1z0-1054-22

Oracle Financials
Cloud: General Ledger
2022 Implementation
Professional

Version 22.2
QUESTION NO: 1

Your new accountants have been making mistakes in reconciling accounts assigned to them.
Your account balances have either spiked or dropped 30-40% every period due to human error.
This causes delays in reconciliation.

What feature can you use to be proactively notified of account anomalies in a more
timely manner?

A. Account Monitor
B. Smart View
C. Financials Reports with Embedded charts
D. Account Inspector and its charts

Answer:A

QUESTION NO: 2

Users with the General Accountant job role have reported that they are unable to access the
UK Ledger. They require read/write access to the full ledger. The Accounting
configuration completed successfully.

What should you do to allow access to the ledger?

A. Create a Data Access Set that allows access to the UK Ledger.

B. Assign the UK reference set to the user/role combination.
C. Assign the security context value of UK Ledger to the user/role combination.
D. Assign the General Accounting Manager role to those users.

Answer:B

QUESTION NO: 3

You have exported data from your budgeting application into a .csv file.

What should you use to load that data into General Ledger?
A. File Based Data Import
B. The budget journal spreadsheet
C. Enterprise Resource Budget Integrator
D. Application Developer Framework Desktop Integrator

Answer:D

QUESTION NO: 4

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?

A. The general accountant does not have the Financials Application administrator
role assigned and, therefore, has view-only privileges on this page.
B. The general accountant has a segment value security rule assigned which restricts access
to that cost center.
C. There is a primary balancing segment attached to the legal entity of the primary ledger.
D. A cross validation rule is in place to prevent the resulting combination from being created.

Answer:D

QUESTION NO: 5

You want to prevent intercompany transactions from being entered during the last day of
the close.

Assuming Intercompany and General Ledger use the same calendar, what should you do?

A. Close the General Ledger period in the Manage Accounting Periods page.
B. Close all intercompany subledger periods.
C. Close Intercompany periods in Oracle Intercompany.
D. Freeze the Intercompany journal source in General Ledger.

Answer:C

QUESTION NO: 6
You are creating values for the chart of account value set that you are planning to use for
the account segment within your Chart of Accounts.

You are not able to assign an Account Type. What is the reason for this?

A. You have not set the Allow Posting attribute for the value set.
B. You are creating values before assigning the value set to the structure.
C. The Account Type qualifier has not been enabled when defining the value set.
D. You have not set the Allow Budgeting attribute for the value set.

Answer:A

QUESTION NO: 7

You are using the Create Budgets in a Spreadsheet option to load your budget balances into the
GL balances cube. Your FYXX Budget is not appearing in the Budget Name list of values.

Which two are reasons for this? (Choose two.)

A. The Create Scenario Dimension Members program has not been run.
B. The Transfer Budget Balances to Budget Cubes has not been run.
C. The Publish Chart of Accounts Dimension Members and Hierarchies to the
Balances Cube has not been run.
D. A value for the budget scenario has not been created.
E. Budgeting has not been enabled in the ledger options.

Answer:BD

QUESTION NO: 8

You are using account hierarchies for reporting and allocations.

Which two statements are true about these types of hierarchies? (Choose two.)

A. You can have only one version of a hierarchy published to the Essbase cube at any time.
B. Hierarchies for reporting and allocations do not have to be published to Essbase cubes.
C. Child values in these hierarchies can belong to only one parent.
D. Hierarchies for reporting and allocations have to be published to Essbase cubes.

Answer:AD

QUESTION NO: 9
You need to define a chart of accounts that includes an intercompany segment. Your
customer plans to use segment value security rules for the Company segment.

What is Oracle’s recommended method to define this chart of accounts?

A. Define the intercompany segment with a default value.

B. Define the company segment and assign both the primary balancing segment
and intercompany segment labels.
C. Share the same value set for the company and intercompany segments.
D. Create two different value sets for the company and intercompany segments.

