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Oracle 1z0-1054-22 certification exam is intended for professionals who have a strong understanding of financial management principles and practices. 1z0-1054-22 exam is ideal for professionals who have experience in implementing financial management solutions and want to enhance their skills and knowledge in this area. Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification exam is also suitable for professionals who are looking to advance their careers in finance and accounting.

Oracle 1z0-1054-22 certification exam is designed for professionals who are looking to demonstrate their expertise in implementing and managing the Oracle Financials Cloud: General Ledger 2022. Oracle Financials Cloud: General Ledger 2022 Implementation Professional certification exam covers a range of topics, including General Ledger Configuration, Financial Reporting, and Accounting Setup Manager. 1z0-1054-22 exam is intended to validate the candidate's skills and knowledge in implementing and managing financials for organizations.

 

NEW QUESTION # 23
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?

• A. Journal Entry
• B. Event Class
• C. Event Type
• D. Journal Line Rule
• E. Journal Entry Rule Set

Answer: D

NEW QUESTION # 24
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)

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

Answer: A,D

NEW QUESTION # 25
Your customer wants to use a clearing company to automatically balance intercompany entries.
Which three statements are true regarding the use of a clearing company value? (Choose three.)

• A. If you do not map legal entities to balancing segment values, then a clearing company can be applied to any journal within the ledger
• B. If you map legal entities to balancing segment values, then a clearing company can only be applied within a legal entity
• C. If you choose to use a clearing company, you can define a default clearing company value or select the clearing company value directly in the general ledger journal
• D. Clearing companies are not supported
• E. You must map legal entities to balancing segment values in order to use a clearing company

Answer: C,D,E

Explanation:
According to Oracle documentation1, the following statements are true regarding the use of a clearing company value: You must map legal entities to balancing segment values in order to use a clearing company, if you do not map legal entities to balancing segment values, then a clearing company can be applied to any journal within the ledger, and if you choose to use a clearing company, you can define a default clearing company value or select the clearing company value directly in the general ledger journal. Therefore, options A, C, and E are correct. Option B is incorrect because clearing companies are supported by Oracle. Option D is incorrect because if you map legal entities to balancing segment values, then a clearing company can be applied across legal entities, not only within a legal entity.

NEW QUESTION # 26
How can your Accounting Manager expedite journal processing during the time-critical month-end close?

• A. by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other
• B. by running the Journals report using Business Intelligence Publisher
• C. by creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI)
• D. by using the Close Status monitor to drill down on the close status across ledgers

Answer: A

Explanation:
Your Accounting Manager can expedite journal processing during the time-critical month-end close by using the Journals region to view journals Requiring Attention, Requiring Approval, and Pending Approval from Other. The Journals region provides a dashboard view of the journals that need attention or approval from the user or other users. The user can quickly review and approve journals from this region or drill down to the journal details for more information. The user can also filter journals by status, source, category, or period. Creating an ad hoc query on journals using Oracle Transactional Business Intelligence (OTBI) is not an efficient way to expedite journal processing, as this involves creating a custom report that may not provide all the necessary information or actions for journal approval. Running the Journals report using Business Intelligence Publisher is not an efficient way to expedite journal processing, as this involves running a predefined report that may not provide all the necessary information or actions for journal approval. Using the Close Status monitor to drill down on the close status across ledgers is not an efficient way to expedite journal processing, as this involves viewing the overall status of the close process across different ledgers and subledgers, but not the individual journals that need attention or approval. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Journal Approval 12

NEW QUESTION # 27
You have set up a supporting reference with balances to capture revenue by account manager.
Which option should you use to view the supporting reference balances?

• A. an OTBI analysis
• B. an Account Group
• C. General Ledger inquiries and reports
• D. a SmartView analysis

Answer: A

Explanation:
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NEW QUESTION # 28
Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

• A. The report displays all clearing company balancing lines for a period.
• B. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
• C. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
• D. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
• E. 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.

Answer: D,E

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 # 29
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.)

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

Answer: C,D

NEW QUESTION # 30
The budget managers specify the budget accounts they want to monitor and decide on percentage threshold of funds availability. Where must you define the details while analyzing budget balances in the Budget Account Monitor page?

