Oracle Financials Cloud: General Ledger 2022 Implementation Professional (1z0-1054-22) Free Practice Test

Question 1

You have three ledgers that use the same chart of accounts with one intercompany payable and one intercompany receivable account.
The chart of accounts also has an intercompany segment.
Each ledger has one legal entity assigned to it and each legal entity is associated with one balancing segment value.
At what level should you define the default intercompany balancing rule?

A. Legal entity level rule

B. Primary balancing segment rule

C. Chart of Accounts rule

D. Ledger level rule

Correct Answer: C

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 2

Which two statements are true regarding the Translation process? (Choose two.)

A. The Translation process should be run before posting Period Close adjustment entries.

B. If necessary, before submitting the Translation process, the Revaluation process should be completed.

C. The Translation process can only be used to translate balance sheet accounts.

D. The Translation process can only be used for translating the balances of Secondary ledgers.

E. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.

Correct Answer: B,E

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 3

Which two statements are TRUE regarding the Balances Cubes in General Ledger? (Choose two.)

A. They are updated automatically when the General Ledger period is opened

B. New dimensions can be added to a General Ledger Balances Cube

C. A new Balances Cube is created for a unique combination of Ledger and Currency

D. They are updated automatically when the Translation process is run

E. They are updated automatically when the Revaluation process is run

Correct Answer: D,E

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 4

You have a requirement to have invoices generated for certain Intercompany transactions.
Where do you enable invoicing?

A. the transaction batch

B. the transaction category

C. the transaction type

D. the transaction source

Correct Answer: C

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 5

A company implementing Oracle General Ledger has a business requirement to report under two accounting conventions and is considering setting up a Primary and Secondary ledger. The two accounting standards are very close. Which data conversion level should you recommend to ensure only manual journals will be entered in the secondary ledger?

A. FBDI Level

B. Adjustment Only Level

C. Balance level

D. Subledger Level

E. Journal Level

Correct Answer: B,E

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 6

There is a business requirement for a subsidiary company to report to the parent company on a monthly basis.
Given that:
The subsidiary is in another country from the parent.
There is no requirement to have daily balances.
The objective is to minimize the data stored in the reporting currency.
Which data conversion level should you recommend?

A. Subledger level

B. Spreadsheet level

C. Adjustment only level

D. Balances Level

E. Journal Level

Correct Answer: D

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 7

Which delivered role can access the full functionality of Functional Setup Manager?

A. Any functional user

B. Application Implementation Manager

C. Application Implementation Consultant

D. IT Security Manager

E. Functional Setup Manager Superuser

Correct Answer: B

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 8

Your company has a legal entity in the UK, US, and Canad A.
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. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting

D. Two, because the US and Canada can share the same ledger because they are in North America

Correct Answer: B

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 9

The Create Accounting program could not determine the debit side of the journal entry.
Which component of Subledger Accounting determines the debit or credit side of a journal entry?

A. Journal Entry Rule Set

B. Journal Line Rule

C. Account Rule

D. Journal Balances Rule

E. Journal Accounting Rule

Correct Answer: B

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 10

When creating financial reports which two tools use data from the General Ledger Balances Cube? (Choose two).

A. Financial Reporting Center

B. Oracle Financial Statement Generator

C. Financial Reporting Studio

D. Smart View

Correct Answer: C,D

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Welcome to TestSimulate

Oracle Financials Cloud: General Ledger 2022 Implementation Professional (1z0-1054-22) Free Practice Test