Answer:D

QUESTION NO: 10

You want to monitor the close process of all your financial subledgers and ledgers, including
a consolidated Profit and Loss position.

How can you quickly obtain this information?

A. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers.
B. Access each subledgers’ calendar and General Ledger’s Manage Accounting Periods page
to view the status of each period.
C. Use Close Monitor in General Accounting Dashboard.
D. Run Closing Status reports.

Answer:C

QUESTION NO: 11

You have noticed that a lot of erroneous address data is being saved. You want to ensure
that only valid addresses are entered in the system.

How do you achieve this?

A. Define the geography validation for country option to No Validation.

B. Redefine the location structure.
C. Redefine the geography hierarchy.
D. Define the geography validation for country option to Error.

Answer:D
https://docs.oracle.com/cd/E15586_01/fusionapps.1111/e20375/F527690AN1A038.htm

QUESTION NO: 12
You want to achieve multi-step cascading allocations, which feature do you use?

A. Point of View (POV)

B. General Ledger journal entries
C. RuleSets
D. Formulas

Answer:C

QUESTION NO: 13

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

A. A new Balances Cube is created for a unique combination of Ledger and Currency.
B. They are updated automatically when the General Ledger period is opened.
C. They are updated automatically when the Translation process is run.
D. New dimensions can be added to a General Ledger Balances Cube.
E. They are updated automatically when the Revaluation process is run.

Answer:D

QUESTION NO: 14

You want to create an Ad-Hoc Analysis in Smart View and have entered the
following dimensions for the report, and clicked Refresh in the POV.
You get #Missing instead of a balance. What is the reason?

A. You have not specified a Cost Center value.

B. You have not specified an Intercompany value.
C. You have not specified a particular currency.
D. You have not specified a Product value.

Answer:A

QUESTION NO: 15

Which three are places where account hierarchies can be used?

A. Revaluations
B. Cross Validation Rules
C. Smart View Analyses
D. Ledger Options
E. Intercompany Balancing Rules

Answer:ABE

QUESTION NO: 16
You entered the following information in the Companies and Legal Entities tab of the
Rapid Implementation Spreadsheet:

Assuming currency is left blank in the Ledger worksheet, how many Ledgers will the
process create?

A. 4
B. 5
C. 6
D. 3

Answer:A

QUESTION NO: 17

You are defining an income statement report using Financial Reporting Web 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. Nothing. All report are drillable

B. Allow Expansion in Report Functions.
C. Drill Through in Grid Properties.
D. Drill Down in Report Functions.

Answer:C

QUESTION NO: 18

After completing a business requirement mapping session, it has been decided that only
single Currency Journals will be entered for this Company.

To achieve this requirement, on which two objects should you enable “Limit a Journal to
a Single Currency”?
A. Journal sources
B. Journal lookup codes.
C. Profile option
D. Ledger options
E. Journal category

Answer:AD
https://docs.oracle.com/en/cloud/saas/financials/22a/faigl/how-you-limit-a-journal-to-a-single-
currency.html

QUESTION NO: 19

You can run predefined reports to reconcile subledger application balances to General
Ledger balances.

Which attribute needs to be set up on the Manage Values page for chart of accounts segment
values so that you can run the Payables to General Ledger Reconciliation Report or
Receivables to General Ledger Reconciliation Report?

A. Start Date
B. End Date
C. Financial Category
D. Third Party Control Account
E. Reconcile

Answer:D

QUESTION NO: 20

When constructing a new chart of accounts instance, it has been decided to control the list
of values within certain segments, with the use of related values sets.

When defining new related value sets, which three configuration steps should be considered?

A. Link multiple value sets together

B. Link two value sets together
C. Use table validated type value sets only
D. Order of the segments determines filtering sequence
E. Order of the segments does not determine filtering sequence.
F. Use independent validated type value sets only

Answer:ACE
QUESTION NO: 21

Your ledger currency is USD. At month end you have a balance on the Accounts Payable
Liability Account of 100,000 Euros which is equivalent to USD 136,550. This balance needs
to be revalued.