• A. Account Group
• B. Budget Controller
• C. Budget Account Group
• D. Application Development Framework Desktop Integration (ADFdi)
• E. Budget Group

Answer: A

NEW QUESTION # 31
Your customer uses Financials Cloud, Projects, Inventory, and SCM.
Which two statements are true regarding intercompany accounting for these products? (Choose two.)

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

Answer: A,C

Explanation:
he two true statements regarding intercompany accounting for Financials Cloud, Projects, Inventory, and SCM are that Intercompany Balancing Rules are defined centrally and applied across Financials and Projects, and that each product has its own Intercompany Accounting feature that needs to be configured separately. Intercompany Balancing Rules are defined in General Ledger Cloud and are used to balance cross-ledger intercompany journals between Financials and Projects. Each product also has its own Intercompany Accounting feature that enables intercompany transactions within the product or across products. For example, Payables and Receivables have Intercompany Invoicing, Projects has Intercompany Billing and Capitalization, Inventory has Intercompany Transfer Pricing, and SCM has Intercompany Drop Shipments. Intercompany balancing rules in General Ledger do not need to be mapped with the intercompany configuration in each product, as they are independent of each other. In Financials Cloud, Intercompany Balancing Rules are not used to balance both cross-ledger allocation journals and single-ledger journals, as they are only used to balance cross-ledger journals. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12

NEW QUESTION # 32
Which reporting tool is best suited for submitting high-volume transactional reports, such as Invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or xml?

• A. Oracle Transactional Business Intelligence (OTBI)
• B. Business Intelligence Publisher (BI Publisher)
• C. Smart View
• D. Oracle Data Visualization Cloud Service
• E. Financial Reporting Center

Answer: B

Explanation:
BI Publisher is a reporting tool that allows you to create, manage, and deliver high-volume transactional reports, such as Invoice Registers or Trial Balance reports, that can be configured to extract the data in Rich Text Format or xml. BI Publisher provides a set of predefined templates and data models for various E-Business Suite modules, including General Ledger. You can also create your own custom templates and data models using BI Publisher Desktop2.

NEW QUESTION # 33
Identify three roles that get access to the reports in the Fusion Accounting Hub Reporting Cloud Service (FAHRCS). (Choose three.)

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

Answer: C,D,E

NEW QUESTION # 34
You are defining an income statement report 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?

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

Answer: C

Explanation:
To enable users of the income statement report to analyze the balances directly from the report, you should enable Drill Through in Grid Properties. This option allows users to drill down from summary balances to journal details and subledger transactions using Smart View or Financial Reporting Web Studio. You do not need to enable anything else, as all reports are drillable by default if Drill Through is enabled in Grid Properties. You do not need to enable Drill Down in Report Functions, as this option allows users to drill down within a report using different dimensions and hierarchies, but not to originating transactions. You do not need to enable Allow Expansion in Report Functions, as this option allows users to expand or collapse members within a report using different dimensions and hierarchies, but not to originating transactions. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Create Financial Reports 12

NEW QUESTION # 35
Which two statements are true regarding how Intercompany Balancing Rule are defined? (Choose two.)

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

Answer: C,D

NEW QUESTION # 36
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 ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes
• C. Set the relevant option on the Specify Ledger Options page
• D. Nothing, this option is enabled automatically

Answer: A

Explanation:
Reference:
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NEW QUESTION # 37
You want to achieve multi-step cascading allocations, which feature do you use?

• A. RuleSets
• B. Point of View (POV)
• C. Formulas
• D. General Ledger journal entries

Answer: A

Explanation:
According to Oracle documentation2, when you want to achieve multi-step cascading allocations, you should use RuleSets. RuleSets enable you to group multiple allocation rules together and run them in a specific sequence. You can use RuleSets to perform cascading allocations, where the output of one rule becomes the input of another rule. Therefore, option A is correct. Option B is incorrect because formulas are used to define the calculation logic of allocation rules, not to group them together. Option C is incorrect because point of view (POV) is used to define the scope and context of allocation rules, not to group them together. Option D is incorrect because general ledger journal entries are used to record the results of allocation rules, not to group them together.
Reference:
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NEW QUESTION # 38
When creating your financial statements, you would like to have a chart, such as a bar graph, included in the report output.
Which two reporting tools allow you to achieve this? (Choose two.)

