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The Oracle 1z0-1054-22 Exam is aimed at individuals who have a strong understanding of financial processes and accounting principles. Candidates should also have experience with Oracle Financials Cloud and general ledger implementation. This certification exam is intended to help professionals advance their careers by demonstrating their expertise in the field of financials and general ledger implementation.
NEW QUESTION # 14
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. Ledger options
- B. Journal lookup codes
- C. Profile option
- D. Journal sources
- E. Journal category
Answer: A,D
Explanation:
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
NEW QUESTION # 15
Which three objectives must be considered when designing the chart of accounts? (Choose three.)
- A. Limit the number of segments to those you need today to reduce data entry
- B. Effectively manage an organization's financial business
- C. Try to use all 30 segments and 25 characters per segment because you cannot change it later
- D. Consider implementing a single, global chart of accounts
- E. Anticipate growth and maintenance needs as organizational changes occur
Answer: B,D,E
Explanation:
These are some of the objectives that must be considered when designing the chart of accounts, according to Oracle documentation1. Anticipating growth and maintenance needs as organizational changes occur helps to design a flexible and scalable chart of accounts that can accommodate future business requirements. Effectively managing an organization's financial business requires a chart of accounts that can provide accurate and timely financial reporting and analysis. Considering implementing a single, global chart of accounts can simplify consolidation and standardization across multiple ledgers and currencies.
NEW QUESTION # 16
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. Rebuild the GL Balances Cube
- B. Enable spend authorization
- C. Enable Payment Request Subtypes
- D. Create a Payment Process Profile
- E. Rebuild the Budgetary Control Cube
Answer: B,C,E
Explanation:
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
NEW QUESTION # 17
Budgetary control for accounts 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013. Which statement is true?
- A. If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward
- B. If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
- C. If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward
- D. The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances
- E. If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
Answer: C
Explanation:
If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward. This is based on the Oracle documentation that states:
You can carry forward year-end encumbrances into the following year. You can also carry forward an equivalent budget amount or funds available. When you carry forward year-end encumbrances, the Carry Forward rule you specify determines how General Ledger calculates the amount to be carried forward. You can choose one of the following Carry Forward rules:
Encumbrances Only: General Ledger calculates the year-to-date encumbrance balance as of the end of the year and carries that balance forward into the beginning balance of the first period of the next fiscal year.
Encumbrances and Encumbered Budget: General Ledger calculates the year-to-date encumbrance balance as of the end of the year and carries forward that balance, plus an equivalent budget amount, into the beginning balance of the first period of the next fiscal year.
Funds Available: General Ledger calculates the funds available as the year-to-date budget balance less year-to-date actual and encumbrance balances. General Ledger then carries forward that amount into the beginning balance of the first period of the next fiscal year1.
In this case, if you have used the Encumbrances Only rule, then only the obligation of $10,000 USD for each account will be carried forward. The budget balances, expenditure balances, and funds available will not be carried forward. The other options are incorrect because they do not match any of the Carry Forward rules described in the documentation.
NEW QUESTION # 18
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. Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV)
- B. Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV)
- C. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV)
- D. Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV)
Answer: A
NEW QUESTION # 19
Which subject area has been enhanced to allow you to drill down from OTBI General Ledger Reports to a General Ledger journal?
- A. General Ledger - Summary Journals Real Time
- B. General Ledger - Journal Transaction Balances Real Time
- C. General Ledger - Journals Real Time
- D. General Ledger - Journal Balances Real Time
Answer: C
Explanation:
https://www.oracle.com/webfolder/technetwork/tutorials/tutorial/cloud/r13/wn/r13-2018-financials-wn.htm#F4376
NEW QUESTION # 20
You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?
- A. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period
- B. Run Closing Status reports
- C. Use Close Monitor in General Accounting Dashboard
- D. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers
Answer: C
Explanation:
"Close Monitor provides a centralized place to monitor and manage your close process across subledgers and ledgers. You can view the status of each subledger and ledger period, drill down to subledger details, and take action on open periods." Therefore, this is the best way to quickly obtain information about the close process of all your financial subledgers and ledgers.
