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

• Question 71:

  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.)

  A. You have not saved it in the MyFolders directory.

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

  C. You have not uploaded it to Financial Reporting Center.

  D. You have not downloaded the report to your local drive.

  Correct Answer: AC

  According to Oracle documentation, two reasons why a Financial Reporting Web Studio report may not appear as a choice in Financial Reporting Center are: You have not saved it in the Shared Folder/Custom/Financials directory, and you have not uploaded it to Financial Reporting Center. Financial Reporting Web Studio enables you to design and generate reports with grids, charts, images, and text boxes using data from various sources. Financial Reporting Center enables you to access and run all types of reports from a single user interface. To make a Financial Reporting Web Studio report available in Financial Reporting Center, you must save it in the Shared Folder/Custom/Financials directory and upload it to Financial Reporting Center using Workspace. Therefore, options A and C are correct. Option B is incorrect because saving it in the MyFolders directory does not make it available in Financial Reporting Center. Option D is incorrect because downloading it to your local drive does not make it available in Financial Reporting Center.

• Question 72:

  The Delete Translated Balances process provides the ability to completely reset translations in the event that significant changes are made to the accounting configuration.

  Once the deletion process completes, what additional process must you run?

  A. Submit the Update General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.

  B. Submit the Create General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations.

  C. Submit the Create Currency Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.

  D. Submit the Create Scenario Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations.

  Correct Answer: B

  The Delete Translated Balances process deletes all previously translated balances for a given ledger, currency, and period range. After running this process, you must submit the Update General Ledger Balances Cube process to rebuild the balances cube and ensure that the translated balances are consistent with future translations. This process also updates the account hierarchies and dimension members in the balances cube. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Translate Balances 12

• Question 73:

  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. Both are Partially Reserved

  B. The purchase order is Liquidated and the invoice is Partially Reserved

  C. The purchase order is Partially Liquidated and the invoice is Partially Reserved

  D. The purchase order is Partially Liquidated and the invoice will be Reserved

  E. Both are reserved

  F. The purchase order is Open and the invoice is Validated

  Correct Answer: C

  When using budgetary control, an open purchase order for $500 USD will have a funds status of Reserved, meaning that funds are reserved for future spending. When an invoice for $300 USD is matched to the purchase order, the purchase order funds status will change to Partially Liquidated, meaning that some of the reserved funds have been liquidated by an invoice. The invoice funds status will be Reserved, meaning that funds are reserved for future payment. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Process Budget Journals 12

• Question 74:

  You have noticed that a lot of erroneous address data is being saved. You want to ensure that only valid addresses are entered in the system.

  How do you achieve this?

  A. Redefine the location structure.

  B. Redefine the geography hierarchy.

  C. Define the geography validation for country option to Error.

  D. Define the geography validation for country option to No Validation.

  Correct Answer: C

  To ensure that only valid addresses are entered in the system, you should define the geography validation for country option to Error. This option determines how geography validation is performed when users enter addresses in various applications. If you set this option to Error, then users can only enter addresses that match predefined geographies in the Geography Hierarchy. If users enter invalid addresses, they will receive an error message and will not be able to save the address until they correct it. You do not need to redefine the location structure, as this is a feature that defines how locations are identified and organized in Oracle Fusion Applications. You do not need to redefine the geography hierarchy, as this is a feature that defines how geographies are structured and validated in Oracle Fusion Applications. You do not need to define the geography validation for country option to No Validation, as this option disables geography validation and allows users to enter any address without checking against predefined geographies. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Define Enterprise Structures 12

• Question 75:

  You have a requirement for the Intercompany Provider and Receiver distribution accounts to be created automatically for all intercompany transactions.

  What should you configure?

  A. a Provider and Receiver distribution set

  B. Intercompany transaction type default accounts

  C. the AutoAccounting Definition

  D. the Transaction Account Definition

  Correct Answer: B

  To configure the Intercompany Provider and Receiver distribution accounts to be created automatically for all intercompany transactions, you should configure the intercompany transaction type default accounts. Intercompany transaction types define the default accounts for intercompany receivables and payables for each combination of provider and receiver business units. You can also specify other attributes such as tax classification codes, payment terms, and invoice options for intercompany transactions. You do not need to configure a Provider and Receiver distribution set, as this is not a supported option. You do not need to configure the AutoAccounting Definition, as this is a feature that determines how revenue and receivable accounts are derived for Receivables transactions. You do not need to configure the Transaction Account Definition, as this is a feature that determines how subledger journal entry accounts are derived for subledger transactions. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure and Process Intercompany 1

• Question 76:

  After completing a business requirement mapping session, it has been decided that only single Currency Journals will be entered for this Company. To achieve this requirement, on which two objects should you enable "Limit a Journal to a Single Currency"? (Choose two.)