• A. Account Inspector
• B. Financial Statement Generator
• C. Smart View
• D. Financial Reporting Studio

Answer: C,D

Explanation:
Reference:
According to Oracle documentation3, when creating financial statements, you would like to have a chart, such as a bar graph, included in the report output, you can use Financial Reporting Studio and Smart View as two reporting tools that allow you to achieve this. Financial Reporting Studio enables you to design and generate reports with charts using data from various sources. Smart View enables you to access and analyze data with charts from various sources using Excel. Therefore, options A and C are correct. Option B is incorrect because Account Inspector does not allow you to create charts in financial statements. Option D is incorrect because Financial Statement Generator does not allow you to create charts in financial statements.

NEW QUESTION # 39
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. The Data Source
• C. Output type
• D. The layout-Template
• E. The Data Model

Answer: D,E

Explanation:
To add a global branding logo and more predefined transactional attributes to the journal approval email notification, you should copy (or customize) and edit the layout template and the data model. The layout template is a file that defines the appearance and content of the notification, such as text, images, tables, or charts. The data model is a file that defines the data sources and queries that provide data for the notification, such as predefined transactional attributes. You can copy (or customize) and edit the layout template and the data model using Oracle Analytics Publisher reports. You do not need to copy (or customize) and edit the output type, as this is a setting that determines the format of the notification output, such as HTML or PDF. You do not need to copy (or customize) and edit the data source, as this is a component of the data model that specifies where data for the notification comes from, such as an SQL query or an XML file. You do not need to copy (or customize) and edit the sub template, as this is a file that contains reusable content or logic that can be referenced by multiple layout templates. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure Workflow Approvals and Notifications 12

NEW QUESTION # 40
Your customer has a number of Chart of Account Mapping Rules for their Primary and Secondary ledgers. You decide to use the FBDI template to load the rules.
Which two statements are true when using this method of entry? (Choose two.)

• A. You can create, update, and delete segment rules for a chart of accounts mapping.
• B. It supports external integration using REST services.
• C. You can download the template only from the Manage Chart of Accounts Mappings page.
• D. You can create, update, and delete account rules for a chart of accounts mapping.

Answer: A,D

Explanation:
According to Oracle documentation3, when using FBDI template to load Chart of Account Mapping Rules for their Primary and Secondary ledgers, you can create, update, and delete account rules for a chart of accounts mapping, and you can create, update, and delete segment rules for a chart of accounts mapping. FBDI enables you to import chart of accounts mapping rules from a spreadsheet template into General Ledger. You can use FBDI to manage both account rules and segment rules for a chart of accounts mapping. Therefore, options C and D are correct. Option A is incorrect because you can download the template from other pages besides the Manage Chart of Accounts Mappings page. Option B is incorrect because FBDI does not support external integration using REST services.

NEW QUESTION # 41
Encumbrance accounting is enabled for your ledger. An encumbrance journal dated 3/15/19 was recorded for a purchase order.
The invoice was entered on 5/5/19, but the invoice accounting date was 4/20/19. The encumbrance journal for liquidating the purchase order encumbrance is dated 5/5/19.
What is causing this?

• A. The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule
• B. The actual accounting date was set up under the encumbrance accounting Default Date Rule
• C. The current transaction accounting date was set up under the encumbrance accounting Default Date Rule
• D. The system date was set up under the encumbrance accounting Default Date Rule
• E. The subledger accounting option is set to system date

Answer: B

Explanation:
The Default Date Rule determines how the encumbrance accounting date is derived for transactions that do not have an encumbrance accounting date. The actual accounting date option uses the invoice accounting date as the encumbrance accounting date1. In this case, the invoice accounting date was 4/20/19, so the encumbrance journal for liquidating the purchase order encumbrance was dated 4/20/19 as well.

NEW QUESTION # 42
You want to prevent intercompany transactions from being entered during the last day of the close. What should you do?

