1Z0-1054-20: Oracle Financials Cloud: General

Ledger 2020 Implementation Essentials - Full

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Question:

You create an invoice for USD 100 that is matched to a purchase order of USD
100. You validate the invoice to consume the budget and reduce funds
available. And then later, you cancel the invoice.

What happens to funds available when you cancel an invoice that requires
budgetary control?

Response:

The budget will increase by USD 100 and the funds available will decrease b
100.

Funds available will change when the invoice is approved.

The funds reserved for the purchase order is reinstated while the invoice
expenditure is reversed by USD 100.

The budget and funds available will increase by USD 100.

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Question:
Your customer has three legal entities, 50 departments, and 10,000 natural
accounts. They use intercompany entries. What is Oracle's recommended best
practice when implementing; a new chart of accounts?

How many segments and what segment qualifiers should be used?

Response:

Define three segments for the company, department, and natural account.
qualifiers for the first segment should be primary balancing segment and
intercompany segment, cost center segment, and natural account segment,
respectively.

Define five segments for the company, department, natural account,

intercompany, and future use segment. The qualifiers should be primary
balancing segment, cost center segment, natural account segment, intercom
segment, and no qualifier, respectively.

Define four segments for the company, department, natural account, and
intercompany segment. The qualifiers should be primary balancing segment
center segment, natural account segment, and intercompany segment,
respectively.

Define three segments for the company, department, and natural account.
qualifiers should be primary balancing segment, cost center segment, and n
account segment, respectively.

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Question:

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

Response:

The Account Rule is defined with a different chart of accounts from the Jour
Entry Rule Set.

The Account Rule's chart of accounts have no account values assigned

The Account Rule's conditions are not defined.

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

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Question:

You operate in a country whose unstable currency makes it unsuitable for

managing your day-to-day business. As a consequence, you need to manage
your business in a more stable currency while retaining the ability to report in
the unstable local currency.

What would be your recommendation when defining ledgers?

Response:

Define Balance-Level Reporting Currencies in the more stable currency and

Translation as often as you need.

Use Journal-Level or Subledger-Level Reporting Currencies denominated in

more stable currency.

Run Revaluation as often as you need to the more stable currency and repo
the more stable currency' sbalances.

Create a secondary ledger that uses a different chart of accounts that is

denominated in the more stable currency.

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Question:

Which two statements are true regarding the export/import of reports?

Response:

A set of reports are provided for both exported and imported setup data to
validate the export/import processes and setup data.

Reports on setup data can be used to compare and analyze how the data m
have changed over time.

To view errors encountered during the export or import Process, you must u
SQL queries to obtain that data because no reports exist.

A set of reports lists user names, suppliers, and customers that have been
 exported/imported

The export/import reports are available only for Fusion Customer Relationsh
Management.

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Question:

Which two General Ledger work would you assign to all your entry-level
General Ledger accountants?

Response:

Journals Work Area

Period Close Work Area

Financial Reporting Center

General Accounting Dashboard

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Question:

Your enterprise structure has one ledger and two business units.

Business unit one wants to enable budgetary control for Requisitioning only in
Procure-to-Pay Business Functions and business unit two wants to enable
budgetary control for Payable Invoicing only in Procure-to-Pay Business
Functions.

Which two statements are correct?

Response:

While defining control for business unit two, enable control at Requisitioning
define the exceptions to only include invoicing.

Define control for business unit two to disable control for Requisitioning,
Purchasing, and Receiving.

Define budgetary control at ledger level with Budgetary Control Exceptions

each business unit.
 While defining control for business unit one, disable control lor Purchasing,
Payable Invoicing, and Receiving.

While defining control for business unit one, enable control at purchasing an
define the exceptions to only include requisitioning.

Define budgetary control at ledger level and only encumbrance controls at t

business units.

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Question:

What is the most efficient way to add a new year to the accounting calendar?

Response:

Add the periods manually.

Use the Add Year button.

Import the periods from a spreadsheet.

The application automatically populates the next year when you open the fi
period of a new fiscal year.

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Question:

You entered a journal and the client is asking for the following information:

- The current account balance

- What the future account balance will be if the journal is approved and posted.

How will you get this information?

Response:

View the Projected Balances region in the Create Journals page.

Run a Trial Balance before and after posting.

Use Oracle Transactional Business Intelligence (OTBI) to query General Led

 balances.

Query the account balance online.