NEW QUESTION # 21
You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed.
How will you achieve this?
- A. Set the relevant option on the Specify Ledger Options page
- B. Nothing, this option is enabled automatically
- C. Opt in to the Prevent Period Close option for the offering
- D. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
Answer: C
Explanation:
Reference:
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NEW QUESTION # 22
Which feature outside of reporting and analysis leverages the Essbase cube?
- A. revaluations and translation to revalue and translate currencies stored in the Essbase cube
- B. journal entries and journal approval to create journals that update balances to the cube directly
- C. period closing and opening of ledgers to keep General Ledger Cloud and the Essbase cubes in sync
- D. calculation manager to perform allocations based on multidimensional balances and budgets
Answer: D
Explanation:
According to the Oracle documentation3, "Oracle Essbase is embedded within Oracle General Ledger and provides multidimensional balances cubes. Every time a transaction or journal is posted in General Ledger, the balances cubes are updated at the same time." Essbase balances cubes are used for interactive reporting and analysis, but also for performing allocations using calculation manager. Calculation manager enables you to create allocation rules that use balances and budgets from Essbase as sources and targets. The other options are not features that leverage Essbase cubes.
NEW QUESTION # 23
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. FBDI Level
- B. Journal Level
- C. Balance level
- D. Subledger Level
- E. Adjustment Only Level
Answer: B,E
Explanation:
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.
NEW QUESTION # 24
You are setting up Close Monitor, which compromises a ledger set hierarchy definition.
Which two components of the enterprise structure should the ledgers in the ledger set share? (Choose two.)
- A. Legal Entities, Business Units, and Chart of Accounts
- B. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method
- C. Chart of Accounts and Business Units
- D. Chart of Accounts
- E. Accounting Calendar
Answer: D,E
NEW QUESTION # 25
Which AMX builder method is most effective in routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal?
- A. Management Chain approval
- B. Dynamic Approval Groups
- C. Cost center based approval
- D. Approval Groups
- E. Supervisory level approval
Answer: E
Explanation:
Supervisory level approval is the most effective AMX builder method for routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal. Supervisory level approval routes journals based on the management hierarchy defined in Human Capital Management (HCM). The Accounting Manager would be the direct supervisor of The General Accountant in HCM, and therefore would receive the journal for approval. Cost center based approval routes journals based on the cost center segment value of the journal lines. Dynamic Approval Groups routes journals based on user-defined conditions and approval groups. Management Chain approval routes journals based on user-defined management chains and approval levels. Approval Groups routes journals based on user-defined approval groups and rules. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Journal Approval 12
NEW QUESTION # 26
You want to process multiple allocations at the same time. What feature do you use?
- A. General Ledger journal entries
- B. Formulas
- C. RuleSets
- D. Point of View (POV)
Answer: C
Explanation:
you can use RuleSets to process multiple allocations at the same time. A RuleSet is a group of allocation rules that you can run together. Therefore, option A is correct. Option B is incorrect because formulas are used to define the basis of allocation, not to process multiple allocations. Option C is incorrect because General Ledger journal entries are used to record transactions, not to process multiple allocations. Option D is incorrect because Point of View (POV) is used to specify the source and target of allocation, not to process multiple allocations.
NEW QUESTION # 27
Budgetary control for accounts 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013. Which statement is true?
- A. If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward
- B. If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
- C. If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward
- D. The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances
- E. If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
Answer: C
NEW QUESTION # 28
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. The purchase order is Partially Liquidated and the invoice will be Reserved
- B. The purchase order is Open and the invoice is Validated
- C. The purchase order is Partially Liquidated and the invoice is Partially Reserved
- D. Both are reserved
- E. The purchase order is Liquidated and the invoice is Partially Reserved
- F. Both are Partially Reserved
Answer: C
Explanation:
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
NEW QUESTION # 29
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The Oracle 1z0-1054-22 exam is designed for financial professionals who want to validate their skills in implementing the Oracle Financials Cloud: General Ledger 2022. This exam is part of the Oracle Certified Implementation Specialist certification, which is a globally recognized certification in the field of finance and accounting.
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