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The Oracle 1z0-1054-22 exam covers a wide range of topics, including setting up the general ledger, creating and managing accounting periods, defining ledgers and currencies, configuring accounting options, and setting up intercompany transactions. 1z0-1054-22 exam also covers advanced topics such as creating allocations, creating journals, and performing period-end close activities. Candidates are expected to have a strong understanding of accounting principles and practices, as well as experience working with financial management systems.
NEW QUESTION # 23
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 for the first segment should be primary balancing segment and intercompany segment, cost center segment, and natural account segment, respectively.
- B. 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.
- C. 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.
- D. 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.
Answer: C
Explanation:
"A chart of accounts segment is a component of the account combination. Each segment has a value set attached to it to provide formatting and validation of the set of values used with that segment." The qualifiers are used to identify the segments for reporting and processing purposes2. In this case, the company segment should be the primary balancing segment, which is used to balance journal entries and create trial balances. The department segment should be the cost center segment, which is used to track costs by organizational units. The natural account segment should be the natural account segment, which is used to classify transactions by account type. The intercompany segment should be the intercompany segment, which is used to identify transactions between different legal entities or business units.
NEW QUESTION # 24
The Create Accounting program could not determine the debit side of the journal entry.
Which component of Subledger Accounting determines the debit or credit side of a journal entry?
- A. Journal Accounting Rule
- B. Account Rule
- C. Journal Balances Rule
- D. Journal Entry Rule Set
- E. Journal Line Rule
Answer: D
NEW QUESTION # 25
Your customer uses Financials Cloud, Projects, Inventory and Procurement.
Which two statements are true regarding intercompany accounting for these products? (Choose two.)
- A. Within Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger intercompany transactions and single-ledger Intercompany journals
- B. Each product has its own Intercompany Accounting feature that needs to be set up separately
- C. They need to license a separate stand-alone Intercompany product that acts as the Intercompany Accounting Hub
- D. Intercompany Balancing Rules are defined centrally and applied across Financials and Project Portfolio Management
Answer: A,D
Explanation:
Intercompany Balancing Rules are used to automatically create balancing entries for intercompany transactions that span different ledgers or legal entities within a ledger. They are defined centrally in the Manage Intercompany Balancing Rules task and can be applied across Financials and Project Portfolio Management products. Intercompany Balancing Rules can also be used to balance single-ledger intercompany journals that have different balancing segment values for the debit and credit lines. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12
NEW QUESTION # 26
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 secondary ledger with the IFRS accounting convention
- B. a reporting currency with the local accounting convention
- C. a primary ledger with the IFRS accounting convention
- D. a reporting currency with the IFRS accounting convention
- E. a primary ledger with the local accounting convention
Answer: B,C
NEW QUESTION # 27
Your customer wants to create fully balanced balance sheets for the Company, Line of Business, and Product segments for both financial and management reporting.
What is Oracle's recommended method for doing this?
- A. Create two segments where the first segment represents the concatenation of Company and Line of Business, and then enable secondary tracking for the Product segment
- B. Use account hierarchies to create different hierarchies for different purposes and use those hierarchies for reporting
- C. Create three segments for the Company, Line of Business, and Product segments and qualify them as primary balancing segment, second, and third balancing segments, respectively
- D. Create a segment that acts as the primary balancing segment and create values that represent a concatenation of all three business dimensions
Answer: C
Explanation:
This is the recommended method for creating fully balanced balance sheets for multiple segments. By qualifying the segments as balancing segments, you can ensure that each segment value has a balanced set of asset, liability, and equity accounts. You can also use segment value security rules to restrict access to segment values based on user roles. This method also allows you to use different currencies for each segment value and perform currency translation at the segment level. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Enterprise and Financial Reporting Structures - Define Chart of Accounts Segments 12
NEW QUESTION # 28
Which tool can you use to create a Financial Income Statement?
- A. Account Inspector
- B. PS/nVision
- C. Rapid Implementation Enterprise Structures setup
- D. One View Reporting
Answer: A
Explanation:
Account Inspector is a tool that allows you to create a Financial Income Statement using data from General Ledger Cloud. You can select an income statement account or an account group and view the account balance and its components, such as subledger details, journal lines, and supporting references. You can also drill down to the underlying transactions and subledger applications. You can customize the layout and appearance of the income statement and export it to Excel or PDF. One View Reporting is a tool that allows you to create reports using data from Oracle E-Business Suite applications, not Oracle Financials Cloud. PS/nVision is a tool that allows you to create reports using data from PeopleSoft applications, not Oracle Financials Cloud. Rapid Implementation Enterprise Structures setup is a tool that allows you to set up enterprise structures for Oracle Financials Cloud, not create financial statements. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Create Financial Reports 12
NEW QUESTION # 29
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?
- A. Budget Group
- B. Budget Account Group
- C. Application Development Framework Desktop Integration (ADFdi)
- D. Budget Controller
- E. Account Group
Answer: B
Explanation:
According to the Oracle documentation1, "Budget Monitor in the Budgetary Control Dashboard enables you to monitor budget consumption for your choice of key accounts. You can start at a high level and then drill down to any segment along your choice of single or multi-level hierarchy." To define the details while analyzing budget balances in the Budget Account Monitor page, you must use a budget account group, which is a collection of line items that you want to monitor. You can create your own private budget account groups or use public budget account groups created by a centralized user.
NEW QUESTION # 30
Your customer is implementing budgetary control with encumbrance accounting. Your customer has businesses in Australia, New Zealand, and Singapore with a ledger in each country with a Corporate chart of account instance that has four segments. Which three statements are true regarding the creation of a control budget? (Choose three.)