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Question:

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

Response:

Controller

Financial Analyst

Business Intelligence Administrator (BI Admin)

General Accounting Manager

General Accountant

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Question:

You are setting up Close Monitor, which comprises a ledger set hierarchy
definition. Which two components of the enterprise structure should the ledgers
in the ledger set share?
(Choose two.)

Response:

Chart of Accounts and Business Units

Accounting Calendar

Chart of Accounts, Currency, Accounting Calendar, and Subledger Accountin

Method

Chart of Accounts
 Legal Entities, Business Units, and Chart of Accounts

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Question:

Identify three functions of Functional Setup Manager.

Response:

Provide a central place to access and perform all of the setup steps across C
application products.

Automatically generate lists of setup tasks in the correct sequence with

dependencies highlighted.

Automatically mark the status of tasks as Completed after they have been
completed.

Assign setup tasks to individuals with due dates where users must manually
update their completion status.

Centrally manage the close processes across subledgers and ledgers.

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Question:

Your customer has a large number of legal entities. The legal entity values are
defined in the company segment and the primary balancing segment. They want
to easily create eliminating entries for the intercompany activity.

What should you recommend?

Response:

Define an intercompany segment in the chart of accounts. The Intercompan

module and the Intercompany balancing feature in general ledger and suble
accounting will automatically populate the intercompany segment with the
balancing segment value of the legal entity with which you are trading.

There is no need to define an intercompany segment. You can track the

Intercompany trading partner using distinct intercompany receivable/payab
natural accounts to identify the trading partner.
 Define an intercompany segment and qualify it as the second balancing seg
to make sure all entries are balanced for the primary balancing segment an
intercompany segment.

There is no need to define an intercompany segment, the Intercompany mo

keeps track of the trading partners for you based on the Intercompany rule
define.

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Question:

You created your first Implementation Project and assigned the Application
Implementation Consultant role to your user. However, you are unable to
access Oracle Identity Management (OIM).

This issue was caused because you did not assign the________.

Response:

Line Manager role to your user

Application Implementation Manager role to your user

IT Security Manager role to your user

Super user role to your user

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Question:

You are creating financial statements and want to have charts, such as a bar
graph, automatically inserted to improve the understanding of the financial
results. What’s the most efficient way to achieve this?

Response:

When viewing the report, download to Excel and use Excel's Charting featur
create your bar graph.

When designing your financial statement using Financial Report (FR), embe
chart into your report.

Use Account Inspector that automatically creates graphs on financial balanc

 Use Smart View, which is and Excel Add-on

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Question:

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

Response:

Approval Groups

Management Chain approval

Cost center based approval

Dynamic Approval Groups

Supervisory level approval

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Question:

Who are the three primary Functional Setup Manager users?

Response:

End Users that perform transaction processing

Implementation Project Managers and Consultants

System Administrators

Application Developers

C-Level Executives
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Question:

What's the difference between subject areas that append the word "Real Time"
and those that do not?

Response:

There is no difference.

The “Real Time” subject areas are based on real-time transactions and all o
are based on Historical data.

The “Real Time” subject areas are based on real-time transactions in Fusion
Applications, and all others are based on data stored in the Oracle Business
Intelligence Applications data warehouse.

The “Real time” subject areas are based on sub ledger transactions and all
are based on general ledger balances.

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Question:

You are implementing Fusion Accounting Hub for your external Accounts
Receivables system. The external system sends invoices billed and cash receipts
in a flat file, along with the customer classification information.

You want the accounting amounts to be tracked by customers too but you do
not want to add a Customer segment to your chart of accounts. What is the
solution?

Response:

Use the Open Account Balances Listing report that has balances by custome

Use the Third Party Control Account feature.

Use Supporting References to capture customer classification information.

Capture customer information as the source and develop a custom report u

Online Transactional Business Intelligence (OTBI).

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Question:

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?

Response:

Make sure the tree version was published successfully.

Make sure to flatten the rows of the tree version.

Make sure the tree is active.

Redeploy the chart of accounts.

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Question:

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

Response:

Close all subledger periods.

Close Intercompany periods in Fusion Intercompany.

Freeze the Intercompany Journal source in General Ledger.

Close the General Ledger period in the Manage Accounting Periods page.

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Question:

You need to build a complex account rule. Which four value types can you use in
your definition?

Response:

Value Set

Constant
 Existing Account Rule

Account Combination

Mapping Set

Source

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Question:

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 do you need to enable?