  A. Journal lookup codes

  B. Ledger options

  C. Journal sources

  D. Journal category

  E. Profile option

  Correct Answer: BC

  To achieve the requirement of only single currency journals being entered for this company, you should enable "Limit a Journal to a Single Currency" on both ledger options and journal sources. Ledger options are settings that apply to a specific ledger, such as journal processing options, currency options, and average balance processing options. Journal sources are identifiers that indicate where a journal originated, such as manual entry, subledger accounting, or import. You can enable "Limit a Journal to a Single Currency" on both ledger options and journal sources using the Specify Ledger Options and Manage Journal Sources tasks in Setup and Maintenance. This will enforce single currency journals for journals entered on the Create Journal page and for journals that are imported. You do not need to enable "Limit a Journal to a Single Currency" on journal lookup codes, as these are codes that indicate the status of a journal, such as Entered, Posted, or Reversed. You do not need to enable "Limit a Journal to a Single Currency" on journal category, as this is an attribute that classifies journals by purpose or function, such as Purchase Invoices or Allocations. You do not need to enable "Limit a Journal to a Single Currency" on profile option, as this is a setting that affects the behavior of an application or feature for a user or responsibility. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Define Ledgers 12

• Question 77:

  After loading your budget data into General Ledger Cloud, you can view budget balances using these features. Which feature does not belong on the list?

  A. Application Development Framework Desktop Integration Budget Balances Report

  B. Account Monitor

  C. Smart View

  D. Account Inspector

  Correct Answer: A

  "The Application Development Framework Desktop Integration Budget Balances Report is a spreadsheet-based report that you can use to view budget balances for a selected budget and period range." This feature does not belong on the list of features that can be used to view budget balances after loading your budget data into General Ledger Cloud. The other features are Account Monitor, Smart View, and Account Inspector, which are all tools that can access Essbase balances cubes and display budget information.

• Question 78:

  What are the two purposes of a secondary ledger? (Choose two.)

  A. It can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency, and/or journal processing options

  B. It should not be used when trying to meet local accounting requirements

  C. It is used to main balances in a different currency only

  D. It is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting

  E. It should only be used to main balances for processing performance

  Correct Answer: AD

  A secondary ledger is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting representations of the same transactions. A secondary ledger can differ from its primary ledger by one or more of the following attributes: accounting method, chart of accounts, accounting calendar, currency, and journal processing options. A secondary ledger is not used to meet local accounting requirements, as this can be achieved by using reporting currencies or subledger accounting rules. A secondary ledger is not used to maintain balances in a different currency only, as this can be achieved by using reporting currencies or revaluation. A secondary ledger is not used to maintain balances for processing performance, as this can be achieved by using ledger sets or data access sets. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure Secondary Ledgers 12

• Question 79:

  You are creating values for the chart of account value set that you are planning to use for the account segment within your Chart of Accounts.

  You are not able to assign an Account Type. What is the reason for this?

  A. You have not set the Allow Budgeting attribute for the value set

  B. The Account Type qualifier has not been enabled when defining the value set

  C. You are creating values before assigning the value set to the structure

  D. You have not set the Allow Posting attribute for the value set

  Correct Answer: C

  According to Oracle documentation1, the reason why you are not able to assign an Account Type when creating values for the chart of account value set is that you are creating values before assigning the value set to the structure. The Account Type attribute is only available after you assign the value set to a chart of accounts structure instance. The Account Type attribute determines how an account is used and reported in General Ledger. Therefore, option C is correct. Option A is incorrect because you do not need to set the Allow Budgeting attribute for the value set to assign an Account Type. Option B is incorrect because the Account Type qualifier does not need to be enabled when defining the value set to assign an Account Type. Option D is incorrect because you do not need to set the Allow Posting attribute for the value set to assign an Account Type.

• Question 80:

  Management has added a requirement to segregate the duties of transferring journals to the General Ledger from the posting function. Which two new features allow this segregation? (Choose two.)

  A. Uncheck the Enable Posting from the Manage Subledger Accounting Options task.

  B. Journal entry spreadsheets are not impacted by this new function.

  C. Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.

  D. For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.

  Correct Answer: AC

  According to Oracle documentation1, the following new features allow the segregation of duties of transferring journals to the General Ledger from the posting function: Uncheck the Enable Posting from the Manage Subledger Accounting Options task, and create separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Therefore, options A and C are correct. Option B is incorrect because journal entry spreadsheets are impacted by this new function. Users who create journals using spreadsheets must have the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER_JOURNALS. Option D is incorrect because for previously scheduled automated processes, it is not recommended to cancel and reschedule the process for the option to be effective. The option will be effective for any new processes submitted after unchecking the Enable Posting option.