1Z0-1054-20 Online Practice Questions and Answers

When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).

A. Financial Reporting Studio

B. Smart View

C. Oracle Financial Statement Generator

D. Financial Reporting Center

Your customer has enabled budgetary control for purchase orders. They have a purchase order for $1,000 USD which is fully reserved. An invoice for $600 is entered and matched to the purchase order, and the purchase order is closed for further invoicing.

What happens to the remaining $400 USD?

A. Only obligation type will have $400 USD funds available

B. Manual encumbrance journal needs to be entered in General Ledger to release the budget amount of $400 USD

C. $400 USD will be added back to available funds

D. Invoice type will have less funds available by $400 USD

E. $400 USD will be expired and not available for use

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. 6

B. 3

C. 4

D. 5

You are setting up Close Monitor, which comprises a ledger set hierarchy definition.

Which two components of the enterprise structure should the ledgers in the ledger set share? (Choose two.)

A. Accounting Calendar

B. Legal Entities, Business Units, and Chart of Accounts

C. Chart of Accounts

D. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method

E. Chart of Accounts and Business Units

You have set up a supporting reference with balances to capture revenue by account manager. Which option should you use to view the supporting reference balances?

A. an Account Group

B. an OTBI analysis

C. a SmartView analysis

D. General Ledger inquiries and reports

Your customer has many eliminating entries to eliminate intercompany balances.

How would you automate the process of creating eliminating entries, assuming your customer is not using Oracle Hyperion Financial Close Management?

A. Use the General Ledger's Calculation Manager to define an allocation definition to eliminate entries that you can generate every period.

B. There is no way to automate this process if the customer is not using Oracle Hyperion Financial Close Management.

C. Create a manual journal that includes the eliminating entries, and then create a copy of the journal batch every period.

D. Use the spreadsheet template that is accessed from the "Create Journal in Spreadsheet" task and import the spreadsheet with the eliminating entries every period.

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 primary ledger 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 secondary ledger with the IFRS accounting convention

E. a reporting currency with the local accounting convention

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

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

What are the two benefits of having the Essbase cube embedded in Oracle General Ledger (GL)? (Choose two.)

A. You can access real-time results for reporting and analysis because the multidimensional balances are updated on journal posting

B. You no longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of accounts

C. Integrating with third-party systems is easier because the Essbase cube provides chart of accounts mapping rules

D. General ledger balances are multidimensional, allowing you to perform robust reporting and analysis

You need to define a chart of accounts that includes an intercompany segment. Your customer plans to use segment value security rules for the Company segment.

What is Oracle's recommended method to define this chart of accounts?

A. Define the company segment only and qualify it as both the primary balancing segment and intercompany segment.

B. Use two different value sets for the company and intercompany segment because segment value security rules are at the value set level.

C. Share the same value set for the company and intercompany segments to reduce chart of accounts maintenance.

D. Define two different charts of accounts