The month end exchange rate for revaluation is 1 Euro = 1.3755 USD

What two statements are true for the resulting revaluation run? (Choose two.)

A. The original journal entry in Euros remains the same.

B. The original journal entry in Euros is updated.
C. You have an unrealized exchange loss recorded.
D. You have an unrealized exchange gain recorded.
E. There is no unrealized exchange gain or loss calculated.

Answer:AC

QUESTION NO: 22

Your customer uses Financials Cloud, Projects, Inventory, and SCM.

Which two statements are true regarding intercompany accounting for these products?
(Choose two.)

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

Answer:CD

QUESTION NO: 23

What are two uses of the Column Flattening and Row Flattening features? (Choose two.)

A. Create additional versions of a tree.

B. Set the status of a tree to active.
C. Optimize parent/child relationships.
D. View information for runtime performance.
E. Verify correctness of trees.

Answer:BC

QUESTION NO: 24

You want your sales representatives to be able to find points of interest, such as customers,
while out on business. What should you enable to achieve this?

A. Address Cleansing
B. Validation
C. HZ_GEO_IDENTIFIER_SUBTYPE Lookup
D. Geocoding

Answer:B

QUESTION NO: 25

Which two are predefined roles in General Ledger? (Choose two.)

A. General Accounting Supervisor

B. General Accounting Clerk
C. General Accounting Manager
D. General Accountant

Answer:CD

QUESTION NO: 26

You already ran Translation, but a last-minute adjusting journal entry in your ledger
currency was entered and posted after you consolidated your results.

What is Oracle’s recommended practice when this occurs?

A. Rerun Revaluation and then rerun Translation.

B. Enter another adjusting journal entry in the target currency to true up the balances.
C. Translate only the adjusting journal entry.
D. Rerun Translation and then reconsolidate your results.

Answer:D

QUESTION NO: 27
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. Ledger level rule

B. Chart of Accounts rule
C. Primary balancing segment rule
D. Legal entity level rule

Answer:C

QUESTION NO: 28

Which three are considered Legal Jurisdictions? (Choose three.)

A. Post Code
B. Identifying Zone
C. Group of Countries
D. Single Country
E. State

Answer:ABD

QUESTION NO: 29

For journal approval, which AMX list builder is most effective in routing the journals to the
Accounting Manager when his subordinate, The General Accountant, enters a journal?

A. Supervisory level approval

B. Approval Groups
C. Cost center based approval
D. Dynamic Approval Groups
E. Management Chain

approval Answer:A

QUESTION NO: 30
You need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following
year, and you would like the periods to be named according to the year they fall in.

What format should you choose?

A. Calendar Year
B. Period
C. Fiscal Year
D. Year

Answer:B

QUESTION NO: 31

You are planning to create an Income Statement using Smart View.

Which Smart View tool should you use for this?

A. Smart Slices
B. Smart Queries
C. Ad Hoc Analysis
D. Query Designer

Answer:C

QUESTION NO: 32

You have a requirement to have invoices generated for certain Intercompany transactions.

Where do you enable invoicing?

A. the transaction category

B. the transaction type
C. the transaction batch
D. the transaction source

Answer:B

QUESTION NO: 33

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. Journal Level
B. Adjustment Only Level
C. Subledger Level
D. FBDI Level
E. Balance

level Answer:B

QUESTION NO: 34

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

A. The Translation process can only be used to translate balance sheet accounts.
B. If necessary, before submitting the Translation process, the Revaluation process
should be completed.
C. Any resulting offset from the translation is entered in the Cumulative
Translation Adjustment account.
D. The Translation process can only be used for translating the balances of Secondary ledgers.
E. The Translation process should be run before posting Period Close adjustment entries.

Answer:BD

QUESTION NO: 35

You have defined intercompany balancing rules at all four levels.

Which rule will be considered first when balancing an intercompany journal?

