Oracle Oracle Certifications 1Z0-1054-22 Questions & Answers

• Question 91:

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

  A. Translate only the adjusting journal entry

  B. Rerun Translation and then reconsolidate your results

  C. Rerun Revaluation and then rerun Translation

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

  Correct Answer: B

  If you enter a last-minute adjusting journal entry in your ledger currency after you consolidated your results, you need to rerun Translation and then reconsolidate your results. This will ensure that the translated balances reflect the latest changes and that the consolidation process uses the updated translated balances. You cannot translate only the adjusting journal entry, as this will not update the existing translated balances. You do not need to rerun Revaluation, as this is a different process that adjusts foreign currency balances to reflect current exchange rates. You should not enter another adjusting journal entry in the target currency, as this will create inconsistencies and errors in your financial statements. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Translate Balances 12

• Question 92:

  Your client has been using Budgetary Control for six months. Now, they want to use the Spend Authorization.

  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. Enable Payment Request Subtypes

  B. Rebuild the GL Balances Cube

  C. Create a Payment Process Profile

  D. Rebuild the Budgetary Control Cube

  E. Enable spend authorization

  Correct Answer: ADE

  The additional three actions that need to be accomplished to activate the Spend Authorization feature after opting in the new feature Spend Authorization with Budgetary Control are to enable Payment Request Subtypes, rebuild the Budgetary Control Cube, and enable spend authorization. Payment Request Subtypes are used to classify payment requests into different categories such as travel advance or expense reimbursement. You need to enable Payment Request Subtypes using the Manage Payment Request Subtypes task in Setup and Maintenance. Rebuilding the Budgetary Control Cube is required to update the budgetary control balances with the new spend authorization dimension. You need to rebuild the Budgetary Control Cube using the Rebuild Budgetary Control Balances Cube process in Scheduled Processes. Enabling spend authorization is required to allow users to create spend authorizations using self-service procurement or expenses applications. You need to enable spend authorization using the Manage Budgetary Control task in Setup and Maintenance. You do not need to enable Payment Process Profile, as this is a feature that defines payment processing options for payment requests such as payment method or format. You do not need to create a Tax Configuration Workbook, as this is a feature that allows you to import tax setup data using a spreadsheet template. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Process Budget Journals 12

• Question 93:

  Identify three roles that get access to the reports in the Fusion Accounting Hub Reporting Cloud Service (FAHRCS). (Choose three.)

  A. Controller

  B. General Accountant

  C. General Accountant Manager

  D. Business Intelligence Administrator (BI Admin)

  E. Financial Analyst

  Correct Answer: CDE

• Question 94:

  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?

  A. Adjustment Only Level

  B. Subledger Level

  C. FBDI Level

  D. Balance level

  E. Journal Level

  Correct Answer: AE

  According to Oracle documentation, when you have a subsidiary company in a highly regulated country where there is a legal requirement to produce fiscal reports under local GAAP, you should configure the ledgers using these two ledger types: a primary ledger with the local accounting convention, and a secondary ledger with the IFRS accounting convention. A primary ledger represents your main accounting books that comply with local GAAP. A secondary ledger represents an alternative accounting representation that complies with IFRS. Therefore, options A and E are correct. Option B is incorrect because a reporting currency with the IFRS accounting convention does not represent an alternative accounting representation. Option C is incorrect because a primary ledger with the IFRS accounting convention does not comply with local GAAP. Option D is incorrect because a reporting currency with the local accounting convention does not represent an alternative accounting representation.

• Question 95:

  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. Oracle Transactional Business Intelligence (OTBI)

  B. Business Intelligence Publisher (BI Publisher)

  C. Financial Reporting Center

  D. Smart View

  E. Oracle Data Visualization Cloud Service

  Correct Answer: B

  BI Publisher is a reporting tool that allows you to create, manage, and deliver 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. BI Publisher provides a set of predefined templates and data models for various E-Business Suite modules, including General Ledger. You can also create your own custom templates and data models using BI Publisher Desktop2.

• Question 96:

  You are implementing Segment Value Security rules. Which two statements are true? (Choose two.)

  A. When you enable Segment Value Security on a segment, users will not be able to access any values until you grant access to users and products

  B. You can use hierarchies to define rules

  C. When you enable or disable Segment Value Security, you do not need to redeploy your chart of accounts

  D. The Segment Value Security rules do not take effect until you assign the rules to users and products

  Correct Answer: BD

  You can use hierarchies to define segment value security rules by selecting a parent value and specifying whether to include or exclude its children values1. The segment value security rules do not take effect until you assign the rules to users and products using the Security Console2.

• Question 97:

  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?

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

  B. Create a Data Access Set that allows access to the UK Ledger.

  C. Assign the General Accounting Manager role to those users.

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

  Correct Answer: B

  According to Oracle documentation2, you should create a Data Access Set that allows access to the UK Ledger to allow users with the General Accountant job role to access the UK Ledger. A Data Access Set is a security feature that defines the ledgers and balancing segment values that a user can access. You can assign Data Access Sets to users or roles using the Manage Data Access for Users page. Therefore, option B is correct. Option A is incorrect because assigning the security context value of UK Ledger to the user/role combination does not enable access to the ledger. Option C is incorrect because assigning the General Accounting Manager role to those users does not enable access to the ledger. Option D is incorrect because assigning the UK reference set to the user/role combination does not enable access to the ledger.

• Question 98:

  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

  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.

• Question 99:

  Which two statements are TRUE regarding the Balances Cubes in General Ledger? (Choose two.)

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

  B. New dimensions can be added to a General Ledger Balances Cube

  C. They are updated automatically when the Revaluation process is run

  D. A new Balances Cube is created for a unique combination of Ledger and Currency

  E. They are updated automatically when the Translation process is run

  Correct Answer: CE

  According to Oracle documentation1, the following statements are true regarding the Balances Cubes in General Ledger: They are updated automatically when the Revaluation process is run, and they are updated automatically when the Translation process is run. A balances cube stores financial balances in a multidimensional database for interactive reporting and analysis. A balances cube is automatically updated when certain processes are run in General Ledger, such as posting, revaluation, translation, and consolidation. Therefore, options C and E are correct. Option A is incorrect because they are not updated automatically when the General Ledger period is opened. Option B is incorrect because new dimensions cannot be added to a General Ledger Balances Cube. Option D is incorrect because a new Balances Cube is created for a unique combination of chart of accounts and calendar, not ledger and currency.

• Question 100:

  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. Journal Entry Rule Set

  B. Event Type

  C. Journal Line Rule

  D. Journal Entry

  E. Event Class

  Correct Answer: C

  you can override the default accounting attribute assignment at the journal line rule level. A journal line rule defines how subledger journal lines are created for each event class and event type. Therefore, option C is correct. Option A is incorrect because a journal entry rule set defines how subledger journal entries are created for each event class, not how accounting attributes are assigned. Option B is incorrect because an event type defines a business operation that triggers accounting, not how accounting attributes are assigned. Option D is incorrect because a journal entry defines a set of subledger journal lines that are created for an accounting event, not how accounting attributes are assigned. Option E is incorrect because an event class defines a category of business transactions that have similar accounting impact, not how accounting attributes are assigned.