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The Oracle 1z0-1054-22 certification exam is highly valued in the finance and accounting industries. It demonstrates to employers that the candidate has the knowledge and skills necessary to implement and manage Oracle Financials Cloud: General Ledger 2022. Additionally, achieving this certification can lead to increased job opportunities and higher salaries for professionals in the field.
Earning the Oracle 1z0-1054-22 certification demonstrates to potential employers and clients that the candidate has the knowledge and skills needed to effectively implement Oracle's financial management solutions. It is a valuable credential for professionals seeking to advance their careers in financial management and accounting.
The Oracle 1z0-1054-22 certification exam is designed to test the candidate's knowledge of financial accounting principles, including the ability to create and manage financial statements, track financial transactions, and perform financial analysis. The exam also covers Oracle's financial management solutions, including the General Ledger, Payables, Receivables, and Asset Management modules.
NEW QUESTION # 17
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?
- A. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances
- B. In Financials Cloud, you must manually reconcile your intercompany account balances
- C. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance
- D. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances
- E. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
Answer: C
Explanation:
https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DAAC7706212CF48E040D30A6881766A According to Oracle documentation1, a more automated approach to reconcile intercompany payables and receivables accounts is to run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance. This report is automatically generated when you run the Prepare Intercompany Reconciliation Information process. You can drill down on the report to view the balances by source and by journal lines. Therefore, option D is correct. Option A is incorrect because Oracle Hyperion Close Manager is not a tool for reconciling intercompany account balances. Option B is incorrect because you don't need to manually reconcile your intercompany account balances in Financials Cloud. Option C is incorrect because the BI Publisher reports called Intercompany Transaction Summary and Account Details are not designed to reconcile intercompany balances. Option E is incorrect because creating a query using Oracle Transactional Business Intelligence (OTBI) is not a more automated approach to reconcile intercompany payables and receivables accounts.
NEW QUESTION # 18
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: B
NEW QUESTION # 19
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?
- A. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances
- B. In Financials Cloud, you must manually reconcile your intercompany account balances
- C. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance
- D. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances
- E. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
Answer: C
Explanation:
https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DAAC7706212CF48E040D30A6881766A
NEW QUESTION # 20
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 reporting currency with the local accounting convention
- B. a reporting currency with the IFRS accounting convention
- C. a primary ledger with the IFRS accounting convention
- D. a primary ledger with the local accounting convention
- E. a secondary ledger with the IFRS accounting convention
Answer: D,E
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 # 21
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. A new Balances Cube is created for a unique combination of Ledger and Currency
- C. New dimensions can be added to a General Ledger Balances Cube
- D. They are updated automatically when the General Ledger period is opened
- E. They are updated automatically when the Revaluation process is run
Answer: C,E
NEW QUESTION # 22
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. calculation manager to perform allocations based on multidimensional balances and budgets
- C. journal entries and journal approval to create journals that update balances to the cube directly
- D. revaluations and translation to revalue and translate currencies stored in the Essbase cube
Answer: D
NEW QUESTION # 23
Which delivered role can access the full functionality of Functional Setup Manager?
- A. Application Implementation Manager
- B. Application Implementation Consultant
- C. IT Security Manager
- D. Any functional user
- E. Functional Setup Manager Superuser
Answer: A
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 # 24
You entered a cross validation rule to prevent the balance sheet cost center (000) being used with Profit and Loss Accounts (4000-ZZZZ).
-
The following combinations exist in the Code Combination table:
01-000-4110-00, 01-000-5299-000, 01-000-5105-000 and 01-000-7640-00
Which two statements are true regarding cross-validation rules? (Choose two.)
- A. The rules validate and apply to new accounts only
D18912E1457D5D1DDCBD40AB3BF70D5D - B. You need to run the Cross-Validation Rule Violations process to allow rules to apply to existing combinations that violate rules
- C. The rules will validate and apply to new and existing accounts
- D. There is no need to create cross-validation rules if Dynamic Combination Creation Allowed is not enabled for your chart of accounts instance
- E. You need to run the Cross-Validation Rules process to list and optionally disable combinations that violate rules
Answer: B,C
NEW QUESTION # 25
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?
- A. 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.
- B. 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
- C. 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.
- D. Use Oracle Hyperion Financial Management for this type of complex consolidation.
