accounts5020and5021has a budget of$90,000 USDeach for the year2012. The accounts also have balances onobligation of $10,000 USDfor each and anexpenditure of $20,000 USDfor each.
AFund of $50,000 USDis available for account5020only. You have run theEncumbrance Year End Carry Forward processfor obligation from the last period of the year2012to the first period of year2013.
Which statement is true?
- A. 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.
- B. 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.
- C. If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward.
- D. The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances.
Answer: A
NEW QUESTION # 37
Your ledger currency is USD. At month end you have a balance on the Accounts Payable Liability Account of
100,000 Euros which is equivalent to USD 136,550. This balance needs to be revalued.
The month end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true for the resulting revaluation run? (Choose two.)
- A. There is no unrealized exchange gain or loss calculated.
- B. You have an unrealized exchange loss recorded.
- C. The original journal entry in Euros is updated.
- D. The original journal entry in Euros remains the same.
- E. You have an unrealized exchange gain recorded.
Answer: B,E
Explanation:
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550
- 136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.
NEW QUESTION # 38
You are using the Create Budgets in a Spreadsheet option to load your budget balances into the General Ledger balances cube. Your FYXX Budget is not appearing in the Budget Name list of values.
What are two reasons for this?
- A. Transfer Budget Balances to Budget Cubes has not been run.
- B. A value for the budget scenario is not created.
- C. Publish Chart of Accounts Dimension Members and Hierarchies to the Balances Cube has not been run.
- D. Budgeting is not enabled in the Ledger options.
- E. The Create Scenario Dimension Members program has not been run.
Answer: B,E
Explanation:
To use the Create Budgets in a Spreadsheet option, you need to have a budget scenario value and a scenario dimension member for your budget. A budget scenario value is a user-defined value that identifies a budget, such as FYXX Budget. A scenario dimension member is a member of the scenario dimension in the General Ledger balances cube that corresponds to a budget scenario value, such as FYXX_Budget. You can create budget scenario values and scenario dimension members using the Manage Budget Scenario Values task or the Create Scenario Dimension Members program. If you do not create these values and members, your budget will not appear in the Budget Name list of values in the spreadsheet. Therefore, the two reasons for your issue are:
* A value for the budget scenario is not created: You need to create a budget scenario value for your budget using the Manage Budget Scenario Values task. This task enables you to define and maintain budget scenario values and their attributes, such as description, start date, end date, and status. You can also specify whether the budget scenario value is enabled for budgeting and reporting. You need to enable the budget scenario value for budgeting to use it in the spreadsheet.
* The Create Scenario Dimension Members program has not been run: You need to run the Create Scenario Dimension Members program to create scenario dimension members for your budget scenario values. This program automatically creates scenario dimension members for all budget scenario values that are enabled for budgeting and do not have existing scenario dimension members. You can run this program manually or schedule it to run periodically. You need to run this program after you create or update budget scenario values to ensure that they are reflected in the scenario dimension.
References:
* Create Budgets in a Spreadsheet
* Manage Budget Scenario Values
* Create Scenario Dimension Members
NEW QUESTION # 39
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