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Oracle 1z0-1054-22 Oracle Financials Cloud: General Ledger 2022 Implementation Professional Exam Practice Test

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Total 131 questions

Oracle Financials Cloud: General Ledger 2022 Implementation Professional Questions and Answers

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Question 1

The Delete Translated Balances process provides the ability to completely reset translations in the event that significant changes are made to the accounting configuration.

Once the deletion process completes, what additional process must you run?

Options:

A.

Submit the Update General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.

B.

Submit the Create General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.

C.

Submit the Create Currency Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.

D.

Submit the Create Scenario Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.

Question 2

You need to define multiple allocation rules as efficiency as possible.

Which three components can be reused across allocation rules? (Choose three.)

Options:

A.

Point of View (POV)

B.

Formulas

C.

Run Time Prompts (RTP)

D.

RuleSets

Question 3

You want to define an allocation rule where segment values are constants for rules and formulas. What should you do?

Options:

A.

Never use the Outer Point of View (POV)

B.

Always use the Outer Point of View (POV)

C.

Specify Run Time Prompts (RTP)

D.

Only specify segment values in formulas

Question 4

You want to enter budget data in General Ledger Cloud. Which method is not supported?

Options:

A.

Entering budget journals

B.

Application Development Framework Desktop Integration (ADFdi)

C.

Direct budget balance updates from a Financial Statement in Smart View

D.

File-based Data Import

Question 5

You have a requirement to have invoices generated for certain Intercompany transactions.

Where do you enable invoicing?

Options:

A.

the transaction batch

B.

the transaction category

C.

the transaction source

D.

the transaction type

Question 6

You entered a journal and the client is asking for the following information:

  • The current account balance
  • What the future account balance will be if the journal is approved and posted

How will you get this information?

Options:

A.

Query the account balance online

B.

Use Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances

C.

View the Projected Balances region in the Create Journals page

D.

Run a Trial Balance before and after posting

Question 7

You need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.

What format should you choose?

Options:

A.

Fiscal Year

B.

Calendar Year

C.

Period

D.

Year

Question 8

The Create Accounting program could not determine the debit side of the journal entry.

Which component of Subledger Accounting determines the debit or credit side of a journal entry?

Options:

A.

Journal Balances Rule

B.

Journal Entry Rule Set

C.

Journal Line Rule

D.

Journal Accounting Rule

E.

Account Rule

Question 9

Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)

Options:

A.

All ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules.

B.

You can only define balancing rules for different journals’ sources. You cannot define balancing rules for different journal categories.

C.

You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.

D.

You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys

Question 10

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?

Options:

A.

by using the Manage General Ledger Security page.

B.

by creating Cross-Validation Rules desktop-integrated spreadsheet.

C.

by using Cross-Validation Rules Import file-based data import (FBDI).

D.

by using the Manage Cross-Validation Rules page.

Question 11

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.)

Options:

A.

The Account Rule’s conditions are not defined

B.

The Account Rule’s chart of accounts has no account values assigned

C.

The Account Rule is defined with a different chart of accounts form the Journal Entry Rule Set

D.

The Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set

Question 12

You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle’s recommended practice when this occurs?

Options:

A.

Translate only the adjusting journal entry

B.

Rerun Translation and then reconsolidate your results

C.

Rerun Revaluation and then rerun Translation

D.

Enter another adjusting journal entry in the target currency to true up the balances

Question 13

You are creating financial statements and want to have charts, such as a bar graph, automatically inserted to improve the understanding financial results. How would you achieve this?

Options:

A.

Use Smart View, which is an Excel Add-on

B.

Use Account Inspector that automatically creates graphs on financial balances

C.

When viewing the report, download to Excel and use Excel’s Charting features to create your bar graph

D.

When designing your financial statement using Financial Report (FR), embed a chart into your report

Question 14

Encumbrance accounting is enabled for your ledger. An encumbrance journal dated 3/15/19 was recorded for a purchase order.

The invoice was entered on 5/5/19, but the invoice accounting date was 4/20/19. The encumbrance journal for liquidating the purchase order encumbrance is dated 5/5/19.

What is causing this?

Options:

A.

The actual accounting date was set up under the encumbrance accounting Default Date Rule

B.

The current transaction accounting date was set up under the encumbrance accounting Default Date Rule

C.

The subledger accounting option is set to system date

D.

The system date was set up under the encumbrance accounting Default Date Rule

E.

The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule

Question 15

Which two statements are true regarding the Translation process? (Choose two.)

Options:

A.

Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.

B.

If necessary, before submitting the Translation process, the Revaluation process should be completed.

C.

The Translation process should be run before posting Period Close adjustment entries.

D.

The Translation process can only be used for translating the balances of Secondary ledgers.

E.

The Translation process can only be used to translate balance sheet accounts.

Question 16

Your enterprise structure has one ledger and two business units. Business unit one wants to enable budgetary control for Requisitioning only on Procure-to-Pay Business Functions and business unit two wants to enable budgetary control for Payable Invoicing only in Procure-to-Pay Business Functions. Which two statements are correct? (Choose two.)

Options:

A.

While defining control for business unit two, enable control at Requisitioning and define the exceptions to only include invoicing

B.

While defining control for business unit one, enable control at purchasing and define the exceptions to only include requisitioning

C.

Define budgetary control at ledger level with Budgetary Control Exceptions for each business unit

D.

While defining control for business unit one, disable control for Purchasing, Payable Invoicing, and Receiving

E.

Define budgetary control at ledger level and only encumbrance control at the business units

F.

Define control for business unit two to disable control for Requisitioning, Purchasing, and Receiving

Question 17

You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?

Options:

A.

Use the Manage Accounting Periods page to view the status of all subledgers and ledgers

B.

Access each subledgers’ calendar and General Ledger’s Manage Accounting Periods page to view the status of each period

C.

Run Closing Status reports

D.

Use Close Monitor in General Accounting Dashboard

Question 18

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?

Options:

A.

Adjustment Only Level

B.

Subledger Level

C.

FBDI Level

D.

Balance level

E.

Journal Level

Question 19

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.)

Options:

A.

The rules validate and apply to new accounts only

B.

You need to run the Cross-Validation Rules process to list and optionally disable combinations that violate rules

C.

You need to run the Cross-Validation Rule Violations process to allow rules to apply to existing

combinations that violate rules

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.

The rules will validate and apply to new and existing accounts

Page: 1 / 13
Total 131 questions