Oracle Oracle Certifications 1Z0-1054-20 Questions & Answers

• Question 11:

  You want to achieve multi-step cascading allocations, which feature do you use?

  A. RuleSets

  B. Formulas

  C. Point of View (POV)

  D. General Ledger journal entries

  Correct Answer: A

  Reference: https://docs.oracle.com/en/cloud/saas/financials/20b/faigl/allocations-and-periodicentries.html#FAIGL990115

• Question 12:

  Your new accountants have been making mistakes in reconciling accounts assigned to them. Your account balances have either spiked or dropped 30-40% every period due to human error. This causes delays in reconciliation.

  What feature can you use to be proactively notified of account anomalies in a more timely manner?

  A. Financial Reports with Embedded charts

  B. Smart View

  C. Account Monitor

  D. Account Inspector and its charts

  Correct Answer: B

• Question 13:

  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 Balances Rule

  B. Journal Entry Rule Set

  C. Journal Line Rule

  D. Journal Accounting Rule

  E. Account Rule

  Correct Answer: B

• Question 14:

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

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

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

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

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

  Correct Answer: BD

• Question 15:

  You want to define an allocation rule where segment values are constants for rules and formulas.

  What should you do?

  A. Use the Point of View (POV) tab of the Allocation Wizard

  B. Only specify segment values in formulas

  C. Never use the Outer Point of View (POV)

  D. Specify Run Time Prompts (RTP)

  Correct Answer: C

• Question 16:

  Encumbrance accounting is enabled for your ledger. An encumbrance journal dated 3/15/19 was recorded for a purchase order. The invoice was entered on 5/5/19, but the invoice accounting date was 4/20/19. The encumbrance journal for liquidating the purchase order encumbrance is dated 5/5/19.

  What is causing this?

  A. The current transaction accounting date was set up under the encumbrance accounting Default Date Rule.

  B. The system date was set up under the encumbrance accounting Default Date Rule.

  C. The actual accounting date was set up under the encumbrance accounting Default Date Rule.

  D. The subledger accounting option is set to system date.

  E. The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule.

  Correct Answer: B

• Question 17:

  Most of the accounting entries for transactions from 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 Type

  B. Journal Line Rule

  C. Journal Entry

  D. Event Class

  E. Journal Entry Rule Set

  Correct Answer: B

  Reference: https://docs.oracle.com/cd/E29597_01/fusionapps.1111/e20375/F644879AN5F469.htm

• Question 18:

  You want to prevent intercompany transactions from being entered during the last day of the close.

  Assuming Intercompany and General Ledger use the same calendar what should you do?

  A. Close the General Ledger period in the Manage Accounting Periods page

  B. Close Intercompany periods in Oracle Intercompany

  C. Close all intercompany subledger periods

  D. Freeze the Intercompany journal source in General Ledger

  Correct Answer: B

• Question 19:

  In Financials Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three)

  A. Smart View

  B. Financial Reporting Studio

  C. Application Composer

  D. Oracle Transactional Business Intelligence

  E. Oracle Enterprise Repository

  Correct Answer: ABD

• Question 20:

  You are defining intercompany balancing rules that are applied to a specific source and category, such as payables and invoices, or a specific intercompany transaction type, such as Intercompany Sales.

  Which two statements are correct? (Choose two.)

  A. Set up a chart of accounts rule for every chart of accounts structure you have to ensure that Intercompany Balancing will always find a rule to use to generate balancing accounts.

  B. You can create a rule for all sources and categories by selecting the source "Other" and the category "Other".

  C. If you choose to have rules at various levels, then intercompany balancing evaluates the rules in this order: Ledger, Legal Entity, chart of accounts, and primary balancing segment value.

  D. You must define rules for every combination of specific categories and sources. Otherwise, the intercompany balancing will not work.

  Correct Answer: AB