Easily To Pass New 1z0-1054-23 Premium Exam Updated [Dec 30, 2023]
1z0-1054-23 Certification All-in-One Exam Guide Dec-2023
NEW QUESTION # 23
You are trying to run a Financial Reporting Web Studio report from Financial Reporting Center. However, it is not appearing as a choice.
Which are two reasons for this? (Choose two.)
- A. You have not saved it in the Shared Folder/Custom/Financials directory.
- B. You have not downloaded the report to your local drive.
- C. You have not saved it in the MyFolders directory.
- D. You have not uploaded it to Financial Reporting Center.
Answer: C,D
Explanation:
Explanation
According to Oracle documentation, two reasons why a Financial Reporting Web Studio report may not appear as a choice in Financial Reporting Center are: You have not saved it in the Shared Folder/Custom/Financials directory, and you have not uploaded it to Financial Reporting Center. Financial Reporting Web Studio enables you to design and generate reports with grids, charts, images, and text boxes using data from various sources. Financial Reporting Center enables you to access and run all types of reports from a single user interface. To make a Financial Reporting Web Studio report available in Financial Reporting Center, you must save it in the Shared Folder/Custom/Financials directory and upload it to Financial Reporting Center using Workspace. Therefore, options A and C are correct. Option B is incorrect because saving it in the MyFolders directory does not make it available in Financial Reporting Center. Option D is incorrect because downloading it to your local drive does not make it available in Financial Reporting Center.
NEW QUESTION # 24
Your ledger currency is USD. At month end you have a balance on the Accounts Payable Liability Account of
100,000 Euros which is equivalent to USD 136,550. This balance needs to be revalued.
The month end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true for the resulting revaluation run? (Choose two.)
- A. There is no unrealized exchange gain or loss calculated.
- B. The original journal entry in Euros is updated.
- C. The original journal entry in Euros remains the same.
- D. You have an unrealized exchange gain recorded.
- E. You have an unrealized exchange loss recorded.
Answer: D,E
Explanation:
Explanation
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550 -
136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.
NEW QUESTION # 25
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 the Manage General Ledger Security page.
- B. by using Cross-Validation Rules Import file-based data import (FBDI).
- C. by creating Cross-Validation Rules desktop-integrated spreadsheet.
- D. by using the Manage Cross-Validation Rules page.
Answer: B
Explanation:
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.
According to Oracle documentation2, you should create a Data Access Set that allows access to the UK Ledger to allow users with the General Accountant job role to access the UK Ledger. A Data Access Set is a security feature that defines the ledgers and balancing segment values that a user can access. You can assign Data Access Sets to users or roles using the Manage Data Access for Users page. Therefore, option B is correct. Option A is incorrect because assigning the security context value of UK Ledger to the user/role combination does not enable access to the ledger. Option C is incorrect because assigning the General Accounting Manager role to those users does not enable access to the ledger. Option D is incorrect because assigning the UK reference set to the user/role combination does not enable access to the ledger.
NEW QUESTION # 26
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)
- A. The report includes Ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
- B. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
- C. The report displays all clearing company balancing lines for a period.
- D. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
- E. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
Answer: A,B
Explanation:
Explanation
According to the Oracle documentation12, the Intercompany Reconciliation Report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison (option C). The report also includes ledger balancing lines generated when the primary balancing segment value is in balance, but either the second or third balancing segment values are not (option B). Option A is incorrect because you can drill down to the general ledger journal, subledger accounting entry, and source receivables or payables transaction2. Option D is incorrect because the report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them1
. Option E is incorrect because the report does not display clearing company balancing lines2.
NEW QUESTION # 27
An Oracle Fusion Cloud customer has a complex enterprise structure that includes multiple legal entities in multiple countries. To match the intercompany balancing requirements, all four levels of rules have been defined. In user testing, the business experts are asking which rule will be considered first when balancing an intercompany journal?
- A. Legal entity-level rule
- B. Primary balancing segment rule
- C. Ledger-level rule
- D. Chart of accounts rule
Answer: B
Explanation:
Explanation
When balancing an intercompany journal, Oracle Fusion Cloud will first look for a primary balancing segment rule that matches the provider and receiver primary balancing segment values. If such a rule exists, it will be used to generate the intercompany receivables and payables accounts. If not, Oracle Fusion Cloud will look for a chart of accounts rule, then a legal entity-level rule, and finally a ledger-level rule. The primary balancing segment rule has the highest priority and the ledger-level rule has the lowest priority. References:
Overview of Intercompany Balancing Rules
Intercompany Balancing Rules
Troubleshooting Guide For Intercompany Balancing
Example of Generating Intercompany Receivables and Intercompany Payables Accounts
NEW QUESTION # 28
You are using account hierarchies for reporting and allocations.
Which two statements are true about these types of hierarchies? (Choose two.)
- A. Child values in these hierarchies can belong to only one parent.
- B. Hierarchies for reporting and allocations do not have to be published to Essbase cubes.
- C. You can have only one version of a hierarchy published to the Essbase cube at any time.
- D. Hierarchies for reporting and allocations have to be published to Essbase cubes.
