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1Z0-1054-20 Oracle Financials Cloud: General Ledger 2020 Implementation Essentials

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Oracle · 1Z0-1054-20

Free 1Z0-1054-20 Exam Dumps Preview

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Question 1

Single choice

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

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Correct answerA

Explanation

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

Question 2

Multiple choice

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.

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Correct answersB, E

Explanation

References:
https://docs.oracle.com/en/cloud/saas/financials/20b/ocuar/oracle-fusion-intercompany-reports.html#OCUAR1573663

Question 3

Multiple choice

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

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Correct answersB, C

Explanation

References:
https://docs.oracle.com/en/cloud/saas/financials/20c/faigl/period-close.html

Question 4

Single choice

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
Approval Groups
B
Dynamic Approval Groups
C
Supervisory level approval
D
Management Chain approval

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Correct answerC

Question 5

Multiple choice

A subsidiary company, in a highly regulated country, where there is a legal requirement to produce fiscal reports under local GAAP, is about to configure their General Ledger.

Given the following:

Subledgers transferring to general ledger must use the local currency.
There is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).

Which two ledger types should be configured to address this reporting requirement? (Choose two.)

A
a primary ledger with the local accounting convention
B
a reporting currency with the IFRS accounting convention
C
a primary ledger with the IFRS accounting convention
D
a secondary ledger with the IFRS accounting convention
E
a reporting currency with the local accounting convention

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Correct answersC, E

Question 6

Single choice

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
Opt in to the Prevent Period Close option for the offering
B
Set the relevant option on the Specify Ledger Options page
C
Nothing, this option is enabled automatically
D
Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes

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Correct answerA

Explanation

References:
https://docs.oracle.com/en/cloud/saas/financials/20b/faugl/accounting-period-close.html#FAUGL691839

Question 7

Single choice

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 Open and the invoice is Validated
B
Both are reserved
C
Both are Partially Reserved
D
The purchase order is Partially Liquidated and the invoice is Partially Reserved
E
The purchase order is Liquidated and the invoice is Partially Reserved
F
The purchase order is Partially Liquidated and the invoice will be Reserved

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Correct answerF

Question 8

Single choice

Your customer has many eliminating entries to eliminate intercompany balances.

How would you automate the process of creating eliminating entries, assuming your customer is not using Oracle Hyperion Financial Close Management?

A
Use the General Ledger's Calculation Manager to define an allocation definition to eliminate entries that you can generate every period.
B
There is no way to automate this process if the customer is not using Oracle Hyperion Financial Close Management.
C
Create a manual journal that includes the eliminating entries, and then create a copy of the journal batch every period.
D
Use the spreadsheet template that is accessed from the "Create Journal in Spreadsheet" task and import the spreadsheet with the eliminating entries every period.

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Correct answerA

Question 9

Single choice

You create an invoice for USD 100 that is matched to a purchase order of USD 100. You validate the invoice to consume the budget and reduce funds available. And then later, you cancel the invoice.

What happens to funds available when you cancel an invoice that requires budgetary control?

A
The budget and funds available will increase by USD 100
B
Funds available will change when the invoice is approved
C
The funds reserved for the purchase order is reinstated while the invoice expenditure is reversed by
USD 100
D
The budget will increase by USD 100 and the funds available will decrease by USD 100

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Correct answerD

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2	Multiple choice	3

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Oracle Financials Cloud: General Ledger 2020 Implementation Essentials

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