Oracle Financials Cloud: General Ledger 2019 Implementation Essentials (1Z0-1054) Free Practice Test

Question 1

You defined a tree or hierarchy, but you are unable to set its status to Active. What is the reason?

A. An Audit process needs to be successfully performed before a tree version can be set to Active

B. Accounting Configuration was not submitted

C. Two tree versions were not defined

D. Chart of accounts was not deployed

Correct Answer: A

Question 2

You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)

A. automatic or manual batch numbering and the minimum transaction amount

B. automatic or manual batch numbering and the maximum transaction amount

C. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies

D. the approvers who will approve intercompany transactions

E. whether to allow receivers to reject intercompany transactions

Correct Answer: A,C,E

Question 3

Which feature outside of reporting and analysis leverages the Essbase cube?

A. period closing and opening of ledgers to keep General Ledger Cloud and the Essbase cubes in sync

B. journal entries and journal approval to create journals that update balances to the cube directly

C. revaluations and translation to revalue and translate currencies stored in the Essbase cube

D. calculation manager to perform allocations based on multidimensional balances and budgets

Correct Answer: C

Question 4

You are defining intercompany balancing rules that are applied to a specific source and category, such as payable and invoices, or a specific intercompany transaction type, such as Intercompany Sales.
Which two statements are correct? (Choose two.)

A. You must define rules for every combination of specific categories and sources. Otherwise, the intercompany balancing will not work.

B. If you choose to have rules at various levels, then intercompany balancing evaluates the rules in this order: Ledger, Legal Entity, chart of accounts, and primary balancing segment value.

C. Set up a chart of accounts rule for every chart of accounts structure you have in order to ensure that Intercompany Balancing will always find a rule to use to generate balancing accounts.

D. You can create a rule for all sources and categories by selecting the source "Other" and the category
"Other".

Correct Answer: C,D

Question 5

While creating a Journal Entry Rule Set, you are not able to use an Account Rule recently created. Which two options explain that? (Choose two.)

A. The Account Rule is using sources assigned to different event classes from that of the associated Journal Entry Rule Set

B. The Account Rule's chart of accounts has no account values assigned

C. The Account Rule is defined with a different chart of accounts form the Journal Entry Rule Set

D. The Account Rule's conditions are not defined

Correct Answer: A,C

Question 6

You want to be notified of anomalies in certain account balances in real time. What is the most efficient way to do this?

A. Use Account Inspector

B. Open a Smart View file saved on your desktop

C. Perform an account analysis online

D. Create an Account Group using Account Monitor

Correct Answer: D

Question 7

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

A. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage

B. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers

C. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table

D. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.

Correct Answer: C

Question 8

You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?

A. Use Close Monitor in General Accounting Dashboard

B. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period

C. Run Closing Status reports

D. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers

Correct Answer: C

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Oracle Financials Cloud: General Ledger 2019 Implementation Essentials (1Z0-1054) Free Practice Test