[Q15-Q31] Certification Training for 1Z0-1054-23 Exam Dumps Test Engine [2024]

Q15. A subsidiary company is about to configure their General Ledger in a highly regulated country where there is a legal requirement to produce fiscal reports under local GAAP. Subledgers transferring to General Ledger must use the local currency, and 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 fulfill this reporting requirement?

Reporting currency with the local accounting convention

Reporting currency with the IFRS accounting convention

Secondary ledger with the IFRS accounting convention

Primary ledger with the IFRS accounting convention

Primary ledger with the local accounting convention

Q16. You are planning to create an Income Statement using Smart View.
Which Smart View tool should you use for this?

Smart Queries

Smart Slices

Ad Hoc Analysis

Query Designer

Q17. You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered and posted after you consolidated your results.
What is Oracle’s recommended practice when this occurs?

Rerun Revaluation and then rerun Translation.

Translate only the adjusting journal entry.

Rerun Translation and then reconsolidate your results.

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

Q18. You are setting up Close Monitor and want to view high-level profit and loss results for each ledger.
What should you associate with the ledger set to achieve this?

OTBI report

Financial Reporting Web Studio report

Account group

Trial Balance report

Q19. A company implementing Oracle General Ledger has a business requirement to report under two accounting conventions and is considering setting up a primary and secondary ledger. The two accounting standards are very close.
Which data conversion level should you recommend to ensure only manual journals will be entered in the secondary ledger?

Journal level

Subledger level

FBDI level

Balance level

Adjustment only level

Q20. Your customer uses Financials Cloud, Projects, Inventory, and SCM.
Which two statements are true regarding intercompany accounting for these products? (Choose two.)

Each product has its own Intercompany Accounting feature that needs to be configured separately.

In Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger allocation journals and single-ledger journals.

Intercompany Balancing Rules are defined centrally and applied across Financials and Projects.

Intercompany balancing rules in General Ledger need to be mapped with the intercompany configuration in each product.

Q21. Users with the General Accountant job role have reported that they are unable to access the UK Ledger. They require read/write access to the full ledger. The accounting configuration completed successfully.
What should you do to allow access to the ledger?

Assign the UK reference set to the user/role combination.

Assign the security context value of UK Ledger to the user/role combination.

Create a data access set that allows access to the UK Ledger.

Assign the General Accounting Manager role to those users.

Q22. You can run predefined reports to reconcile subledger application balances to General Ledger balances. Which attribute must you set up on the Manage Values page for chart of accounts segment values so that you can run the Payables to General Ledger Reconciliation report or Receivables to General Ledger Reconciliation report?’

End Date

Start Date

Reconcile

Financial Category

Third Party Control Account

Q23. Which two statements are true about balances cubes in General Ledger?

They are updated automatically when the Translation process is run.

They are updated automatically when the General Ledger period is opened.

A new balances cube is created for a unique combination of ledger and currency.

New dimensions can be added to a General Ledger balances cube.

They are updated automatically when the Revaluation process is run.

Q24. You need to add new transactional attributes to the journal approval notification in an implementation project.
Which two Business Intelligence catalog objects should you copy (or customize) and edit?

Sub template

Style template

Layout template

Output type

Data model

Q25. Which delivered role can access the full functionality of Functional Setup Manager?

Application Implementation Manager

Functional Setup Manager Superuser

IT Security Manager

Any functional user

Application Implementation Consultant

Q26. You are trying to run a Financial Reporting Web Studio report from Financial Reporting Center. However, it is not appearing as a choice.
Which are two reasons for this? (Choose two.)

You have not saved it in the MyFolders directory.

You have not saved it in the Shared Folder/Custom/Financials directory.

You have not uploaded it to Financial Reporting Center.

You have not downloaded the report to your local drive.

Q27. You are using Oracle General Ledger (GL), Oracle Payables, and Oracle Receivables and you want to prevent the closure of the GL period if the corresponding subledger period is not closed. How do you achieve this?

Set the ORA_GLJNCLD_STRICT_PRD_CLOSE profile option to yes.

Set the relevant option on the Specify Ledger Options page.

Opt in to the Prevent Period Close option for the offering.

You don’t have to do anything; this option is enabled automatically.

Q28. Which two statements are true regarding the Translation process? (Choose two.)

Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.

If necessary, before submitting the Translation process, the Revaluation process should be completed.

The Translation process should be run before posting Period Close adjustment entries.

The Translation process can only be used for translating the balances of Secondary ledgers.

The Translation process can only be used to translate balance sheet accounts.

Q29. You have a requirement to have invoices generated for certain Intercompany transactions.
Where do you enable invoicing?

the transaction batch

the transaction category

the transaction source

the transaction type

Q30. When will Intercompany processing 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

when the journal is not balanced by the primary balancing segment value (BSV)

when the journal is balanced by the primary BSV but not by second or third BSV

when the journal is balanced by second balancing segment value

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 otherthan 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

Q31. For translation purposes, the Financials reporting team has decided to load the monthly Historical currency rates by using File-Based Data Interface (FBDI).
What happens to the existing historical rate for a specific ledger, currency, account combination, and accounting period if they use insert in the spreadsheet?

Historical rates are converted into an average rate (original and new rate).

The existing historical rate is deleted.

Nothing, existing historical rates are not updated.

The historical rate is replaced.