A. Chart of Accounts rule

B. Legal entity level rule
C. Primary balancing segment rule
D. Ledger level rule

Answer:C

QUESTION NO: 36

You are setting up Close Monitor and want to view high-level profit and loss results for
each ledger.
What should you associate with the ledger set to achieve this?

A. an Account group
B. a Financial Reporting Web Studio report
C. an OTBI report
D. a Trial Balance report

Answer:D

QUESTION NO: 37

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. Financial Reporting Studio

B. Smart View
C. Financial Statement Generator
D. Account Inspector

Answer:AB

QUESTION NO: 38

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 the primary BSV but not by second
or third BSV D. when the journal is balanced by second balancing segment value
Answer:C

QUESTION NO: 39

Which two allow access to the BI Catalog for creating an Oracle Transactional
Business Intelligence analysis? (Choose two.)

A. Reports and Analytics

B. Enterprise Performance Management Workspace
C. Universal Content Management Workspace
D. Scheduled Processes
E. Business Process Management

Workspace Answer:AD

QUESTION NO: 40

Which General Ledger Account is used to record exchange rate differences due resulting
from running the translation process?

A. Suspense Account
B. Rounding Account
C. Entered Currency Translation Balancing Account
D. Cumulative Translation Adjustment Account

Answer:C

QUESTION NO: 41

Your company has complex consolidation requirements with multiple general ledger
instances. You are using Oracle Hyperion Financial Management to consolidate the disparate
General Ledgers. You can typically map segments between your general ledger segment to a
Hyperion Financial Management segment, such as Company to Entity, Department to
Department, and Account to Account.

What happens to segments in your source general ledger, such as Program, that cannot
be mapped to Hyperion Financial Management?

A. The unmapped segments default to future use segments in Hyperion Financial Management.
B. No data is transferred.
C. Data is summarized across segments that are not mapped to Hyperion Financial
Management. D. Errors occur for unmapped segments. You must map multiple segments
from source general ledgers to the target segment in Hyperion Financial Management.
Answer:D

QUESTION NO: 42

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

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

Answer:CE

QUESTION NO: 43

You are capturing rental costs for a building in a corporate cost center and at month end, want
to allocate those costs to the cost centers in the building based on the floor area occupied.

A statistical journal has been entered to record the floor area. You use Calculation Manager
to create the allocation.

Within the allocation component, where will you reference the statistical balance?

A. Offset
B. Basis
C. Allocation Range
D. Source
E. Target

Answer:A

QUESTION NO: 44

You attempt to activate a tree version, but the audit process fails. In which two ways can
you resolve this? (Choose two.)

A. Ensure that you did not assign children to child values.

B. Run the Chart of Accounts Deployment process.
C. Run the Publish Chart of Accounts Dimension Members and Hierarchies program.
D. Make sure all users sign out of calculation manager.
E. Ensure that parent values have the summary attributes set correctly.

Answer:AC

QUESTION NO: 45

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

A. Financial Reporting Web Studio

B. Financial Reporting Center
C. Smart View
D. Oracle Financial Statement Generator

Answer:AB

QUESTION NO: 46

Your company has two legal entities in the US (Balancing Segment Values [BSV] 101 and
102), one legal entity in France (BSV 401), and one legal entity in the UK (BSV 402).

Both US legal entities share the same ledger, whereas the UK and France have their own ledgers.

Assuming intercompany transactions are not being entered, what is the minimal action you
can take and still configure the ledgers correctly?

A. You should assign a balancing segment value to identify each legal entity in the
US Ledger and assign the balancing segment values to the ledger in the UK and
France.
B. You should assign a balancing segment value to identify each legal entity in the US ledger.
C. You should assign the balancing segment value to the ledger in the US and assign
a balancing segment value to identify each legal entity in the UK and France ledgers.
D. You should assign a balancing segment value to identify each legal entity in each ledger.

Answer:C

QUESTION NO: 47

You want to specify Intercompany System Options.

Which three factors should you consider? (Choose three.)

