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

Oracle 1Z0-1054-22 Online Questions & Answers

• Question 71:

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

  A. Users have very little control their Springboards and Work Areas; they can only resize columns
  B. They can use Personalization to move and remove regions from those pages
  C. They can have the System Administration customize pages for them using Page Composer
  D. They can format each table by hiding and showing columns, moving columns, and resizing columns
  B. They can use Personalization to move and remove regions from those pages
  D. They can format each table by hiding and showing columns, moving columns, and resizing columns

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  Explanation/Reference:

  your users can customize the Springboards and Work Areas to suit their individual working styles by using Personalization and formatting each table. Personalization allows users to move and remove regions from those pages, as well as add new regions or change the layout. Therefore, option B is correct. Formatting each table allows users to hide and show columns, move columns, and resize columns, as well as sort, filter, or group data. Therefore, option D is correct. Option A is incorrect because users have more control over their Springboards and Work Areas than just resizing columns. Option C is incorrect because users don't need to have the System Administration customize pages for them using Page Composer. They can use Personalization instead.

• Question 72:

  Before implementing Financials Cloud, your customer used to manually reconcile their intercompany payables and receivables accounts. What is a more automated approach to do this?

  A. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances
  B. In Financials Cloud, you must manually reconcile your intercompany account balances
  C. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
  D. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance
  E. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances
  D. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance

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  Explanation/Reference:

  https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9DAAC7706212CF48E040D30A6881766A According to Oracle documentation1, a more automated approach to reconcile intercompany payables and receivables accounts is to run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance. This report is automatically generated when you run the Prepare Intercompany Reconciliation Information process. You can drill down on the report to view the balances by source and by journal lines. Therefore, option D is correct. Option A is incorrect because Oracle Hyperion Close Manager is not a tool for reconciling intercompany account balances. Option B is incorrect because you don't need to manually reconcile your intercompany account balances in Financials Cloud. Option C is incorrect because the BI Publisher reports called Intercompany Transaction Summary and Account Details are not designed to reconcile intercompany balances. Option E is incorrect because creating a query using Oracle Transactional Business Intelligence (OTBI) is not a more automated approach to reconcile intercompany payables and receivables accounts.

• Question 73:

  You entered a journal and the client is asking for the following information:

  1.

  The current account balance

  2.

  What the future account balance will be if the journal is approved and posted

  How will you get this information?

  A. Query the account balance online
  B. Use Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances
  C. View the Projected Balances region in the Create Journals page
  D. Run a Trial Balance before and after posting
  C. View the Projected Balances region in the Create Journals page

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  Explanation/Reference:

  you can view the projected balances region in the create journals page to see the current account balance and what the future account balance will be if the journal is approved and posted. Therefore, option C is correct. Option A is incorrect because querying the account balance online will not show you the future account balance. Option B is incorrect because using Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances will not show you the future account balance. Option D is incorrect because running a trial balance before and after posting will not show you the current account balance.

• Question 74:

  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
  A. Drill Through in Grid Properties

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  Explanation/Reference:

  Drill Through is a feature in Financial Reporting Studio that allows viewers of a report to drill down from report balances to the underlying transactions. To enable Drill Through, you need to select the Drill Through option in the Grid Properties dialog box and specify a data source connection and a drill-through definition3.

• Question 75:

  Your company has a legal entity in the UK, US, and CanadA. They can all share the same chart of accounts but are required to transact and report in their local currency.

  What is the minimum number of ledgers you need and why?

  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
  B. Three, because each requires a different currency

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  Explanation/Reference:

  According to Oracle documentation2, the minimum number of ledgers you need when your company has a legal entity in the UK, US, and Canada and they can all share the same chart of accounts but are required to transact and report in their local currency is three, because each requires a different currency. A ledger is a combination of a chart of accounts, calendar, currency, and accounting method. Therefore, option B is correct. Option A is incorrect because you cannot have one ledger for different currencies. Option C is incorrect because you cannot have two ledgers for different currencies. Option D is incorrect because you don't need four ledgers for this scenario.