Response:

Drill Through in Grid Properties

Report Functions

Nothing. All report balances are drillable in all FR Studio reports.

Allow Expansion

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Question:

After submitting the journal for approval, you realize that the department value
in the journal is incorrect. How do you correct the value?

Response:

Click the Withdraw Approval button in the Edit Journals page and edit the jo

Delete the journal and create a new journal.

 Update the journal through workflow.

Reverse the journal and create a new one.

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Question:

In which two ways can your users customize the Dashboards and Work Areas to
suit their individual working styles?

Response:

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

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

Users have very little control customizing their Dashboards and Work Areas
can only resize columns.

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

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Question:

Your customer has many eliminating entries to eliminate intercompany

balances. The General Ledger does not include a purpose-built Consolidation
feature.

How would you automate the process of creating eliminating entries, assuming
your customer is not using Oracle Hyperion Financial Close Management?

Response:

Use the spreadsheet template that is accessed from the "Create Journal in
Spreadsheet" task and import the spreadsheet with the eliminating entries
period.

Use the General Ledger's Calculation Manager to define an allocation definit

eliminate entries that you can generate every period.

There is no way to automate this process if the customer is not using Oracle
 Hyperion Financial Close Management.

Create a manual journal that includes the eliminating entries, and then crea
copy of the Journal batch every period.

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Question:

You want to be notified of anomalies in certain account balances in real time.

What is the most efficient way to do this?

Response:

Perform an account analysis online.

Open a Smart View file saved on your desktop.

Create an Account Group using Account Monitor.

Use Account Inspector.

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Question:

What type of user must be defined before you can create an Implementation
Project?

Response:

None. The Fusion Applications Superuser, FAADMIN, has full access to creat
Implementation Project.

A full-time employee that has the FSM Superuser role assigned

None. The OIM system administrator user ID, XELSYSADM, which is assigne
the person provisioning the system, has full access.

Implementation Users

All roles that will be used throughout the implementation

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Question:

Your customer wants to control spending against an annual budget but report
balances on a monthly year-to-date basis. Encumbrance accounting is also in
use.

What setup is required to achieve this requirement?

Response:

Create an annual budget with absolute control and so encumbrance accoun

will work.

Create a summary budget annually with advisory control and control budge
monthly with absolute control.

Create a Summary budget annually with absolute* control and monthly con
budget with advisory or track control.

Create two detail control budgets: annually with absolute control and month
with advisory or track control.

Create two detail control budgets: annually with advisory/track control and
monthly with absolute control.

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Question:

You need to create a month-end reporting package for an upcoming Audit

Committee meeting. You have 10 financial reports that you will need to share
with executives and auditors.

In which three ways do you accomplish this?

Response:

Users can drill down on snapshot reports for further analysis.

Using Workspace, assemble multiple reports into a book.

Use a Report Batch to run reports at a specific time to create a set of snaps
reports based on accounting information at that specific point in time.
 The reports contained in the book can be printed or viewed individually or a
entire book that includes a table of contents.

Snapshot reports can only be viewed online.

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Question:

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.)

Response:

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

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

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

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

Create a Smartview report, where the various sheets represent the differen
Financial Statement and send them the spreadsheet.

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Question:

Which two are prerequisites for creating subledger accounting entries?

Response:

Completing accounting transformation definition and activating Subledger J

Entry Rule Set assignments for the Accounting Method

Populating supporting reference information in reference objects

 Selecting source values from transaction objects

Creating subledger accounting events

Completing preaccounting validation

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Question:

You create a prepayment for USD 100 and validate it to consume the budget and
reduce available funds under the prepayment account.

You then pay the prepayment of USD 100 create an invoice for USD 300, and
validate the* invoice to consume the budget and reduce available funds for the
expense-accounts used in the invoice. You then apply the prepayment fully on
to the invoice and revalidate it.

What happens to the available funds when you apply a prepayment that
requires budgetary control?

Response:

The prepayment application was already released at the time of payment an

invoice consumes funds of 300 USD.

The prepayment application releases funds of 200 USD and the invoice cons
funds of 100 USD, with a net decrease to available funds of 200 USD.

Available funds will not change till invoice is approved.

The prepayment application releases funds of 100 USD and the invoice cons
funds of 300 USD, with a net decrease to available funds of 200 USD.

