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The Oracle 1z0-1054-22 exam covers a wide range of topics including setting up ledgers and legal entities, creating and managing accounting structures, defining financial calendars and periods, setting up currencies and exchange rates, and configuring journals and intercompany transactions. 1z0-1054-22 exam also covers key features of the General Ledger module such as consolidation and elimination, budgeting and forecasting, and financial reporting. Passing 1z0-1054-22 exam demonstrates a high level of proficiency in implementing and maintaining the General Ledger module in the Oracle Financials Cloud, which is a valuable asset for professionals looking to advance their careers in financial management and accounting.
NEW QUESTION # 44
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. In Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger allocation journals and single-ledger journals
- C. Intercompany balancing rules in General Ledger need to be mapped with the intercompany configuration in each product
- D. Each product has its own Intercompany Accounting feature that needs to be configured separately
Answer: A,D
Explanation:
he two true statements regarding intercompany accounting for Financials Cloud, Projects, Inventory, and SCM are that Intercompany Balancing Rules are defined centrally and applied across Financials and Projects, and that each product has its own Intercompany Accounting feature that needs to be configured separately. Intercompany Balancing Rules are defined in General Ledger Cloud and are used to balance cross-ledger intercompany journals between Financials and Projects. Each product also has its own Intercompany Accounting feature that enables intercompany transactions within the product or across products. For example, Payables and Receivables have Intercompany Invoicing, Projects has Intercompany Billing and Capitalization, Inventory has Intercompany Transfer Pricing, and SCM has Intercompany Drop Shipments. Intercompany balancing rules in General Ledger do not need to be mapped with the intercompany configuration in each product, as they are independent of each other. In Financials Cloud, Intercompany Balancing Rules are not used to balance both cross-ledger allocation journals and single-ledger journals, as they are only used to balance cross-ledger journals. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12
NEW QUESTION # 45
Which two allow access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis? (Choose two.)
- A. Reports and Analytics
- B. Universal Content Management Workspace
- C. Scheduled Processes
- D. Enterprise Performance Management Workspace
- E. Business Process Management Workspace
Answer: A,D
Explanation:
The two options that allow access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis are Reports and Analytics and Enterprise Performance Management Workspace. Reports and Analytics is a tool that allows users to access, create, edit, and share reports and analyses using data from various sources, including Oracle Transactional Business Intelligence. Users can access Reports and Analytics from various pages in Oracle Fusion Applications or from Oracle Fusion Cloud Service Console. Enterprise Performance Management Workspace is a tool that allows users to access, create, edit, and share reports and analyses using data from various sources, including Oracle Transactional Business Intelligence. Users can access Enterprise Performance Management Workspace from Oracle Fusion Cloud Service Console or from a web browser. Universal Content Management Workspace is not an option that allows access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis, as this is a tool that allows users to manage documents and other digital content in Oracle Fusion Applications. Business Process Management Workspace is not an option that allows access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis, as this is a tool that allows users to monitor and manage business processes in Oracle Fusion Applications. Scheduled Processes is not an option that allows access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis, as this is a tool that allows users to submit, monitor, and manage scheduled processes in Oracle Fusion Applications. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Use Oracle Transactional Business Intelligence (OTBI) 12
NEW QUESTION # 46
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?
- A. Define multiple ledgers for consolidation and report on ledger set
- B. 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.
- C. Use Oracle Hyperion Financial Management for this type of complex consolidation
- D. 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
Answer: D
NEW QUESTION # 47
How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?
- A. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
- B. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
- C. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
- D. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
Answer: A
Explanation:
cross-validation rules only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table. Therefore, option C is correct. Option A is incorrect because deactivating the value will not prevent further usage of the invalid account combination. Option B is incorrect because cross-validation rules are not assigned to the end user role. They are defined at the chart of accounts level. Option D is incorrect because cross-validation rules do not automatically disable that account code combination.
NEW QUESTION # 48
There is a business requirement for a subsidiary company to report to the parent company on a monthly basis.
Given that:
The subsidiary is in another country from the parent.
There is no requirement to have daily balances.
The objective is to minimize the data stored in the reporting currency.
Which data conversion level should you recommend?
- A. Spreadsheet level
- B. Journal Level
- C. Adjustment only level
- D. Subledger level
- E. Balances Level
Answer: E
Explanation:
According to Oracle documentation, when there is a business requirement for a subsidiary company to report to the parent company on a monthly basis with different currencies and no requirement to have daily balances, you should recommend Balance level as the data conversion level. A Balance level data conversion level enables you to translate balances from one currency to another at month-end or quarter-end for reporting purposes. A Balance level data conversion level minimizes the data stored in the reporting currency because it does not store daily balances or journal details. Therefore, option D is correct. Option A is incorrect because a Subledger level data conversion level stores daily balances and journal details in the reporting currency. Option B is incorrect because a Journal Level data conversion level stores journal details in the reporting currency. Option C is incorrect because an Adjustment only level data conversion level does not translate balances from one currency to another. Option E is incorrect because a Spreadsheet level data conversion level does not exist.
