Oracle 1Z0-1054-22 Online Practice Questions and Exam Preparation

Oracle 1Z0-1054-22 Online Questions & Answers

• Question 91:

  You want to monitor the close process of all financial subledgers and ledgers.

  How can you quickly obtain this information?

  A. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers
  B. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period
  C. Run Closing Status reports
  D. Use Close Monitor in General Accounting Dashboard
  D. Use Close Monitor in General Accounting Dashboard

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  Explanation/Reference:

  To quickly obtain information about the close process of all financial subledgers and ledgers, you should use Close Monitor in General Accounting Dashboard. Close Monitor is a tool that allows you to view the overall status of the close process across different ledgers and subledgers. You can also drill down to view details of each subledger or ledger period status and perform actions such as opening or closing periods. You do not need to use the Manage Accounting Periods page to view the status of all subledgers and ledgers, as this page only shows the status of one ledger at a time. You do not need to access each subledger's calendar and General Ledger's Manage Accounting Periods page to view the status of each period, as this is a time-consuming and inefficient way to obtain information. You do not need to run Closing Status reports, as these reports only show the status of one ledger at a time and do not provide drill down or action capabilities. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure Period Close Components 12

• Question 92:

  Which three objectives must be considered when designing the chart of accounts? (Choose three.)

  A. Anticipate growth and maintenance needs as organizational changes occur
  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. Limit the number of segments to those you need today to reduce data entry
  A. Anticipate growth and maintenance needs as organizational changes occur
  B. Effectively manage an organization's financial business
  D. Consider implementing a single, global chart of accounts

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  Explanation/Reference:

  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.

• Question 93:

  On a primary ledger in the system options close section, the following field has been selected 'Prevent General Ledger Period Closure When Open Subledger Periods Exist'.

  For which three subledgers can you opt out of the period close checking feature by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE? (Choose three.)

  A. Receipt accounting
  B. Receivables
  C. Revenue Management
  D. Assets
  E. Order Management
  A. Receipt accounting
  B. Receivables
  D. Assets

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  Explanation/Reference:

  According to Oracle documentation3, you can opt out of the period close checking feature for these three subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE: Receipt accounting, Receivables, and Assets. The period close checking feature prevents you from closing a General Ledger period if there are any open subledger periods that exist for that ledger. You can opt out of this feature for specific subledgers by using the lookup ORA_GL_INCLD_STRICT_PRD_CLOSE and setting the Enabled flag to No for those subledgers. Therefore, options A, B, and D are correct. Option C is incorrect because Revenue Management is not a subledger that can be opted out of the period close checking feature. Option E is incorrect because Order Management is not a subledger that can be opted out of the period close checking feature.

• Question 94:

  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
  A. It can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency, and/or journal processing options
  D. It is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting

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  Explanation/Reference:

  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 95:

  You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)

  A. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
  B. whether to allow receivers to reject intercompany transactions
  C. automatic or manual batch numbering and the minimum transaction amount
  D. automatic or manual batch numbering and the maximum transaction amount
  E. the approvers who will approve intercompany transactions
  A. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
  B. whether to allow receivers to reject intercompany transactions
  E. the approvers who will approve intercompany transactions

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  Explanation/Reference:

  The Intercompany System Options page allows you to specify various settings for intercompany transactions, such as whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies, whether to allow receivers to reject intercompany transactions, and the approvers who will approve intercompany transactions3.

• Question 96:

  You are creating financial statements and want to have charts, such as a bar graph, automatically inserted to improve the understanding financial results. How would you achieve this?

  A. Use Smart View, which is an Excel Add-on
  B. Use Account Inspector that automatically creates graphs on financial balances
  C. When viewing the report, download to Excel and use Excel's Charting features to create your bar graph
  D. When designing your financial statement using Financial Report (FR), embed a chart into your report
  D. When designing your financial statement using Financial Report (FR), embed a chart into your report

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  Explanation/Reference:

  Financial Report (FR) is a tool that allows you to create financial statements and reports using data from General Ledger Cloud. FR supports embedding charts into your reports to enhance the presentation and understanding of financial results. You can choose from different types of charts, such as bar graphs, pie charts, line graphs, etc., and customize their appearance and properties. You can also link the charts to the report data and drill down to the underlying details.

  Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Create Financial Reports 12

• Question 97:

  There is a business requirement for a subsidiary company to report to the parent company on a monthly basis.

  Given that:

  The subsidiary is in another country from the parent.

  There is no requirement to have daily balances.

  The objective is to minimize the data stored in the reporting currency.

  Which data conversion level should you recommend?

  A. Subledger level
  B. Journal Level
  C. Adjustment only level
  D. Balances Level
  E. Spreadsheet level
  D. Balances Level

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  Explanation/Reference:

  According to Oracle documentation, when there is a business requirement for a subsidiary company to report to the parent company on a monthly basis with different currencies and no requirement to have daily balances, you should recommend Balance level as the data conversion level. A Balance level data conversion level enables you to translate balances from one currency to another at month-end or quarter-end for reporting purposes. A Balance level data conversion level minimizes the data stored in the reporting currency because it does not store daily balances or journal details. Therefore, option D is correct. Option A is incorrect because a Subledger level data conversion level stores daily balances and journal details in the reporting currency. Option B is incorrect because a Journal Level data conversion level stores journal details in the reporting currency. Option C is incorrect because an Adjustment only level data conversion level does not translate balances from one currency to another. Option E is incorrect because a Spreadsheet level data conversion level does not exist.

• Question 98:

  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. Accounting Calendar
  B. Legal Entities, Business Units, and Chart of Accounts
  C. Chart of Accounts
  D. Chart of Accounts and Business Units
  E. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method
  A. Accounting Calendar
  C. Chart of Accounts

• Question 99:

  In which two ways can your users personalize the Springboards and Work Areas to suit their individual working styles? (Choose two.)

  A. They can format certain tables by hiding and showing columns, moving columns, and resizing columns
  B. Users have very little control configuring their Springboards and Work Areas; they can only resize columns
  C. They can have the System Administrator configuring pages for them using Page Composer
  D. They can use "+" under the Apps section of the News Feed homepage
  A. They can format certain tables by hiding and showing columns, moving columns, and resizing columns
  D. They can use "+" under the Apps section of the News Feed homepage

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  Explanation/Reference:

  According to Oracle documentation2, your users can personalize the Springboards and Work Areas to suit their individual working styles in these two ways:

  They can format certain tables by hiding and showing columns, moving columns, and resizing columns, and they can use "+" under the Apps section of the News Feed homepage. Springboards and Work Areas are user interface components

  that enable users to access tasks and information relevant to their roles. Users can customize these components by adding or removing tiles, changing layouts, filtering data, and formatting tables. Therefore, options A and D are correct.

  Option B is incorrect because users have more control over configuring their Springboards and Work Areas than just resizing columns. Option C is incorrect because users do not need to have the System Administrator configuring pages for

  them using Page Composer.

• Question 100:

  Which two are valid Data Access Set types? (Choose two.)

  A. Full access
  B. Full Ledger
  C. Primary Balancing Segment Value
  D. Read and Write access
  E. Read Only access
  A. Full access
  E. Read Only access

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  Explanation/Reference:

  The two valid Data Access Set types are Full access and Read Only access. A Data Access Set is a security feature that defines the access level that users have to ledger data, such as balances, budgets, or journals. A Data Access Set type is an attribute that determines the type of access that users have to ledger data within a Data Access Set. The two valid Data Access Set types are Full access and Read Only access. Full access allows users to view and enter data for ledger data within a Data Access Set. Read Only access allows users to view but not enter data for ledger data within a Data Access Set. Full Ledger is not a valid Data Access Set type, but an option that determines whether a Data Access Set grants access to all balancing segment values in a ledger or only specific balancing segment values. Primary Balancing Segment Value is not a valid Data Access Set type, but an attribute that identifies the legal entity or business unit for which financial statements are prepared and balanced. Read and Write access is not a valid Data Access Set type, but an alternative term for Full access. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Define Ledgers 12