The prepayment application releases funds of 300 USD and the invoice cons
funds of 300 USD, with a net decrease to available funds of 100 USD.

The budget will be released only for the USD 300 invoice amount.

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Question:
What process must be followed to propagate a chart of accounts hierarchy to
the Essbase cube?

Response:

Define the hierarchy, then deploy the chart of accounts. The chart of accoun
hierarchies will be generated automatically.

Define the hierarchy, make sure the tree version is active, and then run the
publish account Hierarchies program or the Publish Chart of Accounts Dimen
Members and Hierarchies

Define the hierarchy and make sure the tree is active. The hierarchy will be
system generated for chart of accounts.

Define the hierarchy, make sure the tree is active, and the Publish check bo
selected for the hierarchy.

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Question:

Alter submitting the journal for approval, you realize that the department value
in the journal incorrect. How do you correct the value?

Response:

Delete the journal and create a new journal.

Update the journal through workflow

Click the Withdraw Approval button in the Edit Journals page and edit the jo

Reverse the journaland create a new one.

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Question:

Your customer has only licensed Financials Cloud and wants to use approval
workflows. Using which page to enter users and assign roles is Oracle’s
recommended method?

Response:
 Manage Users

Hire a New Employee

Oracle Identity Management (OIM)

Policy Manager (APM)

Financials not a stand-alone product

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Question:

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?

Response:

Financial Reporting Center

Oracle Transactional Business Intelligence (OTBI)

Business Intelligence Publisher (BI Publisher)

Smart View

Oracle Business Intelligence Applications (OBIA)

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Question:

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.)

Response:

Define Supporting References with balances.

 Assign a Subledger Accounting Method to the secondary ledger.

Define Journal Conversion Rules that exclude subledgers.

Ensure that the Accounting Calendar and Currency are the same as the Prim
Ledger.

Define Journal Conversion Rules that include subledgers in order to transfer

subledger transactions.

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Question:

On which three occasions are Essbase balances updated?

Response:

Every time the tree version is published

Every time journals are posted to the general ledger

Every time you run the batch program called "Update Essbase Balances"

At report run-time

Every time you open a new period

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Question:

While troubleshooting the encumbrance entries created for the requisition for
your business unit, you noticed that only a few events are triggering the
encumbrance journals when you submit he create accounting program.

What are the two events?

Response:

Funds check

Requisition approved
 Requisition rejected by the buyer

Submit the requisition for approval

Checkout and Save the requisition

Create change request on the requisition after submitting requisition for app

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Question:

You need to distribute departmental expense reports to 100 department

managers in your organization. The report format is the same, but the
department values differ.

What in the most efficient way to achieve this?

Response:

Set the Department segment as a User Point of View (POV) and submit a re
batch and schedule it to run for every department. Send the different batch
outputs as PDF attachments via email to different users.

Create a single report for all departments. When department managers log
Financial Reporting Center, they will only be able to view their department’s
based on Segment Value Security Rules.

Set up Bursting Options for your batch to prepare multiple versions of a rep
from a single process.

When defining the report, make the Department Segment a prompt and wh
users view the report, they can change the prompt to their department.

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Question:

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

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

Use the Manage Accounting Periods page to view the status of all subledger
ledgers.

Use Close Monitor in General Accounting Dashboard.

Run Closing Status reports.

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Question:

Your company wants to change the Cumulative Translation Adjustment (CTA)

account to record gains/losses from varying currency rates. What steps must
you perform to achieve this objective without causing data corruption?

Response:

Define a new ledger and accounting configuration. The СТА account cannot
updated after the ledger has been in use.

Query the Translation journals and delete all of them, then change the СТА
account in the Ledger page, and rerun Translation for all periods required.

Open the Ledgers page and update the СТА account and then rerun Transla
for all periods required. The system will automatically update the translated
balances.

Purge all translated balances, change the СТА account in the Ledger page, a
rerun Translation for all periods required.

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Question:

You are implementing Segment Value Security rules. Which two statements are
true?

Response:

You can use hierarchies to define rules.

 The Segment Value Security rules do not take effect until you assign the ru
users and products.

When you enable Segment Value Security on a segment, users will not be a
access any values until you grant access to users and products.

When you enable or disable Segment Value Security, you do not need to re
your chart of accounts.

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Question:

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)

Response:

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

Use the Rapid Implementation spreadsheet when creating your enterprise

structure.

Use HCM’s Enterprise Structure Configurator (ESC) first.