NEW QUESTION # 49
What are the three differences between Oracle Transactional Business Intelligence (OTBI) and Oracle Business Intelligence Applications (OBIA)? (Choose three.)
- A. OBIA works for multiple sources including E-Business Suite, PeopleSoft, JD Edwards, SAP, and Cloud Applications
- B. Cloud customers can use both OTBI and OBIA
- C. OTBI allows you to create custom reports from real-time transactional data against the database directly
- D. OBIA is based on the universal data warehouse design with different prebuilt adapters that can connect to various source applications.
- E. Both OBIA and OTBI provide a set of predefined reports and dashboards and a library of metrics that help to measure business performance.
Answer: A,C,D
Explanation:
Reference:
OTBI and OBIA are two different types of business intelligence solutions offered by Oracle. OTBI is a real-time reporting tool that allows you to create custom reports and dashboards from transactional data in Oracle Cloud Applications. OTBI queries the database directly and does not require any data warehouse or ETL processes. OBIA is a prebuilt analytics solution that uses a universal data warehouse design and different adapters to connect to various source applications, such as E-Business Suite, PeopleSoft, JD Edwards, SAP, and Cloud Applications. OBIA provides a set of predefined reports and dashboards based on best practices and industry standards. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Use Oracle Transactional Business Intelligence (OTBI) 12
NEW QUESTION # 50
In which two ways can your users personalize the Springboards and Work Areas to suit their individual working styles? (Choose two.)
- A. They can have the System Administrator configuring pages for them using Page Composer
- B. They can format certain tables by hiding and showing columns, moving columns, and resizing columns
- C. Users have very little control configuring their Springboards and Work Areas; they can only resize columns
- D. They can use "+" under the Apps section of the News Feed homepage
Answer: A,B
NEW QUESTION # 51
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)
- A. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
- B. 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.
- C. The report displays all clearing company balancing lines for a period.
- D. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
- E. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
Answer: B,E
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 # 52
On which three occasions are Essbase balances updated? (Choose three.)
- A. every time the tree version is published
- B. every time you open a new period
- C. every time you run the batch program called "Update Essbase Balances"
- D. at report run-time
- E. every time journals are posted to the general ledger
Answer: B,C,E
Explanation:
Essbase balances are updated on three occasions: every time you run the batch program called "Update Essbase Balances", every time you open a new period, and every time journals are posted to the general ledger. The Update Essbase Balances program updates the balances cube with the latest account balances from General Ledger Cloud. You can run this program manually or schedule it to run periodically. When you open a new period, Essbase balances are updated automatically with the opening balances of the new period. When journals are posted to the general ledger, Essbase balances are updated automatically with the posted journal amounts. Essbase balances are not updated every time the tree version is published, as this does not affect account balances. Essbase balances are not updated at report run-time, as this would affect performance and accuracy of reporting. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Use Oracle Transactional Business Intelligence (OTBI) 12
NEW QUESTION # 53
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?
- A. Event Class
- B. Journal Entry
- C. Event Type
- D. Journal Line Rule
- E. Journal Entry Rule Set
Answer: D
Explanation:
you can override the default accounting attribute assignment at the journal line rule level. A journal line rule defines how subledger journal lines are created for each event class and event type. Therefore, option C is correct. Option A is incorrect because a journal entry rule set defines how subledger journal entries are created for each event class, not how accounting attributes are assigned. Option B is incorrect because an event type defines a business operation that triggers accounting, not how accounting attributes are assigned. Option D is incorrect because a journal entry defines a set of subledger journal lines that are created for an accounting event, not how accounting attributes are assigned. Option E is incorrect because an event class defines a category of business transactions that have similar accounting impact, not how accounting attributes are assigned.
NEW QUESTION # 54
Which AMX builder method is most effective in routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal?
- A. Supervisory level approval
- B. Management Chain approval
- C. Cost center based approval
- D. Approval Groups
- E. Dynamic Approval Groups
Answer: A
NEW QUESTION # 55
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. 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.
- B. Use Oracle Hyperion Financial Management for this type of complex consolidation.
- C. 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
- D. 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.
Answer: D
Explanation:
The recommended approach to performing consolidations when 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 is to 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 create a ledger set across all ledgers and report on the ledger set. This will allow you to maintain separate ledgers for each subsidiary with different reporting requirements and eliminate intercompany balances using the elimination ledger. The ledger set will enable you to report consolidated balances across all ledgers using General Ledger Cloud reporting tools. You do not need to 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, as this is a complex and time-consuming process that involves multiple steps and data conversions. You do not need to 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, as this is not a reliable or accurate way to perform consolidations and does not address different charts of accounts or calendars. You do not need to use Oracle Hyperion Financial Management for this type of consolidation, as this is an external application that requires additional integration and maintenance. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Consolidate Balances 12
NEW QUESTION # 56
While creating a Journal Entry Rule Set, you are not able to use an Account Rule recently created. Which two options explain that? (Choose two.)
