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Free Oracle 1z0-1054-22 Exam Question Practice Exams
To prepare for the Oracle 1z0-1054-22 certification exam, candidates should have a solid understanding of financial accounting principles and practices. They should also have experience working with Oracle Financials Cloud and a strong understanding of the General Ledger, Payables, Receivables, and Asset Management modules.
NEW QUESTION # 44
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.)
- A. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
- B. Use OTBI to create multiple reports that you save to a folder that only the users can access
- C. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
- D. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet
- E. Use a report batch to run reports at a specific time to create a set of snapshot reports
Answer: C,E
NEW QUESTION # 45
When creating your financial statements, you would like to have a chart, such as a bar graph, included in the report output.
Which two reporting tools allow you to achieve this? (Choose two.)
- A. Financial Reporting Studio
- B. Smart View
- C. Financial Statement Generator
- D. Account Inspector
Answer: A,B
NEW QUESTION # 46
Which two are valid Data Access Set types? (Choose two.)
- A. Full Ledger
- B. Primary Balancing Segment Value
- C. Full access
- D. Read Only access
- E. Read and Write access
Answer: C,D
Explanation:
The two valid Data Access Set types are Full access and Read Only access. A Data Access Set is a security feature that defines the access level that users have to ledger data, such as balances, budgets, or journals. A Data Access Set type is an attribute that determines the type of access that users have to ledger data within a Data Access Set. The two valid Data Access Set types are Full access and Read Only access. Full access allows users to view and enter data for ledger data within a Data Access Set. Read Only access allows users to view but not enter data for ledger data within a Data Access Set. Full Ledger is not a valid Data Access Set type, but an option that determines whether a Data Access Set grants access to all balancing segment values in a ledger or only specific balancing segment values. Primary Balancing Segment Value is not a valid Data Access Set type, but an attribute that identifies the legal entity or business unit for which financial statements are prepared and balanced. Read and Write access is not a valid Data Access Set type, but an alternative term for Full access. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Ledgers 12
NEW QUESTION # 47
Which two allow access to the BI Catalog for creating an Oracle Transactional Business Intelligence analysis? (Choose two.)
- A. Reports and Analytics
- B. Enterprise Performance Management Workspace
- C. Business Process Management Workspace
- D. Scheduled Processes
- E. Universal Content Management Workspace
Answer: A,B
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 # 48
Your customer is planning to have three balancing segments for generating balance sheets and income statements at cost center segment and program segment levels.
Which two recommendations would you give your customer? (Choose two.)
- A. Additional intercompany rules will need to be defined for the two additional balancing segments
- B. Additional intercompany balancing and clearing options will need to be defined
- C. Every journal where debits do not equal credits across the three balancing segments will result in the system generating extra journal lines to balance the entry
- D. When entering journals manually, the customer will need to make sure that debits and credits are equal across all balancing segments because the system will not automatically balance the journal
Answer: A,C
Explanation:
https://docs.oracle.com/cd/E25178_01/fusionapps.1111/e20375/F350915AN26721.htm Oracle's recommended approach to performing consolidations when you have three balancing segments for generating balance sheets and income statements at cost center segment and program segment levels is to use additional intercompany rules for the two additional balancing segments and additional intercompany balancing and clearing options. Intercompany rules define how intercompany transactions are accounted for across different balancing segments. Intercompany balancing and clearing options define how intercompany balances are eliminated or cleared during consolidation. Therefore, options A and B are correct. Option C is incorrect because you don't need to run balance transfer programs for this scenario. Option D is incorrect because you don't need to manually balance the journal entries across all balancing segments for this scenario.
NEW QUESTION # 49
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?
- A. The purchase order is Partially Liquidated and the invoice will be Reserved
- B. Both are Partially Reserved
- C. The purchase order is Partially Liquidated and the invoice is Partially Reserved
- D. The purchase order is Open and the invoice is Validated
- E. Both are reserved
- F. The purchase order is Liquidated and the invoice is Partially Reserved
Answer: C
NEW QUESTION # 50
All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance.
They do perform intercompany accounting. What is Oracle's recommended approach to performing consolidations?