Answer: B
NEW QUESTION # 26
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. Order Management
- B. Receivables
- C. Assets
- D. Revenue Management
- E. Receipt accounting
Answer: B,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 # 27
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. Output type
- B. The Sub Template
- C. The layout Template
- D. The Data Model
- E. The Style Template
Answer: A,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 # 28
When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).
- A. Financial Reporting Center
- B. Smart View
- C. Financial Reporting Studio
- D. Oracle Financial Statement Generator
Answer: B,C
Explanation:
According to Oracle documentation3, when creating financial reports, the two tools that use data from the General Ledger Balances Cube are Financial Reporting Studio and Smart View. Financial Reporting Studio is a graphical user interface that enables you to design and generate reports using data from various sources, including General Ledger Balances Cube. Smart View is an Excel add-in that enables you to access and analyze data from various sources, including General Ledger Balances Cube. Therefore, options A and B are correct. Option C is incorrect because Oracle Financial Statement Generator does not use data from the General Ledger Balances Cube. Option D is incorrect because Financial Reporting Center does not use data from the General Ledger Balances Cube.
NEW QUESTION # 29
Your client has been using Budgetary Control for six months. Now, they want to use the Spend Authorization.
D18912E1457D5D1DDCBD40AB3BF70D5D
After opting in the new feature Spend Authorization with Budgetary Control, what additional three actions need to be accomplished to activate this feature? (Choose three.)
- A. Enable Payment Request Subtypes
- B. Enable spend authorization
- C. Create a Payment Process Profile
- D. Rebuild the GL Balances Cube
- E. Rebuild the Budgetary Control Cube
Answer: A,B,E
NEW QUESTION # 30
You want to achieve multi-step cascading allocations, which feature do you use?
- A. Point of View (POV)
- B. General Ledger journal entries
- C. RuleSets
- D. Formulas
Answer: C
Explanation:
Reference:
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NEW QUESTION # 31
The current implementation project covers Financials (with Fixed Assets and Expenses) with operations planned in three countries (USA, Italy, and India).
Which three labels are required when designing the chart of account structure for this project? (Choose three.)
- A. Secondary Balancing
- B. Primary Balancing
- C. Intercompany Segment
- D. Natural Account
- E. Cost center
Answer: B,D,E
Explanation:
The three labels that are required when designing the chart of account structure for this project are Primary Balancing, Cost center, and Natural Account. A chart of account structure is composed of segments that represent different dimensions of accounting information, such as company, department, account, or project. Each segment has a label that indicates its function or purpose within the chart of accounts. The Primary Balancing label is required for the segment that identifies the legal entity or business unit for which financial statements are prepared and balanced. The Cost center label is required for the segment that identifies the organizational unit or function that incurs expenses or generates revenues. The Natural Account label is required for the segment that identifies the nature of an account, such as asset, liability, revenue, or expense. The Intercompany Segment label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies intercompany transactions between different legal entities or business units within the same enterprise. The Secondary Balancing label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies an additional balancing dimension other than the primary balancing segment, such as fund or region. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Chart of Accounts 12
NEW QUESTION # 32
What are the two possible reasons for encumbrance created on the purchase order to go back to the budget or funds availability? (Choose two.)
- A. When the purchase order is set to accrue at receipt and partially received, then canceled or finally closed, encumbrance goes back to the extent of the unreceived amount
- B. The purchase order is canceled or finally closed or rejected without performing any receipt or invoice
- C. The requisition reserved successfully undergoes amendment and is rejected in the reapproval
- D. When the requisition is set to accrue at period end and partially billed and then canceled or finally closed, encumbrance goes back to the budget to the extent of the unbilled amount
Answer: A,B
Explanation:
, "Encumbrance accounting is a method of accounting for funds that have been reserved for specific purposes. Encumbrance accounting enables you to track funds that have been committed but not yet spent." When a purchase order is created and reserved successfully, an encumbrance is created on the purchase order and reduces the funds availability. The encumbrance created on the purchase order can go back to the budget or funds
NEW QUESTION # 33
When working with Essbase, versions of the tree hierarchy as defined in the General Ledger Cloud are not available in the Essbase balances cube. What should you do to correct this situation?
- A. Make sure the tree is active
- B. Make sure the tree version was published successfully
- C. Redeploy the chart of accounts
- D. Make sure to flatten the rows of the tree version
Answer: B
NEW QUESTION # 34
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