133 Exam Questions for 1z0-1054-22 Updated Versions With Test Engine
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NEW QUESTION # 30
You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle's recommended practice when this occurs?
- A. Translate only the adjusting journal entry
- B. Rerun Revaluation and then rerun Translation
- C. Rerun Translation and then reconsolidate your results
- D. Enter another adjusting journal entry in the target currency to true up the balances
Answer: C
NEW QUESTION # 31
Journal Description Rules are assigned to Subledger Journal Entry Rule Sets.
What are the other three subcomponents of a Subledger Journal Entry Rule Set? (Choose three.)
- A. Supporting References
- B. Chart of Accounts
- C. Accounting Date
- D. Journal Line Rules
- E. Account Rules
Answer: A,D,E
Explanation:
According to Oracle documentation3, the subcomponents of a Subledger Journal Entry Rule Set are Journal Line Rules, Account Rules, and Supporting References. A Subledger Journal Entry Rule Set defines how subledger journal entries are created for each event class and event type. A Journal Line Rule defines how subledger journal lines are created for each event class and event type. An Account Rule defines how accounts are derived for each journal line. A Supporting Reference stores additional information for journal lines. Therefore, options C, D, and E are correct. Option A is incorrect because Accounting Date is not a subcomponent of a Subledger Journal Entry Rule Set. Option B is incorrect because Chart of Accounts is not a subcomponent of a Subledger Journal Entry Rule Set.
NEW QUESTION # 32
What are the three differences between Oracle Transactional Business Intelligence (OTBI) and Oracle Business Intelligence Applications (OBIA)? (Choose three.)
- A. OBIA works for multiple sources including E-Business Suite, PeopleSoft, JD Edwards, SAP, and Cloud Applications
- B. OBIA is based on the universal data warehouse design with different prebuilt adapters that can connect to various source applications.
- C. OTBI allows you to create custom reports from real-time transactional data against the database directly
- D. Both OBIA and OTBI provide a set of predefined reports and dashboards and a library of metrics that help to measure business performance.
- E. Cloud customers can use both OTBI and OBIA
Answer: A,B,C
NEW QUESTION # 33
While creating a Journal Entry Rule Set, you are not able to use an Account Rule recently created. Which two options explain that? (Choose two.)
- A. The Account Rule's chart of accounts has no account values assigned
- B. The Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set
- C. The Account Rule's conditions are not defined
- D. The Account Rule is defined with a different chart of accounts form the Journal Entry Rule Set
Answer: B,D
Explanation:
, you are not able to use an Account Rule recently created while creating a Journal Entry Rule Set if the Account Rule is defined with a different chart of accounts from the Journal Entry Rule Set or if the Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set. Therefore, options C and D are correct. Option A is incorrect because the Account Rule's conditions are not a factor that prevents you from using it while creating a Journal Entry Rule Set. Option B is incorrect because the Account Rule's chart of accounts having no account values assigned is not a factor that prevents you from using it while creating a Journal Entry Rule Set.
NEW QUESTION # 34
Your customer has enabled budgetary control for purchase orders. They have a purchase order for $1,000 USD which is fully reserved. An invoice for $600 is entered and matched to the purchase order, and the purchase order is closed for further invoicing.
What happens to the remaining $400 USD?
- A. Invoice type will have less funds available by $400 USD
- B. $400 USD will be expired and not available for use
- C. Only obligation type will have $400 USD funds available
- D. $400 USD will be added back to available funds
- E. Manual encumbrance journal needs to be entered in General Ledger to release the budget amount of $400 USD
Answer: D
Explanation:
When a purchase order is closed for invoicing, any remaining encumbrance amount is liquidated automatically. This means that the reserved funds are released and added back to the available funds for the budget. You do not need to enter a manual encumbrance journal or perform any other action to release the budget amount. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 35
You have redesigned your chart of accounts and need to update your existing cross-validation rules. There is a requirement for new rules; some simply need to be updated and others need to be deleted.
What is the most efficient way to achieve this?
