Free Oracle Financials Cloud: General Ledger 2020 Implementation Essentials Exam 1Z0-1054-20 Exam Practice Test

All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownerships. What is Oracle's recommended approach to performing consolidations?

• Translate balances to the corporate currency, create a chart of accounts mapping to the corporate chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program
• Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.
• Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar, currency, and accounting method. Create a separate elimination ledger to enter intercompany eliminations. Then creates a ledger set across all ledgers and report on the ledger set.
• Use Oracle Hyperion Financial Management for this type of complex consolidation.

You need to create a boardroom ready month-end reporting package for an upcoming Audit Committeemeeting. You have 10 Financial Reports that you want to share with executives and auditors that are nicelyformatted.What are the two Oracle recommended ways to accomplish this? (Choose two.)

• Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
• Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
• Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet
• Use a report batch to run reports at a specific time to create a set of snapshot reports
• Use OTBI to create multiple reports that you save to a folder that only the users can access

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

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

Your customer uses Financials Cloud, Projects, Inventory, and SCM.Which two statements are true regarding intercompany accounting for these products? (Choose two.)

• Intercompany balancing rules in General Ledger need to be mapped with the intercompany configuration in each product
• Intercompany Balancing Rules are defined centrally and applied across Financials and Projects
• Each product has its own Intercompany Accounting feature that needs to be configured separately
• In Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger allocation journals and single-ledger journals

Your customer requires physical invoices to be generated in Payables Cloud and Receivables Cloud for the Intercompany payables and receivables transactions. Which two statements are correct with regards to setting this up? (Choose two.)

• You only need to assign the Legal Entity and Organization Contact
• You can only associate one Intercompany Organization per Legal Entity
• You must have implemented Payables Cloud and Receivables Cloud
• You must assign the corresponding Receivables and Payables Business Units

Most of the accounting entries for transactions form your source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use TAX_AMOUNT as the source.At what level can you override the default accounting attribute assignment?

• Journal Entry Rule Set
• Event Type
• Journal Line Rule
• Journal Entry
• Event Class

You are using budgetary control. You have an open purchase order for $500 USD, and an invoice for $300 is matched to the purchase order. What will be the funds status of the purchase order and the invoice?

• Both are Partially Reserved
• The purchase order is Liquidated and the invoice is Partially Reserved
• The purchase order is Partially Liquidated and the invoice is Partially Reserved
• The purchase order is Partially Liquidated and the invoice will be Reserved
• Both are reserved
• The purchase order is Open and the invoice is Validated

Account combinations can be created and/or modified using the Import Account Combinations file-based data import (FBDI).Which represents the appropriate upload steps?

• Submit the Import Account Combinations process, then insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template.
• Insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.
• Insert rows into the GL_MULTI_COMBINATIONS_INT table using the FBDI template and then submit the Import Account Combinations process.
• Submit the Import Account Combinations process, then insert rows into the GL_BULK_COMBINATIONS_INT table using the FBDI template.

You operate in a country whose unstable currency makes it unsuitable for managing your day-to-day business. As a consequence, you need to manage your business in a more stable currency while retaining the ability to report in the unstable local currency. What would be your recommendation when defining ledgers?

• Run Revaluation as often as you need to the more stable currency and report on the more stable currency's balances
• Run Revaluation to translate into Statistical Currency
• Create a secondary ledger that uses a different chart of accounts that is denominated in the more stable currency
• Use Journal-Level or Subledger-Level Reporting Currencies denominated in the more stable currency

How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?

• Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
• CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
• CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
• If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.