1z0-1054-22 Self-Study Guide for Becoming an Oracle Financials Cloud: General Ledger 2022 Implementation Professional Expert [Q23-Q41] – IT Certification Exam Questions & Answers

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1z0-1054-22 Self-Study Guide for Becoming an Oracle Financials Cloud: General Ledger 2022 Implementation Professional Expert

1z0-1054-22 Study Guide Realistic Verified 1z0-1054-22 Dumps

The Oracle 1z0-1054-22 exam is designed for financial professionals who want to validate their skills in implementing the Oracle Financials Cloud: General Ledger 2022. This exam is part of the Oracle Certified Implementation Specialist certification, which is a globally recognized certification in the field of finance and accounting.

Q23. 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?

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

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

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

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

Q24. 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.)

The rules validate and apply to new accounts only
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You need to run the Cross-Validation Rules process to list and optionally disable combinations that violate rules

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

There is no need to create cross-validation rules if Dynamic Combination Creation Allowed is not enabled for your chart of accounts instance

The rules will validate and apply to new and existing accounts

Q25. You want to prevent intercompany transactions from being entered during the last day of the close. What should you do?

Freeze the Intercompany journal source in General Ledger

Close all subledger periods

Close the General Ledger period in the Manager Accounting Periods page

Close Intercompany periods in Fusion Intercompany

Q26. 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?

Translate only the adjusting journal entry

Rerun Translation and then reconsolidate your results

Rerun Revaluation and then rerun Translation

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

Q27. How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?

Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage

CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers

CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table

If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.

Q28. Your company has two legal entities in the US (Balancing Segment Values [BSV] 101 and 102), one legal entity in France (BSV 401), and one legal entity in the UK (BSV 402).
Both US legal entities share the same ledger, whereas the UK and France have their own ledgers.
Assuming intercompany transactions are not being entered, what is the minimal action you can take and still configure the ledgers correctly?

You should assign a balancing segment value to identify each legal entity in the US Ledger and assign the balancing segment values to the ledger in the UK and France.

You should assign a balancing segment value to identify each legal entity in the US ledger.

You should assign a balancing segment value to identify each legal entity in each ledger.

You should assign the balancing segment value to the ledger in the US and assign a balancing segment value to identify each legal entity in the UK and France ledgers.

Q29. You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)

You must re-deploy the chart of accounts

A Data Access Set with full read/write access to the ledger is automatically created

You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration

You must assign the job role and data security context to each user

Q30. What are the two benefits of having the Essbase cube embedded in General Ledger Cloud? (Choose two.)

Posting performance is much faster

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

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

You can access real-time results for reporting and analysis because every time a transaction is posted in General Ledger, multidimensional balances are also updated simultaneously

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

Q31. During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.

Create a new chart of accounts.

Delete the segment and create a new segment with the correct qualifier.

Change and save the segment qualifier.

Delete the chart of accounts and create a new one.

Q32. How can your Accounting Manager expedite journal processing during the time-critical month-end close?

by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)

by running the Journals report using Business Intelligence Publisher

by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other

by using the Close Status monitor to drill down on the close status across ledgers

Q33. The budget managers specify the budget accounts they want to monitor and decide on percentage threshold of funds availability. Where must you define the details while analyzing budget balances in the Budget Account Monitor page?

Budget Controller

Budget Group

Account Group

Budget Account Group

Application Development Framework Desktop Integration (ADFdi)

Q34. In which two ways can your users personalize the Springboards and Work Areas to suit their individual working styles? (Choose two.)

They can format certain tables by hiding and showing columns, moving columns, and resizing columns

Users have very little control configuring their Springboards and Work Areas; they can only resize columns

They can have the System Administrator configuring pages for them using Page Composer

They can use “+” under the Apps section of the News Feed homepage

Q35. 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?

Nothing. All report are drillable

Drill Through in Grid Properties

Drill Down in Report Functions

Allow Expansion in Report Functions

Q36. 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?

One, because they can all share the same chart of accounts

Three, because each requires a different currency

Two, because the US and Canada can share the same ledger because they are in North America

Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting

Q37. When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).

Financial Reporting Studio

Smart View

Oracle Financial Statement Generator

Financial Reporting Center

Q38. You are using budgetary control. You have an open purchase order for $500 USD, and an invoice for $300 is matched to the purchase order. What will be the funds status of the purchase order and the invoice?

Both are Partially Reserved

The purchase order is Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice will be Reserved

Both are reserved

The purchase order is Open and the invoice is Validated

Q39. Management has added a requirement to segregate the duties of transferring journals to the General Ledger from the posting function. Which two new features allow this segregation? (Choose two.)

Uncheck the Enable Posting from the Manage Subledger Accounting Options task.

Journal entry spreadsheets are not impacted by this new function.

Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.

For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.

Q40. 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?

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

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.

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.

Use Oracle Hyperion Financial Management for this type of complex consolidation.

Q41. 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.)

Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee

Use a report batch to run reports at a specific time to create a set of snapshot reports

Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book

Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet

Use OTBI to create multiple reports that you save to a folder that only the users can access

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