- A. Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
- B. Use Oracle Hyperion Financial Management for this type of complex consolidation
- C. Define multiple ledgers for consolidation and report on ledger set
- D. Use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment
Answer: D
Explanation:
Oracle's recommended approach to performing consolidations when all of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance is to use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment. Therefore, option A is correct. Option B is incorrect because you don't need to use Oracle Hyperion Financial Management for this type of consolidation. Option C is incorrect because you don't need to use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger. Option D is incorrect because you don't need to define multiple ledgers for consolidation and report on ledger set.
NEW QUESTION # 51
Most of the accounting entries for transactions form your source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use TAX_AMOUNT as the source.
At what level can you override the default accounting attribute assignment?
- A. Event Class
- B. Journal Entry
- C. Journal Line Rule
- D. Event Type
- E. Journal Entry Rule Set
Answer: C
NEW QUESTION # 52
You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?
- A. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period
- B. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers
- C. Use Close Monitor in General Accounting Dashboard
- D. Run Closing Status reports
Answer: D
NEW QUESTION # 53
In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)
- A. Application Composer
- B. Oracle Transactions Business Intelligence
- C. Financial Reporting Studio
- D. Smart View
- E. Oracle Enterprise Repository
Answer: B,C,D
Explanation:
These are some of the reporting tools that can be used to access General Ledger balances in Oracle Cloud ERP2. Oracle Transactions Business Intelligence (OTBI) is a real-time self-service reporting tool that provides pre-built dashboards and reports based on live transactional data. Financial Reporting Studio is a tool that enables you to create and manage financial reports using data from various sources, such as General Ledger balances, Essbase cubes, or external data sources. Smart View is an Excel add-in that allows you to access and analyze data from various sources, such as General Ledger balances, Essbase cubes, or OTBI subject areas.
NEW QUESTION # 54
The Accounting Manager requests that a schedule be created to automatically post journals from subledgers at different times. Which journal attribute should you use to set the automatic posting criteria?
- A. Journal Description
- B. Journal Category
- C. Journal Source
- D. Journal Batch
Answer: C
NEW QUESTION # 55
When will Intercompany processing balance a journal using the accounts identified here for the UK Ledger?
- A. when there is a many-to-many journal and you want to use a clearing company
- B. when the journal is balanced by second balancing segment value
- C. when the journal is not balanced by the primary balancing segment value (BSV)
- D. when the journal is balanced by the primary BSV but not by second or third BSV
Answer: D
Explanation:
Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary balancing segment value (BSV) but not by second or third BSV. A BSV is a segment in the chart of accounts that identifies a legal entity or business unit for which financial statements are prepared and balanced. A primary BSV is required for every ledger and is used to balance journal entries within a ledger. A secondary or tertiary BSV is optional and is used to balance journal entries across different dimensions other than the primary BSV, such as fund or region. Intercompany processing is a feature that enables intercompany transactions between different legal entities or business units within the same enterprise. Intercompany processing uses intercompany balancing rules to generate intercompany receivables and payables accounts for cross-ledger or cross-BSV journals. Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary BSV but not by second or third BSV, as this indicates that there is an intercompany transaction between different legal entities or business units within the UK Ledger that requires intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when there is a many-to-many journal and you want to use a clearing company, as this is a scenario that involves multiple legal entities or business units across different ledgers that requires a separate clearing company ledger to perform intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is not balanced by the primary BSV, as this is an invalid scenario that violates the accounting rules and prevents posting of the journal. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by second balancing segment value, as this is an incomplete scenario that does not specify whether the journal is also balanced by primary and third BSV. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12
NEW QUESTION # 56
How can your Accounting Manager expedite journal processing during the time-critical month-end close?
- A. by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other
- B. by using the Close Status monitor to drill down on the close status across ledgers
- C. by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)
- D. by running the Journals report using Business Intelligence Publisher
Answer: A
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 # 57
The expense account of airfare was erroneously assigned to the account type "Liability". Which method should you choose to fix the problem?
- A. Run the "Update Balance Cube Chart of the Accounting Dimension" program
- B. Run the "Segment Value Inheritance" program
- C. Run the "Correct Misclassified Account" program
- D. Deactivate the value
Answer: C
NEW QUESTION # 58
Which feature outside of reporting and analysis leverages the Essbase cube?