A. automatic or manual batch numbering and the maximum transaction
amount B. the approvers who will approve intercompany transactions
C. whether to enforce an enterprise-wide currency or allow intercompany transactions in
local currencies
D. automatic or manual batch numbering and the minimum transaction
amount E. whether to allow receivers to reject intercompany transactions

Answer:CDE

QUESTION NO: 48

Which two are valid Data Access Set types? (Choose two.)

A. Read Only access

B. Full access
C. Read and Write access
D. Full Ledger
E. Primary Balancing Segment Value

Answer:DE
https://docs.oracle.com/en/cloud/saas/financials/22a/faigl/overview-of-data-access-set-
security.html#s20035219

QUESTION NO: 49

You are trying to run a Financial Reporting Web Studio report from Financial Reporting Center.
However, it is not appearing as a choice.

Which are two reasons for this? (Choose two.)

A. You have not saved it in the MyFolders directory.

B. You have not saved it in the Shared Folder/Custom/Financials directory.
C. You have not uploaded it to Financial Reporting Center.
D. You have not downloaded the report to your local drive.

Answer:AC

QUESTION NO: 50

You entered a cross validation rule to prevent the balance sheet cost center (000) being used
with Profit and Loss Accounts (4000-ZZZZ).
The following combinations exist in the Code Combination table:
01-000-4110-00, 01-000-5299-000, 01-000-5105-000 and 01-000-7640-00

Which two statements are true regarding cross-validation rules? (Choose two.)

A. The rules validate and apply to new accounts only.

B. You need to run the Cross-Validation Rule Violations process to list and optionally
disable combinations that violate rules.
C. You need to run the Cross-Validation Rule Violations process to allow rules to
apply to existing combinations that violate rules.
D. The rules will validate and apply to new and existing accounts.
E. If Dynamic Combination Creation Allowed is not enabled for your chart of
accounts instance you are required to create cross validation rules.

Answer:CD

QUESTION NO: 51

The current implementation project covers Financials (with Fixed Assets and Expenses)
with operations planned in three countries (USA, Italy, and India).

Which three labels are required when designing the chart of account structure for this
project? (Choose three.)

A. Cost center
B. Natural Account
C. Secondary Balancing
D. Primary Balancing
E. Intercompany

Segment Answer:ACD

QUESTION NO: 52

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

A. Perform an account analysis online.

B. Use Account Inspector.
C. Create an Account Group using Account Monitor.
D. Open a Smart View file saved on your desktop.

Answer:C
QUESTION NO: 53

All of your subsidiaries can share the same ledger with their parent company and all reside
on the same application instance. They do perform intercompany accounting.

What is Oracle's recommended approach to performing consolidations?

A. Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances
to the parent ledger, and then enter eliminating entries as a separate balancing segment in
the parent ledger.
B. Use General Ledger's Financial Reporting functionality to produce consolidated reports
by balancing segment where each report represents a different subsidiary. Any eliminating
entries can be entered in yet another separate balancing segment.
C. Define multiple ledgers for consolidation and report on ledger set.
D. Use Oracle Hyperion Financial Management for this type of complex consolidation.

Answer:B

QUESTION NO: 54

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

A. IT Security Manager
B. Application Implementation Consultant
C. any functional user
D. Functional Setup Manager Superuser
E. Application Implementation Manager

Answer:B

QUESTION NO: 55

You are defining intercompany balancing rules that are applied to a specific source and
category, such as payables and invoices, or a specific intercompany transaction type, such as
Intercompany Sales.

Which two statements are correct? (Choose two.)

A. Define a chart of accounts rule to ensure that Intercompany Balancing will always find
a rule to use to generate balancing accounts.
B. You can create a rule for all sources and categories by selecting the source "Other" and
the category "Other."
C. Intercompany balancing evaluates the rules in this order: Ledger, Legal Entity,
chart of accounts, and primary balancing segment value.
D. You must define intercompany balancing rules for all sources, categories
and transaction types.

Answer:AD