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

Answer: A

Explanation:
To prevent intercompany transactions from being entered during the last day of the close, you should close intercompany periods in Fusion Intercompany. This will prevent users from creating or modifying intercompany transactions for the closed periods. You do not need to freeze the Intercompany journal source in General Ledger, as this will not prevent users from creating intercompany transactions in Fusion Intercompany. You do not need to close all subledger periods, as this will not prevent users from creating intercompany transactions in Fusion Intercompany. You do not need to close the General Ledger period in the Manager Accounting Periods page, as this will not prevent users from creating intercompany transactions in Fusion Intercompany. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12VVVVVVVVVVVVVVV

NEW QUESTION # 43
You set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Which two actions should you now perform? (Choose two.)

• A. Define Supporting References with balances
• B. Define Journal Conversion Rules that exclude subledgers
• C. Ensure that the Accounting Calendar and Currency are the same as the Primary Ledger
• D. Define Journal Conversion Rules that include subledgers in order to transfer subledger transactions
• E. Assign a Subledger Accounting Method to the secondary ledger

Answer: D,E

Explanation:
you need to define journal conversion rules that include subledgers in order to transfer subledger transactions when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Journal conversion rules define how journal entries are converted from one ledger to another ledger. Therefore, option B is correct. You also need to assign a Subledger Accounting Method to the secondary ledger when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. A Subledger Accounting Method defines how accounting entries are generated for subledger transactions. Therefore, option D is correct. Option A is incorrect because you don't need to ensure that the Accounting Calendar and Currency are the same as the Primary Ledger when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. You can have different Accounting Calendar and Currency for your secondary ledger. Option C is incorrect because you don't need to define journal conversion rules that exclude subledgers when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. You need to include subledgers in your journal conversion rules. Option E is incorrect because you don't need to define Supporting References with balances when you set up a secondary ledger using the Manage Secondary Ledger task and selected a data conversion level of subledger. Supporting References are used to store additional information for journal lines.

NEW QUESTION # 44
When working with Essbase, versions of the tree hierarchy as defined in the General Ledger Cloud are not available in the Essbase balances cube. What should you do to correct this situation?

• A. Make sure to flatten the rows of the tree version
• B. Redeploy the chart of accounts
• C. Make sure the tree is active
• D. Make sure the tree version was published successfully

Answer: D

Explanation:
"When you publish a tree version, General Ledger creates a flattened version of the tree hierarchy and stores it in a table that Essbase can access. Essbase uses this flattened hierarchy to build dimensions in the balances cube." Therefore, if the tree version is not published successfully, Essbase cannot access the tree hierarchy.

NEW QUESTION # 45
When will Intercompany processing balance a journal using the accounts identified here for the UK Ledger?

• A. when the journal is not balanced by the primary balancing segment value (BSV)
• B. when there is a many-to-many journal and you want to use a clearing company
• C. when the journal is balanced by second balancing segment value
• D. when the journal is balanced by the primary BSV but not by second or third BSV

Answer: D

Explanation:
Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary balancing segment value (BSV) but not by second or third BSV. A BSV is a segment in the chart of accounts that identifies a legal entity or business unit for which financial statements are prepared and balanced. A primary BSV is required for every ledger and is used to balance journal entries within a ledger. A secondary or tertiary BSV is optional and is used to balance journal entries across different dimensions other than the primary BSV, such as fund or region. Intercompany processing is a feature that enables intercompany transactions between different legal entities or business units within the same enterprise. Intercompany processing uses intercompany balancing rules to generate intercompany receivables and payables accounts for cross-ledger or cross-BSV journals. Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary BSV but not by second or third BSV, as this indicates that there is an intercompany transaction between different legal entities or business units within the UK Ledger that requires intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when there is a many-to-many journal and you want to use a clearing company, as this is a scenario that involves multiple legal entities or business units across different ledgers that requires a separate clearing company ledger to perform intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is not balanced by the primary BSV, as this is an invalid scenario that violates the accounting rules and prevents posting of the journal. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by second balancing segment value, as this is an incomplete scenario that does not specify whether the journal is also balanced by primary and third BSV. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 12

NEW QUESTION # 46
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