- A. period closing and opening of ledgers to keep General Ledger Cloud and the Essbase cubes in sync
- B. revaluations and translation to revalue and translate currencies stored in the Essbase cube
- C. journal entries and journal approval to create journals that update balances to the cube directly
- D. calculation manager to perform allocations based on multidimensional balances and budgets
Answer: B
NEW QUESTION # 59
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. Smart View
- B. Financial Reporting Center
- C. Oracle Transactional Business Intelligence (OTBI)
- D. Oracle Data Visualization Cloud Service
- E. Business Intelligence Publisher (BI Publisher)
Answer: E
NEW QUESTION # 60
You are defining an income statement report. You want to allow viewers of the report to be able to drill down from report balances to the underlying transactions. What so you need to enable?
- A. Allow Expansion
- B. Report Functions
- C. Drill Through in Grid Properties
- D. Nothing. All report balances are drillable in all FR Studio reports
Answer: C
NEW QUESTION # 61
You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)
- A. automatic or manual batch numbering and the minimum transaction amount
- B. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
- C. automatic or manual batch numbering and the maximum transaction amount
- D. the approvers who will approve intercompany transactions
- E. whether to allow receivers to reject intercompany transactions
Answer: A,B,E
NEW QUESTION # 62
You need to define multiple allocation rules as efficiency as possible.
Which three components can be reused across allocation rules? (Choose three.)
- A. Formulas
- B. Run Time Prompts (RTP)
- C. Point of View (POV)
- D. RuleSets
Answer: A,B,D
Explanation:
"Formulas are reusable components that you can use across allocation rules." Therefore, formulas can be reused across allocation rules. Similarly, run time prompts (RTP) are reusable components that enable you to enter values at run time for segments or variables in your allocation rules. RuleSets are also reusable components that enable you to group multiple allocation rules or RuleSets together and run them sequentially. The only component that cannot be reused across allocation rules is point of view (POV), which is used to specify the source and target of an allocation rule.
NEW QUESTION # 63
You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed.
How will you achieve this?
- A. Nothing, this option is enabled automatically
- B. Set the relevant option on the Specify Ledger Options page
- C. Opt in to the Prevent Period Close option for the offering
- D. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
Answer: B
Explanation:
you can prevent the closure of the GL period if the corresponding subledger period is not closed by setting the relevant option on the Specify Ledger Options page. You can select the Prevent General Ledger Period Closure When Open Subledger Periods Exist option to enable this feature. Therefore, option B is correct. Option A is incorrect because there is no such option for the offering. Option C is incorrect because this option is not enabled automatically. Option D is incorrect because there is no such profile option.
NEW QUESTION # 64
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)
- A. All ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules.
- B. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys
- C. You can only define balancing rules for different journals' sources. You cannot define balancing rules for different journal categories.
- D. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
Answer: A,D
NEW QUESTION # 65
You are implementing a multipillar implementation of both HCM Cloud and ERP Cloud. You are implementing ERP first followed by HCM Cloud. You want to ensure your ledgers and chart of accounts are correctly defined. What should you do? (Choose three)
- A. Deploy your chart of accounts
- B. Use file-based spreadsheet loaders using UCM to mass load and maintain chart of accounts segment values and hierarchies
- C. Use HCM's Enterprise Structure Configurator (ESC) first
- D. Create your chart of accounts in the following order: value sets, COA structure, and instance before assigning values to the value sets
- E. Use the Rapid Implementation spreadsheet when creating your enterprise structure
Answer: A,C,E
NEW QUESTION # 66
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. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance
- B. In Financials Cloud, you must manually reconcile your intercompany account balances
- C. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances
- D. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
- E. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances
Answer: A
Explanation:
https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DAAC7706212CF48E040D30A6881766A
NEW QUESTION # 67
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Oracle 1z0-1054-22 certification exam is a computer-based test that consists of 60 multiple-choice questions. Candidates will have 105 minutes to complete the exam, and they must score at least 65% to pass. 1z0-1054-22 exam is available in English and Japanese and can be taken at any Pearson VUE testing center worldwide.
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