Answer: A,C
Explanation:
Explanation
According to the Oracle documentation34, account hierarchies are defined in Oracle Fusion applications using tree functionality. Each account hierarchy is defined as a tree with one or more versions. You can have only one version of a hierarchy published to the Essbase cube at any time (option A). Child values in these hierarchies can belong to only one parent (option D). Option B is incorrect becausehierarchies for reporting and allocations must be published to Essbase cubes5. Option C is incorrect because it contradicts option B.
NEW QUESTION # 29
Your company has complex consolidation requirements with multiple General Ledger instances. You are using Oracle Hyperion Financial Management to consolidate the disparate General Ledgers. You can typically map segments between your General Ledger segment to a Hyperion Financial Management segment, such as Company to Entity, Department to Department, and Account to Account What happens to segments in your source General Ledger, such as Program, that cannot be mapped to Hyperion Financial Management?
- A. The unmapped segments default to future use segments in Hyperion Financial Management.
- B. Data is summarized across segments that are not mapped to Hyperion Financial Management.
- C. No data is transferred.
- D. Errors occur for unmapped segments. You must map multiple segments from source General Ledgers to the target segment in Hyperion Financial Management.
Answer: B
Explanation:
Explanation
When integrating with Oracle Hyperion Financial Management, you can use the following dimensions for consolidation: Entity, Scenario, Year, Period, Value, Account, Intercompany, Custom1 to Custom4, and View.
You can map one to one, or concatenatesegments from your source General Ledger to a single Hyperion Financial Management dimension. For example, you can map Company to Entity, Department to Department, and Account to Account. However, if you have segments in your source General Ledger that cannot be mapped to any Hyperion Financial Management dimension, such as Program, then the data is summarized across those segments. This means that the data is aggregated to the highest level of the unmapped segments, and the detail information is lost. For example, if you have Program as a segment in your source General Ledger, and you do not map it to any Hyperion Financial Management dimension, then the data is summarized by Program, and you cannot see the data by individual Program values in Hyperion Financial Management.
References:
Example of Mapping Segments to Financial Management Dimensions
Overview of the Chart of Accounts Mapping Page
NEW QUESTION # 30
You need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.
What format should you choose?
- A. Year
- B. Period
- C. Fiscal Year
- D. Calendar Year
Answer: C
Explanation:
Explanation
According to Oracle documentation3, when you need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in, you should choose Fiscal Year as the format. A Fiscal Year format enables you to define periods based on fiscal years that span two calendar years. Therefore, option A is correct. Option B is incorrect because a Calendar Year format defines periods based on calendar years that start on January 1st and end on December
31st. Option C is incorrect because a Period format defines periods based on any number of days or weeks.
Option D is incorrect because a Year format defines periods based on calendar years that start on any month other than January and end on any month other than December.
NEW QUESTION # 31
Which two statements are true about the Intercompany Reconciliation report?
- A. It includes ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
- B. It can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
- C. It displays the intercompany receivables and intercompany payables balances in summary for a period.
- D. You can only drill down to the General Ledger journal and then from there to the Subledger journal entry.
- E. It displays all clearing company balancing lines for a period.
Answer: B,C
Explanation:
Explanation
The Intercompany Reconciliation report is a tool that helps you reconcile your intercompany transactions and identify any discrepancies between the provider and receiver sides. The report shows the entered or transaction amount of the accounting entries booked to the intercompany receivables and payables accounts for a pair of provider and receiver legal entities. The accounted amounts may be different when the conversion rates used for the intercompany receivables and payables are different. Therefore, you can run the report using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
This option helps you manage the currency risk and the conversion rate fluctuations for intercompany transactions. The report also displays the intercompany receivables and payables balances in summary for a period, and any differences between them. You can drill down on the links to view the balances by source and then by journal lines. You have full drill-down capabilities to the general ledger journal, subledger accounting entry, and source receivables or payables transaction. References:
Intercompany Reconciliation
Intercompany Reconciliation Reports
NEW QUESTION # 32
Which two are valid Data Access Set types? (Choose two.)
- A. Read and Write access
- B. Read Only access
- C. Full Ledger
- D. Full access
- E. Primary Balancing Segment Value
Answer: B,D
Explanation:
Explanation
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
NEW QUESTION # 33
Which two statements are true regarding the Translation process? (Choose two.)
- A. The Translation process can only be used to translate balance sheet accounts.
- B. If necessary, before submitting the Translation process, the Revaluation process should be completed.
- C. The Translation process should be run before posting Period Close adjustment entries.
- D. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.
- E. The Translation process can only be used for translating the balances of Secondary ledgers.
Answer: B,D
Explanation:
Explanation
According to Oracle documentation1, the following statements are true regarding the Translation process: Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes. The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.
NEW QUESTION # 34
The Cloud Client wants to add a global branding logo and more predefined transactional attributes to the journal approval email notification.
Which two Business Intelligence catalog objects should you copy (or customize) and edit? (Choose two.)
- A. The Sub_Template
- B. Output type
- C. The layout-Template
- D. The Data Source
- E. The Data Model
Answer: C,E
NEW QUESTION # 35
When creating your financial statements, you want a chart such as a bar graph to be included in the report output. Which two reporting tools allow you to achieve this?