• Question 76:

  The expense account of airfare was erroneously assigned to the account type "Liability". Which method should you choose to fix the problem?

  A. Deactivate the value
  B. Run the "Segment Value Inheritance" program
  C. Run the "Correct Misclassified Account" program
  D. Run the "Update Balance Cube Chart of the Accounting Dimension" program
  C. Run the "Correct Misclassified Account" program

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  Explanation/Reference:

  you can use the Correct Misclassified Account program to change the account type of an account that was erroneously assigned. This program updates all balances for that account with the new account type and ensures that all existing reports reflect this change. Therefore, option C is correct. Option A is incorrect because deactivating the value will not change the account type of the account. Option B is incorrect because running the Segment Value Inheritance program will not change the account type of the account. Option D is incorrect because running the Update Balance Cube Chart of Accounting Dimension program will not change the account type of the account.

• Question 77:

  You want your sales representatives to be able to find points of interest, such as customers, while out on business. What should you enable to achieve this?

  A. HZ_GEO_IDENTIFIER_SUBTYPE Lookup
  B. Geocoding
  C. Validation
  D. Address Cleansing
  B. Geocoding

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  Explanation/Reference:

  According to Oracle documentation1, you should enable geocoding to achieve the requirement of finding points of interest, such as customers, while out on business. Geocoding is the process of assigning geographic coordinates to a physical address. Geocoding enables you to use maps and location-based services to find and visualize points of interest. Therefore, option B is correct. Option A is incorrect because HZ_GEO_IDENTIFIER_SUBTYPE Lookup is not a feature that enables finding points of interest. Option C is incorrect because validation is not a feature that enables finding points of interest. Option D is incorrect because address cleansing is not a feature that enables finding points of interest.

• Question 78:

  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
  C. They are updated automatically when the Revaluation process is run
  E. They are updated automatically when the Translation process is run

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  Explanation/Reference:

  According to Oracle documentation1, the following statements are true regarding the Balances Cubes in General Ledger: They are updated automatically when the Revaluation process is run, and they are updated automatically when the Translation process is run. A balances cube stores financial balances in a multidimensional database for interactive reporting and analysis. A balances cube is automatically updated when certain processes are run in General Ledger, such as posting, revaluation, translation, and consolidation. Therefore, options C and E are correct. Option A is incorrect because they are not updated automatically when the General Ledger period is opened. Option B is incorrect because new dimensions cannot be added to a General Ledger Balances Cube. Option D is incorrect because a new Balances Cube is created for a unique combination of chart of accounts and calendar, not ledger and currency.

• Question 79:

  You entered the following information in the Companies and Legal Entities tab of the Rapid Implementation Spreadsheet:

  

  Assuming currency is left blank in the Ledger worksheet, how many Ledgers will the process create?

  A. 6
  B. 3
  C. 4
  D. 5
  B. 3

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  Explanation/Reference:

  The process will create 3 ledgers based on the information entered in the Companies and Legal Entities tab of the Rapid Implementation Spreadsheet. The process will create one ledger for each unique combination of chart of accounts, accounting calendar, and currency. Since currency is left blank in the Ledger worksheet, the process will use the currency specified in the Companies and Legal Entities tab. The process will create one ledger for US1 with chart of accounts COA1, accounting calendar CAL1, and currency USD. The process will create another ledger for UK1 with chart of accounts COA2, accounting calendar CAL2, and currency GBP. The process will create a third ledger for FR1 and FR2 with chart of accounts COA2, accounting calendar CAL2, and currency EUR. The process will not create separate ledgers for FR1 and FR2 because they share the same chart of accounts, accounting calendar, and currency.

  Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Define Chart of Accounts 12

• Question 80:

  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:

  1.

  Subledgers transferring to general ledger must use the local currency.

  2.

  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
  A. a primary ledger with the local accounting convention
  D. a secondary ledger with the IFRS accounting convention

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  Explanation/Reference:

  According to Oracle documentation4, 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 D 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 E is incorrect because a reporting currency with the local accounting convention does not represent an alternative accounting representation.