(2023) 1z0-1054-22 Dumps and Practice Test (133 Questions)
Guide (New 2023) Actual Oracle 1z0-1054-22 Exam Questions
NEW QUESTION # 43
Which two statements are true regarding the Translation process? (Choose two.)
- A. The Translation process can only be used for translating the balances of Secondary ledgers.
- B. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.
- C. The Translation process should be run before posting Period Close adjustment entries.
- D. If necessary, before submitting the Translation process, the Revaluation process should be completed.
- E. The Translation process can only be used to translate balance sheet accounts.
Answer: B,D
Explanation:
According to Oracle documentation1, the following statements are true regarding the Translation process: Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes. The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.
NEW QUESTION # 44
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. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting
- B. Two, because the US and Canada can share the same ledger because they are in North America
- C. Three, because each requires a different currency
- D. One, because they can all share the same chart of accounts
Answer: D
NEW QUESTION # 45
How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?
- A. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
- B. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
- C. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
- D. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
Answer: D
Explanation:
cross-validation rules only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table. Therefore, option C is correct. Option A is incorrect because deactivating the value will not prevent further usage of the invalid account combination. Option B is incorrect because cross-validation rules are not assigned to the end user role. They are defined at the chart of accounts level. Option D is incorrect because cross-validation rules do not automatically disable that account code combination.
NEW QUESTION # 46
The general accountant is trying to update the cost center for the Default Suspense Account in the Ledger Options to match the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the List of Values for the accountant to select in the Suspense Account.
What is the reason for this?
- A. The general accountant does not have the Financials Application administrator role assigned and, therefore, has view-only privileges on this page
- B. There is a primary balancing segment attached to the legal entity of the primary ledger
- C. A cross validation rule is in place to prevent the resulting combination from being created
- D. The general accountant has a segment value security rule assigned which restricts access to that cost center
Answer: D
Explanation:
According to Oracle documentation1, the reason why the general accountant is not able to see the cost center 110 in the List of Values for the Suspense Account is that the general accountant has a segment value security rule assigned which restricts access to that cost center. Segment value security rules enable you to control user access to specific segment values or ranges of values. Therefore, option B is correct. Option A is incorrect because the general accountant does not need the Financials Application administrator role assigned to update the cost center for the Default Suspense Account. Option C is incorrect because there is no primary balancing segment attached to the legal entity of the primary ledger. Option D is incorrect because there is no cross validation rule in place to prevent the resulting combination from being created.
NEW QUESTION # 47
How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?
- A. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
- B. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
- C. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
- D. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
Answer: D
NEW QUESTION # 48
You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)
- A. You must re-deploy the chart of accounts
- B. A Data Access Set with full read/write access to the ledger is automatically created
- C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
- D. You must assign the job role and data security context to each user
Answer: B,D
Explanation:
you must assign the job role and data security context to each user after you submit the Accounting Configuration. This enables users to access the ledger and perform tasks based on their roles. Therefore, option D is correct. A Data Access Set with full read/write access to the ledger is automatically created after you submit the Accounting Configuration. This allows users to enter and post journals to the ledger. Therefore, option B is correct. Option A is incorrect because you don't need to re-deploy the chart of accounts after you submit the Accounting Configuration. Option C is incorrect because you don't need to define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration. A Data Access Set is automatically created for you.
NEW QUESTION # 49
You want to enter budget data in General Ledger Cloud. Which method is not supported?
- A. Direct budget balance updates from a Financial Statement in Smart View
- B. Application Development Framework Desktop Integration (ADFdi)
- C. Entering budget journals
- D. File-based Data Import
Answer: C
NEW QUESTION # 50
You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?
- A. File Based Data Import
- B. Application Developer Framework Desktop Integrator
- C. Enterprise Resource Budget Integrator
- D. The budget journal spreadsheet
Answer: B
Explanation:
Reference:
According to Oracle documentation3, you should use Application Developer Framework Desktop Integrator (ADFdi) to load data from your budgeting application into a .csv file into General Ledger. ADFdi enables you to use Excel spreadsheets to load data into General Ledger using web services. You can use ADFdi to create budget journals or budget balances from your .csv file. Therefore, option D is correct. Option A is incorrect because the budget journal spreadsheet is not a tool to load data into General Ledger. Option B is incorrect because Enterprise Resource Budget Integrator is not a tool to load data into General Ledger. Option C is incorrect because File Based Data Import is not a tool to load data into General Ledger.
NEW QUESTION # 51
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.)
- A. Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.
- B. Journal entry spreadsheets are not impacted by this new function.
- C. For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.
- D. Uncheck the Enable Posting from the Manage Subledger Accounting Options task.
Answer: A,D
Explanation:
According to Oracle documentation1, the following new features allow the segregation of duties of transferring journals to the General Ledger from the posting function: Uncheck the Enable Posting from the Manage Subledger Accounting Options task, and create separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Therefore, options A and C are correct. Option B is incorrect because journal entry spreadsheets are impacted by this new function. Users who create journals using spreadsheets must have the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Option D is incorrect because for previously scheduled automated processes, it is not recommended to cancel and reschedule the process for the option to be effective. The option will be effective for any new processes submitted after unchecking the Enable Posting option.
