1Z0-1054-22 Online Practice Questions and Answers
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
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?
A. Opt in to the Prevent Period Close option for the offering
B. Set the relevant option on the Specify Ledger Options page
C. Nothing, this option is enabled automatically
D. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
You need to create a boardroom ready month-end reporting package for an upcoming Audit Committee meeting. You have 10 Financial Reports that you want to share with executives and auditors that are nicely formatted.
What are the two Oracle recommended ways to accomplish this? (Choose two.)
A. Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee
B. Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book
C. Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet
D. Use a report batch to run reports at a specific time to create a set of snapshot reports
E. Use OTBI to create multiple reports that you save to a folder that only the users can access
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. The original journal entry in Euros is updated.
B. There is no unrealized exchange gain or loss calculated.
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.
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' sources. You cannot define balancing rules for different journal categories.
C. You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types.
D. You can define different rules for different charts of accounts, ledgers, legal entities, and primary balancing segment values.ys
You are creating values for the chart of account value set that you are planning to use for the account segment within your Chart of Accounts.
You are not able to assign an Account Type. What is the reason for this?
A. You have not set the Allow Budgeting attribute for the value set
B. The Account Type qualifier has not been enabled when defining the value set
C. You are creating values before assigning the value set to the structure
D. You have not set the Allow Posting attribute for the value set
You are setting up Close Monitor, which compromises a ledger set hierarchy definition.
Which two components of the enterprise structure should the ledgers in the ledger set share? (Choose two.)
A. Accounting Calendar
B. Legal Entities, Business Units, and Chart of Accounts
C. Chart of Accounts
D. Chart of Accounts and Business Units
E. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method
Which two methods can your General Ledger accountants use to more easily view large amounts of data contained in the tables in their work areas? (Choose two.)
A. Use the Freeze feauture on the tables to scroll through large amounts of data
B. Run a Business Intelligence Publisher report with Excel as the output format
C. Export the table to Excel
D. Detach the table to resize it to the maximum size of the monitor.
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?
A. One, because they can all share the same chart of accounts
B. Three, because each requires a different currency
C. Two, because the US and Canada can share the same ledger because they are in North America
D. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting
Your customer wants to create fully balanced balance sheets for the Company, Line of Business, and Product segments for both financial and management reporting.
What is Oracle's recommended method for doing this?
A. Create a segment that acts as the primary balancing segment and create values that represent a concatenation of all three business dimensions
B. Use account hierarchies to create different hierarchies for different purposes and use those hierarchies for reporting
C. Create three segments for the Company, Line of Business, and Product segments and qualify them as primary balancing segment, second, and third balancing segments, respectively
D. Create two segments where the first segment represents the concatenation of Company and Line of Business, and then enable secondary tracking for the Product segment
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