- A. A control budget can be associated with a different calendar than accounting calendar
- B. Control budgets are always absolute to generate encumbrance accounting
- C. The control budget structure has all the chart of account segments as budget segments
- D. A control budget is associated to a ledger and creates three control budgets for Australia, New Zealand, and Singapore
- E. A control budget can allow override rules only if the control level is absolute
Answer: A,B,D
Explanation:
According to the Oracle documentation2, "Control budgets are always absolute to generate encumbrance accounting." Therefore, this is a true statement regarding the creation of a control budget.
According to the Oracle documentation3, "You can associate a control budget with a different calendar than your accounting calendar." Therefore, this is also a true statement regarding the creation of a control budget.
NEW QUESTION # 31
You entered a journal and the client is asking for the following information:
The current account balance
What the future account balance will be if the journal is approved and posted How will you get this information?
- A. Query the account balance online
- B. Use Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances
- C. Run a Trial Balance before and after posting
- D. View the Projected Balances region in the Create Journals page
Answer: D
NEW QUESTION # 32
Journal Description Rules are assigned to Subledger Journal Entry Rule Sets.
What are the other three subcomponents of a Subledger Journal Entry Rule Set? (Choose three.)
- A. Supporting References
- B. Chart of Accounts
- C. Account Rules
- D. Journal Line Rules
- E. Accounting Date
Answer: A,C,D
NEW QUESTION # 33
Your enterprise structure has one ledger and two business units. Business unit one wants to enable budgetary control for Requisitioning only on Procure-to-Pay Business Functions and business unit two wants to enable budgetary control for Payable Invoicing only in Procure-to-Pay Business Functions. Which two statements are correct? (Choose two.)
- A. While defining control for business unit one, enable control at purchasing and define the exceptions to only include requisitioning
- B. Define budgetary control at ledger level with Budgetary Control Exceptions for each business unit
- C. Define control for business unit two to disable control for Requisitioning, Purchasing, and Receiving
- D. Define budgetary control at ledger level and only encumbrance control at the business units
- E. While defining control for business unit one, disable control for Purchasing, Payable Invoicing, and Receiving
- F. While defining control for business unit two, enable control at Requisitioning and define the exceptions to only include invoicing
Answer: A,C
Explanation:
To enable budgetary control for Requisitioning only on Procure-to-Pay Business Functions for business unit one, you need to enable control at purchasing and define the exceptions to only include requisitioning. This will allow budgetary control to check funds availability only when requisitions are created or modified. To enable budgetary control for Payable Invoicing only in Procure-to-Pay Business Functions for business unit two, you need to define control to disable control for Requisitioning, Purchasing, and Receiving. This will allow budgetary control to check funds availability only when invoices are created or modified. You do not need to define budgetary control at ledger level with Budgetary Control Exceptions for each business unit, as this is not a supported option. You do not need to enable control at Requisitioning and define the exceptions to only include invoicing for business unit two, as this will not achieve the desired result. You do not need to disable control for Purchasing, Payable Invoicing, and Receiving for business unit one, as this will not achieve the desired result. You do not need to define budgetary control at ledger level and only encumbrance control at the business units, as this is not a supported option. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Budgetary Control 12
NEW QUESTION # 34
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 OTBI analysis
- B. General Ledger inquiries and reports
- C. a SmartView analysis
- D. an Account Group
Answer: A
Explanation:
Reference:
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NEW QUESTION # 35
Management wants to use the budget transfer function available on the Review Budgetary Control Balances page. Which privilege is required to perform the budget transfer?
- A. Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV)
- B. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV)
- C. Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV)
- D. Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV)
Answer: C
NEW QUESTION # 36
You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?
- A. The budget journal spreadsheet
- B. Application Developer Framework Desktop Integrator
- C. File Based Data Import
- D. Enterprise Resource Budget Integrator
Answer: B
NEW QUESTION # 37
In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)
- A. Oracle Enterprise Repository
- B. Smart View
- C. Oracle Transactions Business Intelligence
- D. Financial Reporting Studio
- E. Application Composer
Answer: B,C,D
NEW QUESTION # 38
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 only define balancing rules for different journals' sources. You cannot define balancing rules for different journal categories.
- C. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
- D. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys
Answer: A,C
NEW QUESTION # 39
In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)
- A. Oracle Enterprise Repository
- B. Smart View
- C. Oracle Transactions Business Intelligence
- D. Financial Reporting Studio
- E. Application Composer
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 # 40
You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)
- A. You must assign the job role and data security context to each user
- B. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
- C. You must re-deploy the chart of accounts
- D. A Data Access Set with full read/write access to the ledger is automatically created
Answer: A,D
NEW QUESTION # 41
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Oracle 1z0-1054-22 certification is designed for professionals who are responsible for implementing and managing the financials cloud solution of an organization. Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification exam validates the skills and knowledge required to implement and configure the Oracle Financials Cloud: General Ledger application. It also covers the latest features and functionalities of the application to help individuals stay updated with the latest trends in the industry.
Candidates will be evaluated based on their knowledge of financial accounting, business processes, and their ability to configure General Ledger accounts, perform transactions, and generate financial statements using the Oracle Financials Cloud program. Additionally, the Oracle 1z0-1054-22 exam addresses real-world accounting scenarios, testing candidates' skills against practical situations often encountered in day-to-day operations. 1z0-1054-22 exam will assess a candidate's skill set on budget creation, transfer of assets, and procurement of goods and services, among other aspects of financial accounting. Passing 1z0-1054-22 exam and obtaining the certification demonstrates that the individual is a professional in General Ledger implementation using Oracle Financials Cloud.
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