Deploy your chart of accounts.

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

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Question:

Which two statements are true if a journal description rule is defined with
sources?
(Choose two.)

Response:
 The description rule may be assigned to either the header or line level, or to

The sources must also be assigned to the accounting event class that is ass
to the journal entry rule set.

The description rule can only be assigned to the journal line level.

The description rule can only be assigned to the header or line level.

You cannot assign journal description rules to sources.

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Question:

You are reconciling your Payables the Receivables balances against the General
Ledger. You are using the Payables to Ledger Reconciliation report.

You notice discrepancies between thebalances in the subledgers, subledger

accounting, and general ledger.

Which three factors are responsible for these out-of-balance situations?

Response:

All sub ledger transactions have been entered but do not have complete
accounting.

Subledger transactions have been accounted and transferred to General Led

but have not been posted.

There were manually entered journals against the Payables and Receivables
accounts that were posted in General Ledger.

lntercompany transactions have not been fully processed.

Period Close processes, such as Revaluation, Translation, and Consolidation

not been performed yet

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

Response:

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

If CVR determines that an invalid combination exists in the CCID table, it w

automatically disable that account code combination.

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

Nothing has changed. If you have an invalid account combination existing in

table, you must deactivate it to prevent further usage.

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Question:

What are the tables or views from which the Create Accounting program takes
source data that is used in rules to create journal entries?

Response:

Transaction Objects

Event Entities

Mapping Sets

Accounting attributes

Event Classes

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Question:

Your foreign currency transactions need to be revalued every month. For

balance sheet accounts, you reverse the revaluation journals in the next period.
You are using the period-to-date (PTD) method of revaluation tor your income
statement accounts.
When should you reverse revaluation journals, if at all required?

Response:

Reverse them in the same period as the revaluation run.

Both balance sheet and income statement revaluation journals should be re

in the period.

Never, because each period's revaluation adjustment is just for that period.

The reversals must be done at the end of each quarter.

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Question:

You are required to change today's daily rates for converting GBP to USD. What
are three ways in which you can update existing daily rates?

Response:

Use the spreadsheet loader from the Currency Rates Manager.

Import daily rates through the Daily Rates open interface table.

Update rates manually using the Currency Rates Manager, which can be acc
only from the Functional Setup Manager

Update rates manually using the Currency Rates Manager, which can be acc
from the Functional Setup Manager or the General Ledger's Period Close wo
area.

Edit existing transactions and update the rates manually.

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Question:

Your customer has enabled encumbrance accounting. You have a control budget
with the advisory level set at control. For November 2015, your budget for a
given combination is $5,000 USD.
You have an approved requisition of $900 USD and you have an approved
purchase order of $2,500 USD. An adjustment encumbrance journal is created
in the General Ledger for the obligation type for $1,600 USD.

You then cancelled the approved PO line of $400 USD. For November 2015, you
created a new invoice by matching to the PO for $2,100 USD. Which two
statements are true?

Response:

Purchase order encumbrance will be released for $2,100 USD.

As there are cancellations for $400 USD, the system will partially reserve th
funds in November 2015 and fully reserve it in December 2015.

As you are matching to a purchase order, the system will allow the user to
an invoice with the reservation status of Reserved.

Encumbrance entries are created only for nonmatched invoices, so the syst
not create any encumbrance accounting entries.

The system always consumes budget of future periods if the limit for the cu
period is expired, so December 2015 budget will be considered for reservat

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Question:

You need to integrate Fusion Accounting Hub with external source systems used
for Billing. Identity the step that is not correct when implementing this
integration.

Response:

Analyze external system transactions.

Capture accounting events.

Determine the accounting impact of transactions.

Create the accounting in the source system and then import the journal ent
into subledger accounting.

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Question:

Your customer is having issues transferring intercompany transactions to

General Ledger. Identify three reasons for this.

Response:

Both the intercompany and general ledger periods are open.

The intercompany period is closed.

Import Payables and Receivables invoices is not run.

The intercompany transaction is not approved.

If they are different, then the exchange rate is missing between the interco
and general ledger currency.

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Question:

Your customer is reconciling their Intercompany Receivables accounts. Which

two reports should they use In addition to using the intercompany
Reconciliation report?

Response:

Receivables Aging by General Ledger Account report

General Ledger Trial Balance report

Receivables to General Ledger Reconciliation report

AR Aging report