- A. by using Cross-Validation Rules Import file-based data import (FBDI).
- B. by using the Manage General Ledger Security page.
- C. by using the Manage Cross-Validation Rules page.
- D. by creating Cross-Validation Rules desktop-integrated spreadsheet.
Answer: A
Explanation:
According to Oracle documentation1, the most efficient way to update your existing cross-validation rules when you have redesigned your chart of accounts is to use Cross-Validation Rules Import file-based data import (FBDI). FBDI enables you to import cross-validation rules from a spreadsheet template into General Ledger. You can use FBDI to create new rules, update existing rules, or delete rules. Therefore, option C is correct. Option A is incorrect because using the Manage General Ledger Security page does not enable you to update cross-validation rules. Option B is incorrect because creating Cross-Validation Rules desktop-integrated spreadsheet does not enable you to update cross-validation rules. Option D is incorrect because using the Manage Cross-Validation Rules page does not enable you to update cross-validation rules efficiently.
NEW QUESTION # 36
You have set up a supporting reference with balances to capture revenue by account manager.
Which option should you use to view the supporting reference balances?
- A. General Ledger inquiries and reports
- B. an Account Group
- C. a SmartView analysis
- D. an OTBI analysis
Answer: D
Explanation:
Reference:
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NEW QUESTION # 37
You want to enter budget data in General Ledger Cloud. Which method is not supported?
- A. Entering budget journals
- B. Application Development Framework Desktop Integration (ADFdi)
- C. File-based Data Import
- D. Direct budget balance updates from a Financial Statement in Smart View
Answer: D
Explanation:
General Ledger Cloud supports four methods for entering budget data: entering budget journals, using ADFdi, using file-based data import, and using source budget integration. Direct budget balance updates from a Financial Statement in Smart View is not a supported method for entering budget data. Smart View is a tool that allows you to view and analyze financial data in Excel, but it does not allow you to directly update budget balances. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 38
You have enabled budgetary control and have a control budget set to Advisory control level. For September 2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of $2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD. An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)
- A. No change
- B. Purchase order encumbrance will be released for $2,100 USD
- C. Funds reservation only happens for non-matched invoices, so the system will not reserve funds
- D. As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016
- E. The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation
Answer: B,C
Explanation:
When a purchase order is matched to an invoice, the purchase order encumbrance is released for the matched amount. In this case, the purchase order encumbrance of $2,500 USD will be reduced by $2,100 USD, leaving a balance of $400 USD. The system will not reserve funds for the invoice because it is matched to a purchase order that has already reserved funds. Funds reservation only happens for non-matched invoices or invoices that are matched to a purchase order with no encumbrance. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 39
Which three objectives must be considered when designing the chart of accounts? (Choose three.)
- A. Effectively manage an organization's financial business
- B. Consider implementing a single, global chart of accounts
- C. Limit the number of segments to those you need today to reduce data entry
- D. Anticipate growth and maintenance needs as organizational changes occur
- E. Try to use all 30 segments and 25 characters per segment because you cannot change it later
Answer: A,B,D
NEW QUESTION # 40
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 the Manage Accounting Periods page to view the status of all subledgers and ledgers
- D. Use Close Monitor in General Accounting Dashboard
Answer: B
NEW QUESTION # 41
You need to define multiple allocation rules as efficiency as possible.
Which three components can be reused across allocation rules? (Choose three.)
- A. Point of View (POV)
- B. RuleSets
- C. Formulas
- D. Run Time Prompts (RTP)
Answer: B,C,D
Explanation:
"Formulas are reusable components that you can use across allocation rules." Therefore, formulas can be reused across allocation rules. Similarly, run time prompts (RTP) are reusable components that enable you to enter values at run time for segments or variables in your allocation rules. RuleSets are also reusable components that enable you to group multiple allocation rules or RuleSets together and run them sequentially. The only component that cannot be reused across allocation rules is point of view (POV), which is used to specify the source and target of an allocation rule.
