oracle 1z0-1054-20 practice test

Oracle Financials Cloud: General Ledger 2020 Implementation Essentials


Question 1

You want to process multiple allocations at the same time. What feature do you use?

  • A. RuleSets
  • B. Formulas
  • C. General Ledger journal entries
  • D. Point of View (POV)
Answer:

A

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Question 2

None

  • A. One, because they can all share the same chart of accounts
  • B. Three, because each requires a different currency
  • C. Two, because the US and Canada can share the same ledger because they are in North America
  • D. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting
Answer:

A

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Question 3

You are implementing a multipillar implementation of both HCM Cloud and ERP Cloud. You are implementing ERP first
followed by HCM Cloud. You want to ensure your ledgers and chart of accounts are correctly defined. What should you do?
(Choose three)

  • A. Deploy your chart of accounts
  • B. Use HCM’s Enterprise Structure Configurator (ESC) first
  • C. Create your chart of accounts in the following order: value sets, COA structure, and instance before assigning values to the value sets
  • D. Use file-based spreadsheet loaders using UCM to mass load and maintain chart of accounts segment values and hierarchies
  • E. Use the Rapid Implementation spreadsheet when creating your enterprise structure
Answer:

A B E

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Question 4

Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

  • A. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
  • B. This report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
  • C. This report displays only the reconciled transactions. You need to further process automatic reconciliation to reconcile the unreconciled transactions.
  • D. This report includes Ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
  • E. This report displays the intercompany receivables and intercompany payables balances in summary for a period.
Answer:

B E

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Question 5

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. Account Monitor
  • B. Financial Reports with Embedded charts
  • C. Smart View
  • D. Account Inspector and its charts
Answer:

A

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Question 6

You set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger.
Which two actions should you now perform? (Choose two.)

  • A. Ensure that the Accounting Calendar and Currency are the same as the Primary Ledger
  • B. Define Journal Conversion Rules that include subledgers in order to transfer subledger transactions
  • C. Define Journal Conversion Rules that exclude subledgers
  • D. Assign a Subledger Accounting Method to the secondary ledger
  • E. Define Supporting References with balances
Answer:

B D

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Question 7

You are defining an income statement report. You want to allow viewers of the report to be able to drill down from report
balances to the underlying transactions. What so you need to enable?

  • A. Drill Through in Grid Properties
  • B. Nothing. All report balances are drillable in all FR Studio reports
  • C. Allow Expansion
  • D. Report Functions
Answer:

A

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Question 8

You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose
two.)

  • A. You must re-deploy the chart of accounts
  • B. A Data Access Set with full read/write access to the ledger is automatically created
  • C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
  • D. You must assign the job role and data security context to each user
Answer:

B D

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Question 9

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

  • A. Each product has its own Intercompany Accounting feature that needs to be set up separately
  • B. Within Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger intercompany transactions and single-ledger Intercompany journals
  • C. Intercompany Balancing Rules are defined centrally and applied across Financials and Project Portfolio Management
  • D. They need to license a separate stand-alone Intercompany product that acts as the Intercompany Accounting Hub
Answer:

B C

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Question 10

The general accountant is trying to update the cost center for the Default Suspense Account in the Ledger Options to match
the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the List of Values for the accountant
to select in the Suspense Account.
What is the reason for this?

  • A. The general accountant does not have the Financials Application administrator role assigned and, therefore, has view- only privileges on this page
  • B. The general accountant has a segment value security rule assigned which restricts access to that cost center
  • C. There is a primary balancing segment attached to the legal entity of the primary ledger
  • D. A cross validation rule is in place to prevent the resulting combination from being created
Answer:

D

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