2023 Updated Verified 1z0-1054-22 Q&As - Pass Guarantee or Full Refund [Q41-Q64]

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2023 Updated Verified 1z0-1054-22 Q&As – Pass Guarantee or Full Refund

[Feb-2023] 1z0-1054-22 Certification with Actual Questions from PrepAwayTest

Oracle 1z0-1054-22 Exam Syllabus Topics:

Topic	Details
Topic 1	Manage Reporting using Financial Reporting Web Studio Explain the journal approval setup
Topic 2	Manage General Ledger Security Describe intercompany balancing Manage Accounting Calendars
Topic 3	Explain the Financial Reporting Center and available reporting tools Manage Chart of Accounts Security
Topic 4	Process intercompany reconciliations Configuring Enterprise and Financial Reporting Structures
Topic 5	Configuring Period Close Components Configure and Process Intercompany
Topic 6	Configuring Financial Reporting Analyze budgets versus actuals Manage Account Hierarchies
Topic 7	Manage Intercompany Balancing Rules and Additional Intercompany and Clearing Options Explain Oracle Transactional Business Intelligence

Q41. 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?

The actual accounting date was set up under the encumbrance accounting Default Date Rule

The current transaction accounting date was set up under the encumbrance accounting Default Date Rule

The subledger accounting option is set to system date

The system date was set up under the encumbrance accounting Default Date Rule

The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule

Q42. You are defining an income statement report. You want to allow viewers of the 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

Q43. 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.)

You only need to assign the Legal Entity and Organization Contact

You can only associate one Intercompany Organization per Legal Entity

You must have implemented Payables Cloud and Receivables Cloud

You must assign the corresponding Receivables and Payables Business Units

Q44. What are the two purposes of a secondary ledger? (Choose two.)

It can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency, and/or journal processing options

It should not be used when trying to meet local accounting requirements

It is used to main balances in a different currency only

It is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting

It should only be used to main balances for processing performance

Q45. You are implementing a multipillar implementation of both HCM Cloud and ERP Cloud. You are implementing ERP first followed by HCM Cloud. You want to ensure your ledgers and chart of accounts are correctly defined. What should you do? (Choose three)

Deploy your chart of accounts

Use HCM’s Enterprise Structure Configurator (ESC) first

Create your chart of accounts in the following order: value sets, COA structure, and instance before assigning values to the value sets

Use file-based spreadsheet loaders using UCM to mass load and maintain chart of accounts segment values and hierarchies

Use the Rapid Implementation spreadsheet when creating your enterprise structure

Q46. A subsidiary company, in a highly regulated country, where there is a legal requirement to produce fiscal reports under local GAAP, is about to configure their General Ledger.
Given the following:
Subledgers transferring to general ledger must use the local currency.
There is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).
Which two ledger types should be configured to address this reporting requirement? (Choose two.)

a primary ledger with the local accounting convention

a reporting currency with the IFRS accounting convention

a primary ledger with the IFRS accounting convention

a secondary ledger with the IFRS accounting convention

a reporting currency with the local accounting convention

Q47. Which feature outside of reporting and analysis leverages the Essbase cube?

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

calculation manager to perform allocations based on multidimensional balances and budgets

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

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

Q48. 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 as 01-110-7699-00; 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

Q49. Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

You can only drill down to the general ledger journal and then from there to the subledger journal entry.

This report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.

This report displays only the reconciled transactions. You need to further process automatic reconciliation to reconcile the unreconciled transactions.

This 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.

This report displays the intercompany receivables and intercompany payables balances in summary for a period.

Q50. You defined a tree or hierarchy, but you are unable to set its status to Active. What is the reason?

Two tree versions were not defined

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

Accounting Configuration was not submitted

Chart of accounts was not deployed

Q51. 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?

Journal Entry Rule Set

Event Type

Journal Line Rule

Journal Entry

Event Class

Q52. You need to create a 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.
Identify the two Oracle recommended ways to accomplish this. (Choose two.)

Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee

Use a report batch to run reports at a specific time to create a set of snapshot reports

Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book

Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet

Use OTBI to create multiple reports that you save to a folder that only the users can access

Q53. Management wants to use the budget transfer function available on the Review Budgetary Control Balances page. Which privilege is required to perform the budget transfer?

Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV)

Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV)

Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV)

Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV)

Q54. Identify three roles that get access to the reports in the Fusion Accounting Hub Reporting Cloud Service (FAHRCS). (Choose three.)

Controller

General Accountant

General Accountant Manager

Business Intelligence Administrator (BI Admin)

Financial Analyst

Q55. During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.

Create a new chart of accounts.

Delete the segment and create a new segment with the correct qualifier.

Change and save the segment qualifier.

Delete the chart of accounts and create a new one.

Q56. 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.)

Ensure that the Accounting Calendar and Currency are the same as the Primary Ledger

Define Journal Conversion Rules that include subledgers in order to transfer subledger transactions

Define Journal Conversion Rules that exclude subledgers

Assign a Subledger Accounting Method to the secondary ledger

Define Supporting References with balances

Q57. 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.)

Use BI Publisher to configure the reports and then use bursting to email the reports to the executives and Audit Committee

Using Workspace, assemble multiple reports into a book that can be printed and viewed individually as an entire book

Create a Smartview report, where the various sheets represent the different Financial Statements and send them the spreadsheet

Use a report batch to run reports at a specific time to create a set of snapshot reports

Use OTBI to create multiple reports that you save to a folder that only the users can access

Q58. Which AMX builder method is most effective in routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal?

Supervisory level approval

Cost center based approval

Dynamic Approval Groups

Management Chain approval

Approval Groups

Q59. 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.)

The Account Rule’s conditions are not defined

The Account Rule’s chart of accounts has no account values assigned

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

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

Q60. In which two ways can your users customize the Springboards and Work Areas to suit their individual working styles? (Choose two.)

Users have very little control their Springboards and Work Areas; they can only resize columns

They can use Personalization to move and remove regions from those pages

They can have the System Administration customize pages for them using Page Composer

They can format each table by hiding and showing columns, moving columns, and resizing columns

Q61. What are the two possible reasons for encumbrance created on the purchase order to go back to the budget or funds availability? (Choose two.)

The purchase order is canceled or finally closed or rejected without performing any receipt or invoice

When the purchase order is set to accrue at receipt and partially received, then canceled or finally closed, encumbrance goes back to the extent of the unreceived amount

The requisition reserved successfully undergoes amendment and is rejected in the reapproval

When the requisition is set to accrue at period end and partially billed and then canceled or finally closed, encumbrance goes back to the budget to the extent of the unbilled amount

Q62. You want to achieve multi-step cascading allocations, which feature do you use?

RuleSets

Formulas

Point of View (POV)

General Ledger journal entries

Q63. You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?

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

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

Run Closing Status reports

Use Close Monitor in General Accounting Dashboard

Q64. You are using budgetary control. You have an open purchase order for $500 USD, and an invoice for $300 is matched to the purchase order. What will be the funds status of the purchase order and the invoice?

Both are Partially Reserved

The purchase order is Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice is Partially Reserved

The purchase order is Partially Liquidated and the invoice will be Reserved

Both are reserved

The purchase order is Open and the invoice is Validated

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2023 Updated Verified 1z0-1054-22 Q&As – Pass Guarantee or Full Refund [Q41-Q64]

Oracle 1z0-1054-22 Exam Syllabus Topics:

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