- A. Account Inspector
- B. Smart View
- C. Financial Statement Generator
- D. Financial Reporting Studio
Answer: B,D
Explanation:
Explanation
Smart View and Financial Reporting Studio are two reporting tools that allow you to create and include charts such as bar graphs in your financial statements. Smart View is a multidimensional pivot analysis tool that enables you to interactively analyze your balances and define reports using a familiar spreadsheet environment. You can also insert charts and graphs to visualize your data. Financial Reporting Studio is a tool that lets you design and format financial reports using data from the Oracle General Ledger balances cube.
You can also add charts and graphs to enhance your reports and display data trends. References:
Overview of Financial Reporting Center, Oracle Cloud Applications Financials 23B,
https://docs.oracle.com/en/cloud/saas/financials/23b/faiah/overview-of-financial-reporting-center.html Using Smart View with Oracle Financials Cloud, Oracle Cloud Applications Financials 23B,
https://docs.oracle.com/en/cloud/saas/financials/23b/fasvf/using-smart-view-with-oracle-financials-cloud.h Creating Financial Reports, Oracle Cloud Applications Financials 23B,
https://docs.oracle.com/en/cloud/saas/financials/23b/farug/creating-financial-reports.html
NEW QUESTION # 36
The current implementation project covers Financials (with Fixed Assets and Expenses) with operations planned in three countries (USA, Italy, and India).
Which three labels are required when designing the chart of account structure for this project? (Choose three.)
- A. Secondary Balancing
- B. Cost center
- C. Intercompany Segment
- D. Primary Balancing
- E. Natural Account
Answer: B,D,E
Explanation:
Explanation
The three labels that are required when designing the chart of account structure for this project are Primary Balancing, Cost center, and Natural Account. A chart of account structure is composed of segments that represent different dimensions of accounting information, such as company, department, account, or project.
Each segment has a label that indicates its function or purpose within the chart of accounts. The Primary Balancing label is required for the segment that identifies the legal entity or business unit for which financial statements are prepared and balanced. The Cost center label is required for the segment that identifies the organizational unit or function that incurs expenses or generates revenues. The Natural Account label is required for the segment that identifies the nature of an account, such as asset, liability, revenue, or expense.
The Intercompany Segment label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies intercompany transactions between different legal entities or business units within the same enterprise. The Secondary Balancing label is not required when designing the chart of account structure for this project, as this is an optional label for the segment that identifies an additional balancing dimension other than the primary balancing segment, such as fund orregion. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Chart of Accounts 12
NEW QUESTION # 37
Your ledger currency is USD. At month end, you have a balance on the Accounts Payable Liability Account of
100,000 Euros, which is equivalent to 136,550 USD. This balance needs to be revalued. The month-end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true about the resulting revaluation run?
- A. The original journal entry in Euros remains the same.
- B. There is no unrealized exchange gain or loss calculated.
- C. The original journal entry in Euros is updated.
- D. You have an unrealized exchange gain recorded.
- E. You have an unrealized exchange loss recorded.
Answer: A,E
Explanation:
Explanation
The revaluation process is used to adjust account balances denominated in a foreign currency. Revaluation adjustments represent the difference in account balances due to changes in conversion rates between the date of the original journal and the revaluation date. These adjustments are posted through journal entries to the underlying accountwith the offset posted to an unrealized gain or loss account. The two statements that are true about the resulting revaluation run are:
You have an unrealized exchange loss recorded: Since the ledger currency (USD) has depreciated against the foreign currency (Euro) from the date of the original journal to the revaluation date, the account balance in USD has increased. This means that you have a loss on the
NEW QUESTION # 38
After completing a business requirement mapping session, it has been decided that only single Currency Journals will be entered for this Company.
To achieve this requirement, on which two objects should you enable "Limit a Journal to a Single Currency"?
(Choose two.)
- A. Journal category
- B. Journal lookup codes
- C. Profile option
- D. Ledger options
- E. Journal sources
Answer: D,E
Explanation:
Explanation
To achieve the requirement of only single currency journals being entered for this company, you should enable
"Limit a Journal to a Single Currency" on both ledger options and journal sources. Ledger options are settings that apply to a specific ledger, such as journal processing options, currency options, and average balance processing options. Journal sources are identifiers that indicate where a journal originated, such as manual entry, subledger accounting, or import. Youcan enable "Limit a Journal to a Single Currency" on both ledger options and journal sources using the Specify Ledger Options and Manage Journal Sources tasks in Setup and Maintenance. This will enforce single currency journals for journals entered on the Create Journal page and for journals that are imported. You do not need to enable "Limit a Journal to a Single Currency" on journal lookup codes, as these are codes that indicate the status of a journal, such as Entered, Posted, or Reversed. You do not need to enable "Limit a Journal to a Single Currency" on journal category, as this is an attribute that classifies journals by purpose or function, such as Purchase Invoices or Allocations. You do not need to enable "Limit a Journal to a Single Currency" on profile option, as this is a setting that affects the behavior of an application or feature for a user or responsibility. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Define Ledgers 12
NEW QUESTION # 39
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