Free Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Exam 1Z0-1054-21 Exam Practice Test

You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed. How will you achieve this?

• Opt in to the PreventPeriod Close option for the offering
• Set the relevant option on the Specify Ledger Options page
• Nothing, this option is enabled automatically
• Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes

You are defining an income statement report. You want to allow viewers ofthe report to be able to drill down from report balances to the underlying transactions. What so you need to enable?

• Drill Through in Grid Properties
• Nothing. All report balances are drillable in all FR Studio reports
• Allow Expansion
• Report Functions

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 as01-110-7699-00; 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

All of your subsidiaries can share the same ledger with their parent company and all reside onthe same application instance. They do perform intercompany accounting. What is Oracle’s recommended approach to performing consolidations?

• Use General Ledger’s Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment
• Use Oracle Hyperion Financial Management for this type of complex consolidation
• Use General Ledger’s Balance Transferprograms to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
• Define multiple ledgers for consolidation and report on ledger set

You just submitted the Accounting Configuration. What two things musthappen before you can enter journals? (Choose two.)

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

You are defining an income statementreport using Financial Reporting Studio. Users of the report need to be able to analyze the balances directly from the report. What should you enable to allow this?

• Nothing. All report are drillable
• Drill Through in Grid Properties
• Drill Down in Report Functions
• Allow Expansion in Report Functions

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?

• Translate only the adjusting journal entry
• Rerun Translation and then reconsolidate your results
• Rerun Revaluation and then rerun Translation
• Enter another adjusting journal entry in the target currency to true up the balances

Your customer is planning to have three balancing segments for generating balance sheets and income statements at cost center segment and program segment levels. D18912E1457D5D1DDCBD40AB3BF70D5D Which tworecommendations would you give your customer? (Choose two.)

• Additional intercompany rules will need to be defined for the two additional balancing segments
• 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
• Additional intercompany balancing and clearing options will need to be defined
• When entering journals manually, the customer will need to make sure that debits and credits are equalacross all balancing segments because the system will not automatically balance the journal

Your Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three.)

• Sunburst reports
• Online Transactional Business Intelligence
• Account Inspector
• Account Monitor
• Smart View

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.