Passing Oracle 1z0-1054-22 Exam Using 2023 Practice Tests
1z0-1054-22 Study Guide Brilliant 1z0-1054-22 Exam Dumps PDF
To prepare for the Oracle 1z0-1054-22 exam, candidates can take advantage of a variety of resources, including Oracle's official training courses, online study guides, and practice exams. It is recommended that candidates have at least six months of experience working with Oracle Financials Cloud: General Ledger 2022 before taking the exam.
Oracle 1z0-1054-22 certification exam is a comprehensive test that covers a wide range of topics related to Oracle Financials Cloud: General Ledger. 1z0-1054-22 exam includes multiple-choice questions, scenario-based questions, and hands-on exercises that test the candidate's ability to implement and configure Oracle Financials Cloud: General Ledger solutions. 1z0-1054-22 exam is based on the latest version of Oracle Financials Cloud and is designed to ensure that candidates have the most up-to-date knowledge and skills required for the job.
NEW QUESTION # 66
You defined a tree or hierarchy, but you are unable to set its status to Active. What is the reason?
- A. Two tree versions were not defined
- B. Accounting Configuration was not submitted
- C. Chart of accounts was not deployed
- D. An Audit process needs to be successfully performed before a tree version can be set to Active
Answer: D
Explanation:
https://docs.oracle.com/cd/E51367_01/financialsop_gs/OAACT/F1005378AN156C9.htm
NEW QUESTION # 67
You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)
- A. the approvers who will approve intercompany transactions
- B. automatic or manual batch numbering and the maximum transaction amount
- C. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
- D. automatic or manual batch numbering and the minimum transaction amount
- E. whether to allow receivers to reject intercompany transactions
Answer: C,D,E
NEW QUESTION # 68
Which tool can you use to create a Financial Income Statement?
- A. Rapid Implementation Enterprise Structures setup
- B. PS/nVision
- C. One View Reporting
- D. Account Inspector
Answer: D
NEW QUESTION # 69
You want to enter budget data in General Ledger Cloud. Which method is not supported?
- A. File-based Data Import
- B. Entering budget journals
- C. Direct budget balance updates from a Financial Statement in Smart View
- D. Application Development Framework Desktop Integration (ADFdi)
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 # 70
You want to achieve multi-step cascading allocations, which feature do you use?
- A. Point of View (POV)
- B. RuleSets
- C. General Ledger journal entries
- 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 # 71
Which reporting tool is best suited for submitting high-volume transactional reports, such as Invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or xml?
- A. Financial Reporting Center
- B. Oracle Data Visualization Cloud Service
- C. Smart View
- D. Business Intelligence Publisher (BI Publisher)
- E. Oracle Transactional Business Intelligence (OTBI)
Answer: D
NEW QUESTION # 72
Which delivered role can access the full functionality of Functional Setup Manager?
- A. IT Security Manager
- B. Application Implementation Manager
- C. Functional Setup Manager Superuser
- D. Any functional user
- E. Application Implementation Consultant
Answer: B
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 # 73
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. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances
- B. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
- C. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance
- D. In Financials Cloud, you must manually reconcile your intercompany account balances
- E. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables 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 # 74
Your customer requires physical invoices to be generated in Payables Cloud and Receivables Cloud for the Intercompany payables and receivables transactions. Which two statements are correct with regards to setting this up? (Choose two.)
- A. You only need to assign the Legal Entity and Organization Contact
- B. You must assign the corresponding Receivables and Payables Business Units
- C. You must have implemented Payables Cloud and Receivables Cloud
- D. You can only associate one Intercompany Organization per Legal Entity
Answer: B,C
NEW QUESTION # 75
Your company has a legal entity in the UK, US, and Canad A.
They can all share the same chart of accounts but are required to transact and report in their local currency.
What is the minimum number of ledgers you need and why?
- A. Two, because the US and Canada can share the same ledger because they are in North America
- B. One, because they can all share the same chart of accounts
- C. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting
- D. Three, because each requires a different currency
Answer: D
Explanation:
According to Oracle documentation2, the minimum number of ledgers you need when your company has a legal entity in the UK, US, and Canada and they can all share the same chart of accounts but are required to transact and report in their local currency is three, because each requires a different currency. A ledger is a combination of a chart of accounts, calendar, currency, and accounting method. Therefore, option B is correct. Option A is incorrect because you cannot have one ledger for different currencies. Option C is incorrect because you cannot have two ledgers for different currencies. Option D is incorrect because you don't need four ledgers for this scenario.
NEW QUESTION # 76
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)
- A. 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.
- B. The report displays all clearing company balancing lines for a period.
- C. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
- D. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
- E. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
Answer: A,C
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 # 77
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)
- A. You can only define balancing rules for different journals' sources. You cannot define balancing rules for different journal categories.
- B. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys
- C. All ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules.
- D. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
Answer: B,D
NEW QUESTION # 78
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 "Update Balance Cube Chart of the Accounting Dimension" program
- C. Run the "Correct Misclassified Account" program
- D. Run the "Segment Value Inheritance" program
Answer: C
NEW QUESTION # 79
You want to monitor the close process of all financial subledgers and ledgers.
How can you quickly obtain this information?
- A. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers
- B. Use Close Monitor in General Accounting Dashboard
- C. Run Closing Status reports
- D. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period
Answer: D
NEW QUESTION # 80
After loading your budget data into General Ledger Cloud, you can view budget balances using these features. Which feature does not belong on the list?
- A. Account Monitor
- B. Smart View
- C. Account Inspector
- D. Application Development Framework Desktop Integration Budget Balances Report
Answer: D
NEW QUESTION # 81
You are defining an income statement report using Financial Reporting Studio. Users of the report need to be able to analyze the balances directly from the report.
What should you enable to allow this?
- A. Allow Expansion in Report Functions
- B. Drill Down in Report Functions
- C. Drill Through in Grid Properties
- D. Nothing. All report are drillable
Answer: C
Explanation:
To enable users of the income statement report to analyze the balances directly from the report, you should enable Drill Through in Grid Properties. This option allows users to drill down from summary balances to journal details and subledger transactions using Smart View or Financial Reporting Web Studio. You do not need to enable anything else, as all reports are drillable by default if Drill Through is enabled in Grid Properties. You do not need to enable Drill Down in Report Functions, as this option allows users to drill down within a report using different dimensions and hierarchies, but not to originating transactions. You do not need to enable Allow Expansion in Report Functions, as this option allows users to expand or collapse members within a report using different dimensions and hierarchies, but not to originating transactions. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Create Financial Reports 12
NEW QUESTION # 82
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.)
- A. While defining control for business unit one, disable control for Purchasing, Payable Invoicing, and Receiving
- B. While defining control for business unit one, enable control at purchasing and define the exceptions to only include requisitioning
- C. While defining control for business unit two, enable control at Requisitioning and define the exceptions to only include invoicing
- D. Define budgetary control at ledger level and only encumbrance control at the business units
- E. Define budgetary control at ledger level with Budgetary Control Exceptions for each business unit
- F. Define control for business unit two to disable control for Requisitioning, Purchasing, and Receiving
Answer: A,F
NEW QUESTION # 83
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