1Z0-1054-22 Online Practice Questions and Answers

Correct Answer: CD

To generate physical invoices for intercompany payables and receivables transactions, you must have implemented Payables Cloud and Receivables Cloud. You must also assign the corresponding Receivables and Payables Business Units to the intercompany organizations that participate in the intercompany transactions. You do not need to assign the legal entity and organization contact, as these are optional fields. You can associate multiple intercompany organizations per legal entity, as long as they belong to different business units. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure and Process Intercompany 12

Correct Answer: C

Your Accounting Manager can expedite journal processing during the time-critical month-end close by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other. The Journals region provides a dashboard view of the journals that need attention or approval from the user or other users. The user can quickly review and approve journals from this region or drill down to the journal details for more information. The user can also filter journals by status, source, category, or period. Creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI) is not an efficient way to expedite journal processing, as this involves creating a custom report that may not provide all the necessary information or actions for journal approval. Running the Journals report using Business Intelligence Publisher is not an efficient way to expedite journal processing, as this involves running a predefined report that may not provide all the necessary information or actions for journal approval. Using the Close Status monitor to drill down on the close status across ledgers is not an efficient way to expedite journal processing, as this involves viewing the overall status of the close process across different ledgers and subledgers, but not the individual journals that need attention or approval. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure Journal Approval 12

Correct Answer: ADE

The additional three actions that need to be accomplished to activate the Spend Authorization feature after opting in the new feature Spend Authorization with Budgetary Control are to enable Payment Request Subtypes, rebuild the Budgetary Control Cube, and enable spend authorization. Payment Request Subtypes are used to classify payment requests into different categories such as travel advance or expense reimbursement. You need to enable Payment Request Subtypes using the Manage Payment Request Subtypes task in Setup and Maintenance. Rebuilding the Budgetary Control Cube is required to update the budgetary control balances with the new spend authorization dimension. You need to rebuild the Budgetary Control Cube using the Rebuild Budgetary Control Balances Cube process in Scheduled Processes. Enabling spend authorization is required to allow users to create spend authorizations using self-service procurement or expenses applications. You need to enable spend authorization using the Manage Budgetary Control task in Setup and Maintenance. You do not need to enable Payment Process Profile, as this is a feature that defines payment processing options for payment requests such as payment method or format. You do not need to create a Tax Configuration Workbook, as this is a feature that allows you to import tax setup data using a spreadsheet template. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Process Budget Journals 12

Correct Answer: D

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.

Correct Answer: D

The recommendation when defining ledgers for a country whose unstable currency makes it unsuitable for managing your day-to-day business is to use Journal-Level or Subledger-Level Reporting Currencies denominated in the more stable currency. Reporting currencies are representations of a primary or secondary ledger in another currency that share the same chart of accounts, accounting calendar, and accounting method as their related ledger. You can use reporting currencies for online inquiries, reporting, and consolidation. Journal-Level or Subledger-Level Reporting Currencies capture transactional balances at the journal or subledger level and convert them to the reporting currency using daily rates. This allows you to manage your business in a more stable currency while retaining the ability to report in the unstable local currency. You do not need to run Revaluation as often as you need to the more stable currency and report on the more stable currency's balances, as this is a process that adjusts foreign currency balances to reflect current exchange rates, not a way to define ledgers. You do not need to run Revaluation to translate into Statistical Currency, as this is not a supported option. You do not need to create a secondary ledger that uses a different chart of accounts that is denominated in the more stable currency, as this is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting representations of the same transactions.

Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Consolidate Balances 12

Correct Answer: ABD

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.

Correct Answer: AC

Correct Answer: A

you can use RuleSets to process multiple allocations at the same time. A RuleSet is a group of allocation rules that you can run together. Therefore, option A is correct. Option B is incorrect because formulas are used to define the basis of allocation, not to process multiple allocations. Option C is incorrect because General Ledger journal entries are used to record transactions, not to process multiple allocations. Option D is incorrect because Point of View (POV) is used to specify the source and target of allocation, not to process multiple allocations.

Correct Answer: BD

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

Correct Answer: A

The most efficient way to be notified of anomalies in certain account balances in real time is to create an Account Group using Account Monitor. Account Monitor is a tool that allows you to monitor key account balances in real time and compare them to predefined thresholds. You can set up alerts to notify you when an account balance exceeds or falls below a certain percentage or amount. You can also drill down to the underlying transactions and subledger details to investigate the cause of the account anomalies. Using Account Inspector is not an efficient way to be notified of anomalies in certain account balances in real time, as this involves selecting an account or an account group and viewing its balance and components manually. Opening a Smart View file saved