NEW QUESTION # 42
Your customer has a large number of legal entities. The legal entity values are defined in the company segment which represents the primary balancing segment. They want to easily create eliminating entries for their intercompany activity. What would you recommend?
- A. Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment
- B. There is no need to define an intercompany segment. You can track the intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner
- C. There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the intercompany rules to define
- D. Define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and subledger accounting will automatically populate the intercompany segment which the balancing segment value of the legal entity with which you are trading
Answer: D
Explanation:
According to Oracle documentation2, Oracle's recommended approach to easily create eliminating entries for intercompany activity when you have a large number of legal entities is to define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and subledger accounting will automatically populate the intercompany segment with the balancing segment value of the legal entity with which you are trading. Therefore, option A is correct. Option B is incorrect because you do need to define an intercompany segment to easily create eliminating entries for intercompany activity. Option C is incorrect because you don't need to qualify the intercompany segment as the second balancing segment. You only need to qualify it as an intercompany segment. Option D is incorrect because you don't want to track the intercompany trading partner using distinct intercompany receivable/payable natural accounts. You want to use a separate intercompany segment for that purpose.
NEW QUESTION # 43
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. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV)
- C. Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV)
- D. Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV)
Answer: C
Explanation:
The privilege required to perform the budget transfer function available on the Review Budgetary Control Balances page is Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV). This privilege allows users to create, modify, or delete control budgets and perform budget transfers. Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV) is a privilege that allows users to import budget amounts from a spreadsheet using ADFdi. Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV) is a privilege that allows users to import budget amounts from a flat file using file-based data import. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV) is a duty role that includes privileges related to importing budget amounts from various sources. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Process Budget Journals 12
NEW QUESTION # 44
Your customer has enabled budgetary control for purchase orders. They have a purchase order for $1,000 USD which is fully reserved. An invoice for $600 is entered and matched to the purchase order, and the purchase order is closed for further invoicing.
What happens to the remaining $400 USD?
- A. Invoice type will have less funds available by $400 USD
- B. $400 USD will be expired and not available for use
- C. $400 USD will be added back to available funds
- D. Only obligation type will have $400 USD funds available
- E. Manual encumbrance journal needs to be entered in General Ledger to release the budget amount of $400 USD
Answer: B
NEW QUESTION # 45
What are the two possible reasons for encumbrance created on the purchase order to go back to the budget or funds availability? (Choose two.)
- A. When the requisition is set to accrue at period end and partially billed and then canceled or finally closed, encumbrance goes back to the budget to the extent of the unbilled amount
- B. The purchase order is canceled or finally closed or rejected without performing any receipt or invoice
- C. When the purchase order is set to accrue at receipt and partially received, then canceled or finally closed, encumbrance goes back to the extent of the unreceived amount
- D. The requisition reserved successfully undergoes amendment and is rejected in the reapproval
Answer: B,C
Explanation:
, "Encumbrance accounting is a method of accounting for funds that have been reserved for specific purposes. Encumbrance accounting enables you to track funds that have been committed but not yet spent." When a purchase order is created and reserved successfully, an encumbrance is created on the purchase order and reduces the funds availability. The encumbrance created on the purchase order can go back to the budget or funds
NEW QUESTION # 46
Journal Description Rules are assigned to Subledger Journal Entry Rule Sets.
What are the other three subcomponents of a Subledger Journal Entry Rule Set? (Choose three.)
- A. Supporting References
- B. Chart of Accounts
- C. Accounting Date
- D. Journal Line Rules
- E. Account Rules
Answer: A,D,E
NEW QUESTION # 47
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Oracle 1z0-1054-22 exam is designed for professionals who want to validate their skills and knowledge in implementing Oracle Financials Cloud: General Ledger solutions. Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification exam is intended for individuals who have experience with Oracle Financials Cloud and want to demonstrate their ability to implement and configure General Ledger applications. 1z0-1054-22 exam covers a range of topics, including managing ledger configurations, managing journal entries, managing allocations, and managing financial reports.
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