Oracle 1z0-1054 Free Practice Questions

NEW QUESTION 1
You defined a tree or hierarchy, but you are unable to set its status to Active. What is the reason?

• A. Two tree versions were not defined
• B. An Audit process needs to be successfully performed before a tree version can be set to Active
• C. Accounting Configuration was not submitted
• D. Chart of accounts was not deployed

Answer: B

NEW QUESTION 2
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

Answer: D

NEW QUESTION 3
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. Formulas
• C. Run Time Prompts (RTP)
• D. RuleSets

Answer: BCD

NEW QUESTION 4
You want to prevent intercompany transactions from being entered during the last day of the close. What should you do?

• A. Freeze the Intercompany journal source in General Ledger
• B. Close all subledger periods
• C. Close the General Ledger period in the Manager Accounting Periods page
• D. Close Intercompany periods in Fusion Intercompany

Answer: C

NEW QUESTION 5
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. Supervisory level approval
• B. Cost center based approval
• C. Dynamic Approval Groups
• D. Management Chain approval
• E. Approval Groups

Answer: A

NEW QUESTION 6
You want to automatically post journal batches imported form subledger sources to prevent accidental edits or deletions of the subledger sources journals, which could cause an out-of-balance situation between your subledgers and general ledger. Which two aspects should you consider when defining your AutoPost Criteria? (Choose two.)

• A. Use the All option for category and accounting period to reduce maintenance and ensure that all imported journals are included in the posting process
• B. Create your AutoPost criteria using minimal sources and categories
• C. Include all of your subledger sources in the AutoPost Criteri
• D. Divide up criteria sets by subledger source only if you need to schedule different posting times
• E. Schedule your AutoPost Criteria set to run during off-peak hours only

Answer: AC

NEW QUESTION 7
Your customer is implementing budgetary control with encumbrance accounting. Your customer has businesses in Australia, New Zealand, and Singapore with a ledger in each country with a Corporate chart of account instance that has four segments. Which three statements are true regarding the creation of a control budget? (Choose three.)

• A. The control budget structure has all the chart of account segments as budget segments
• B. Control budgets are always absolute to generate encumbrance accounting
• C. A control budget is associated to a ledger and creates three control budgets for Australia, New Zealand, and Singapore
• D. A control budget can allow override rules only if the control level is absolute
• E. A control budget can be associated with a different calendar than accounting calendar

Answer: BDE

NEW QUESTION 8
You want to monitor the close process of all your 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

Answer: C

NEW QUESTION 9
In Financial Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three.)

• A. Application Composer
• B. Oracle Enterprise Repository
• C. Oracle Transactions Business Intelligence
• D. Financial Reporting Studio
• E. Smart View

Answer: CDE

NEW QUESTION 10
You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)

• A. You must re-deploy the chart of accounts
• B. A Data Access Set with full read/write access to the ledger is automatically created
• C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
• D. You must assign the job role and data security context to each user

Answer: BD

NEW QUESTION 11
You want to define an allocation rule where segment values are constants for rules and formulas. What should you do?

• A. Never use the Outer Point of View (POV)
• B. Always use the Outer Point of View (POV)
• C. Specify Run Time Prompts (RTP)
• D. Only specify segment values in formulas

Answer: C

NEW QUESTION 12
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 in the chart of account
• B. 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
• 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 and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment
• E. There is no need to define an intercompany segmen
• F. You can track the intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner

Answer: A

NEW QUESTION 13
What is the most efficient way to add a new year to the accounting calendar?

• A. Import the periods from a spreadsheet
• B. The application automatically populates the next year when you open the first period of a new fiscal year
• C. Add the periods manually
• D. Use the Add Year button

Answer: D

NEW QUESTION 14
Budgetary control for accounts 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013. Which statement is true?

• A. If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD,obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward
• B. The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances
• C. If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
• D. If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
• E. If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward

Answer: A

NEW QUESTION 15
Your customer wants to have balance sheets and income statements for its cost center and program segments. That is, the customer wants to have three balancing segments.
Which two recommendations would you give your customer? (Choose two.)

• A. Additional intercompany rules will need to be defined for the two additional balancing segments
• B. Every journal where debits do not equal credits across the three balancing segments will result in the system generating extra journal lines to balance the entry
• C. Define Ledger balancing options to balance by second and third balancing segments
• D. When entering journals manually, the customer will need to make sure that debits and credits are equal across all balancing segments because the system will not automatically balance the journal

Answer: AD

NEW QUESTION 16
Identify three roles that get access to the reports in the Fusion Accounting Hub Reporting Cloud Service (FAHRCS). (Choose three.)

• A. Controller
• B. General Accountant
• C. General Accountant Manager
• D. Business Intelligence Administrator (BI Admin)
• E. Financial Analyst

Answer: CDE

NEW QUESTION 17
What are the two benefits of having the Essbase cube embedded in General Ledger Cloud? (Choose two.)

• A. Posting performance is much faster
• B. Integrating with third-party systems is easier because the Essbase cube provides chart of accounts mapping rules
• C. General ledger balances are multidimensional, allowing you to perform robust reporting and analysis
• D. You can access real-time results for reporting and analysis because every time a transaction is posted in General Ledger, multidimensional balances are also updated simultaneously
• E. You no longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of accounts

Answer: CD

NEW QUESTION 18
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 from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV)
• B. Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV)
• C. Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV)
• D. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV)

Answer: B

NEW QUESTION 19
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 conditions are not defined
• B. The Account Rule’s chart of accounts has no account values assigned
• C. The Account Rule is defined with a different chart of accounts form the Journal Entry Rule Set
• D. The Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set

Answer: CD

NEW QUESTION 20
Your new accountants have been making mistakes in reconciling accounts assigned to them. Your account balances have either spiked or dropped 30-40% every period due to human error. This causes delays in reconciliation. What feature can you use to be proactively notified of account anomalies in a more timely manner?

• A. Account Monitor
• B. Financial Reports with Embedded charts
• C. Smart View
• D. Account Inspector and its charts

Answer: C

NEW QUESTION 21
On which three occasions are Essbase balances updated? (Choose three.)

• A. every time the tree version is published
• B. every time you run the batch program called “Update Essbase Balances”
• C. every time you open a new period
• D. every time journals are posted to the general ledger
• E. at report run-time

Answer: ADE

NEW QUESTION 22
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)

• A. All ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules.
• B. You can only define balancing rules for different journals’ source
• C. You cannot define balancing rules for different journal categories.
• D. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
• E. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys

Answer: AC

NEW QUESTION 23
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