NEW QUESTION # 52
Your customer has three legal entities, 50 departments, and 10,000 natural accounts. They use intercompany entries. What is Oracle's recommended practice when implementing a new chart of accounts? How many segments and what segment qualifiers should be used?
- A. Define three segments for the company, department, and natural account. The qualifiers should be primary balancing segment, cost center segment, and natural account segment, respectively.
- B. Define three segments for the company, department, and natural account. The qualifiers for the first segment should be primary balancing segment and intercompany segment, cost center segment, and natural account segment, respectively.
- C. Define four segments for the company, department, natural account, and intercompany segment. The qualifiers should be primary balancing segment, cost center segment, and natural account segment, and intercompany segment, respectively.
- D. Define five segments for the company, department, natural account, intercompany, and future use segment. The qualifiers should be primary balancing segment, cost center segment, natural account segment, intercompany segment, and no qualifier, respectively.
Answer: D
NEW QUESTION # 53
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. 0
- B. 1
- C. 2
- D. 3
Answer: B
Explanation:
The process will create 3 ledgers based on the information entered in the Companies and Legal Entities tab of the Rapid Implementation Spreadsheet. The process will create one ledger for each unique combination of chart of accounts, accounting calendar, and currency. Since currency is left blank in the Ledger worksheet, the process will use the currency specified in the Companies and Legal Entities tab. The process will create one ledger for US1 with chart of accounts COA1, accounting calendar CAL1, and currency USD. The process will create another ledger for UK1 with chart of accounts COA2, accounting calendar CAL2, and currency GBP. The process will create a third ledger for FR1 and FR2 with chart of accounts COA2, accounting calendar CAL2, and currency EUR. The process will not create separate ledgers for FR1 and FR2 because they share the same chart of accounts, accounting calendar, and currency. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Chart of Accounts 12
NEW QUESTION # 54
How can your Accounting Manager expedite journal processing during the time-critical month-end close?
- A. by using the Close Status monitor to drill down on the close status across ledgers
- B. by running the Journals report using Business Intelligence Publisher
- C. by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)
- D. by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other
Answer: D
Explanation:
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
NEW QUESTION # 55
You need to create a boardroom ready 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.
What are the two Oracle recommended ways to accomplish this? (Choose two.)
- A. Use a report batch to run reports at a specific time to create a set of snapshot reports
- B. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
- C. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
- D. Use OTBI to create multiple reports that you save to a folder that only the users can access
- E. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet
Answer: A,C
Explanation:
According to Oracle documentation1, the two Oracle recommended ways to create a boardroom ready month-end reporting package for an upcoming Audit Committee meeting are using Workspace and using a report batch. Workspace enables you to assemble multiple reports into a book that can be printed and viewed individually or as an entire book. A report batch enables you to run reports at a specific time to create a set of snapshot reports. Therefore, options B and D are correct. Option A is incorrect because BI Publisher is not a tool to create financial reports. Option C is incorrect because Smartview is not a tool to create financial reports. Option E is incorrect because OTBI is not a tool to create financial reports.
NEW QUESTION # 56
Your client has been using Budgetary Control for six months. Now, they want to use the Spend Authorization.
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After opting in the new feature Spend Authorization with Budgetary Control, what additional three actions need to be accomplished to activate this feature? (Choose three.)
- A. Rebuild the GL Balances Cube
- B. Enable Payment Request Subtypes
- C. Create a Payment Process Profile
- D. Enable spend authorization
- E. Rebuild the Budgetary Control Cube
Answer: B,D,E
NEW QUESTION # 57
Which two allow access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis? (Choose two.)
- A. Business Process Management Workspace
- B. Universal Content Management Workspace
- C. Enterprise Performance Management Workspace
- D. Scheduled Processes
- E. Reports and Analytics
Answer: C,E
Explanation:
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
NEW QUESTION # 58
What are the three differences between Oracle Transactional Business Intelligence (OTBI) and Oracle Business Intelligence Applications (OBIA)? (Choose three.)
- A. OTBI allows you to create custom reports from real-time transactional data against the database directly
- B. Cloud customers can use both OTBI and OBIA
- C. OBIA is based on the universal data warehouse design with different prebuilt adapters that can connect to various source applications.
- D. Both OBIA and OTBI provide a set of predefined reports and dashboards and a library of metrics that help to measure business performance.
- E. OBIA works for multiple sources including E-Business Suite, PeopleSoft, JD Edwards, SAP, and Cloud Applications
Answer: A,C,E
NEW QUESTION # 59
You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)
- A. You must re-deploy the chart of accounts
- B. A Data Access Set with full read/write access to the ledger is automatically created
- C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
- D. You must assign the job role and data security context to each user
Answer: B,D
NEW QUESTION # 60
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