Exit demo 1Z0-1054-20 Oracle Financials Cloud: General Ledger 2020 Implementation Essentials PDF format · free preview

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Single choice 33

Multiple choice 22

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Oracle 1Z0-1054-20 - Questions & Answers

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Question 1

Single choice

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?

The general accountant does not have the Financials Application administrator role assigned and, therefore, has view-only privileges on this page

The general accountant has a segment value security rule assigned which restricts access to that cost center

There is a primary balancing segment attached to the legal entity of the primary ledger

A cross validation rule is in place to prevent the resulting combination from being created

Question 2

Single choice

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?

One, because they can all share the same chart of accounts

Three, because each requires a different currency

Two, because the US and Canada can share the same ledger because they are in North America

Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting

Question 3

Multiple choice

When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).

Financial Reporting Studio

Smart View

Oracle Financial Statement Generator

Financial Reporting Center

Question 4

Single choice

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?

Only obligation type will have $400 USD funds available

Manual encumbrance journal needs to be entered in General Ledger to release the budget amount of
$400 USD

$400 USD will be added back to available funds

Invoice type will have less funds available by $400 USD

$400 USD will be expired and not available for use

Question 5

Single choice

You need to set up a calendar for fiscal year Apr-XX to March-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.

What Calendar format should you choose?

Calendar

Fiscal

Year

Period

Question 6

Single choice

You defined a tree or hierarchy, but you are unable to set its status to Active.

What is the reason?

Two tree versions were not defined

Chart of accounts was not deployed

Accounting Configuration was not submitted

An Audit process needs to be successfully performed before a tree version can be set to Active

Question 7

Single choice

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?

Question 8

Multiple choice

You want to specify Intercompany System Options.

Which three factors should you consider? (Choose three.)

whether to allow receivers to reject intercompany transactions

whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies

automatic or manual batch numbering and the maximum transaction amount

the approvers who will approve intercompany transactions

automatic or manual batch numbering and the minimum transaction amount

Question 9

Single choice

You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account's activities.

What type of report will provide this type of information?

Aging Reports

Journals Reports

Account Analysis Reports

Journals Day Book Report

Question 10

Single choice

You are defining an income statement report using Financial Reporting Studio. Users of the report need to be able to analyze the balances directly from the report.