- A. The Account Rule's chart of accounts has no account values assigned
- B. The Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set
- C. The Account Rule is defined with a different chart of accounts form the Journal Entry Rule Set
- D. The Account Rule's conditions are not defined
Answer: B,C
NEW QUESTION # 57
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. Opt in to the Prevent Period Close option for the offering
- B. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
- C. Nothing, this option is enabled automatically
- D. Set the relevant option on the Specify Ledger Options page
Answer: A
Explanation:
Reference:
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NEW QUESTION # 58
When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).
- A. Smart View
- B. Financial Reporting Center
- C. Financial Reporting Studio
- D. Oracle Financial Statement Generator
Answer: B,C
Explanation:
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Reference:
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NEW QUESTION # 59
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. Additional intercompany rules will need to be defined for the two additional balancing segments
- B. Additional intercompany balancing and clearing options will need to be defined
- C. 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
- D. 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
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 # 60
Your company has complex consolidation requirements with multiple general ledger instances. You are using Oracle Hyperion Financial Management to consolidate the disparate General Ledgers. You can typically map segments between your general ledger segment to a Hyperion Financial Management segment, such as Company to Entity, Department to Department, and Account to Account. What happens to segments in your source general ledger, such as Program, that cannot be mapped to Hyperion Financial Management?
- A. Data is summarized across segments that are not mapped to Hyperion Financial Management
- B. The unmapped segments default to future use segments in Hyperion Financial Management
- C. Errors occur for unmapped segments. You must map multiple segments from source general ledgers to the target segment in Hyperion Financial Management
- D. No data is transferred
Answer: A
Explanation:
When you have segments in your source general ledger, such as Program, that cannot be mapped to Hyperion Financial Management, data is summarized across those segments. For example, if you have a Program segment with values A, B, and C in your source general ledger, but no corresponding segment in Hyperion Financial Management, the data for those values will be aggregated and mapped to a default member in Hyperion Financial Management. The unmapped segments do not default to future use segments in Hyperion Financial Management, as these segments are reserved for future expansion. No data is transferred is not a correct statement, as data is transferred but summarized across unmapped segments. Errors do not occur for unmapped segments, as data is transferred but summarized across unmapped segments. You cannot map multiple segments from source general ledgers to the target segment in Hyperion Financial Management, as this is not a supported option. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Consolidate Balances 12
NEW QUESTION # 61
You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?
- A. Application Developer Framework Desktop Integrator
- B. Enterprise Resource Budget Integrator
- C. The budget journal spreadsheet
- D. File Based Data Import
Answer: A
Explanation:
Reference:
According to Oracle documentation3, you should use Application Developer Framework Desktop Integrator (ADFdi) to load data from your budgeting application into a .csv file into General Ledger. ADFdi enables you to use Excel spreadsheets to load data into General Ledger using web services. You can use ADFdi to create budget journals or budget balances from your .csv file. Therefore, option D is correct. Option A is incorrect because the budget journal spreadsheet is not a tool to load data into General Ledger. Option B is incorrect because Enterprise Resource Budget Integrator is not a tool to load data into General Ledger. Option C is incorrect because File Based Data Import is not a tool to load data into General Ledger.
NEW QUESTION # 62
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. Account Rules
- B. Supporting References
- C. Chart of Accounts
- D. Accounting Date
- E. Journal Line 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 References. 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 # 63
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 a report batch to run reports at a specific time to create a set of snapshot reports
- B. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
- C. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
- D. Use OTBI to create multiple reports that you save to a folder that only the users can access
- E. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet
Answer: A,C
NEW QUESTION # 64
You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)
- A. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
- B. automatic or manual batch numbering and the minimum transaction amount
- C. the approvers who will approve intercompany transactions
- D. whether to allow receivers to reject intercompany transactions
- E. automatic or manual batch numbering and the maximum transaction amount
Answer: A,B,D
Explanation:
The Intercompany System Options page allows you to specify various settings for intercompany transactions, such as whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies, whether to allow receivers to reject intercompany transactions, and the approvers who will approve intercompany transactions3.
NEW QUESTION # 65
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. Subledger Level
- B. Journal Level
- C. Adjustment Only Level
- D. Balance level
- E. FBDI Level
Answer: B,C
Explanation:
According to Oracle documentation, 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 E 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 D is incorrect because a reporting currency with the local accounting convention does not represent an alternative accounting representation.
NEW QUESTION # 66
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Oracle 1z0-1054-22 exam covers a wide range of topics related to Oracle Financials Cloud: General Ledger 2022, including setting up and configuring the system, managing financial data and transactions, and using advanced reporting and analytics tools. Candidates will need to demonstrate a thorough understanding of financial accounting principles, as well as the ability to use Oracle Financials Cloud to manage financial processes and workflows.
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