Oracle
1Z0-1054-23
Oracle Financials Cloud: General Ledger 2023
Implementation Professional
QUESTION & ANSWERS
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QUESTION 1
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.)
A. Use BI Publisher to configure the reports and then use bursting to email the reports to the
executives and Audit Committee
B. Use a report batch to run reports at a specific time to create a set of snapshot reports
C. Using Workspace, assemble multiple reports into a book that can be printed and viewed
individually as an entire book
D. Create a Smartview report, where the various sheets represent the different Financial Statements
and send them the spreadsheet
E. Use OTBI to create multiple reports that you save to a folder that only the users can access
Correct Answer: B,C
QUESTION 2
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 can create a rule for all sources and categories by selecting the source “Other” and the
category “Other”.
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. You must define rules for every combination of specific categories and sources. Otherwise, the
intercompany balancing will not work.
D. 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.
Correct Answer: A,D
QUESTION 3
You want to be notified of anomalies in certain account balances in real time. What is the most
efficient way to do this?
A. Create an Account Group using Account Monitor
B. Use Account Inspector
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C. Open a Smart View file saved on your desktop
D. Perform an account analysis online
Correct Answer: A
QUESTION 4
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.
B.
C.
D.
E.
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
Correct Answer: C,E
QUESTION 5
Your client has been using Budgetary Control for six months. Now, they want to use the Spend
Authorization.
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After opting in the new feature Spend Authorization with Budgetary Control, what additional three
actions
need
to be accomplished to activate this feature? (Choose three.)
A.
B.
C.
D.
E.
Enable Payment Request Subtypes
Rebuild the GL Balances Cube
Create a Payment Process Profile
Rebuild the Budgetary Control Cube
Enable spend authorization
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Correct Answer: A,D,E
QUESTION 6
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.)
A.
B.
C.
D.
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
Correct Answer: C,D
QUESTION 7
Which feature outside of reporting and analysis leverages the Essbase cube?
A. revaluations and translation to revalue and translate currencies stored in the Essbase cube
B. calculation manager to perform allocations based on multidimensional balances and budgets
C. period closing and opening of ledgers to keep General Ledger Cloud and the Essbase cubes in
sync
D. journal entries and journal approval to create journals that update balances to the cube directly
Correct Answer: A
QUESTION 8
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?
A. Use the General Ledger’s Calculation Manager to define an allocation definition to eliminate
entries that you can generate every period
B. Use the spreadsheet template that is accessed from the “Create Journal in Spreadsheet” task and
import the spreadsheet with the eliminating entries every period
C. There is no way to automate this process if the customer is not using Oracle Hyperion Financial
Close Management
D. Create a manual journal that includes the eliminating entries, and then create a copy of the
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journal batch every period
Correct Answer: A
QUESTION 9
Which two methods can your General Ledger accountants use to more easily view large amounts of
data contained in the tables in their work areas? (Choose two.)
A.
B.
C.
D.
Use the Freeze feauture on the tables to scroll through large amounts of data
Run a Business Intelligence Publisher report with Excel as the output format
Export the table to Excel
Detach the table to resize it to the maximum size of the monitor.
Correct Answer: A,D
QUESTION 10
You want to define an allocation rule where segment values are constants for rules and formulas.
What should you do?
A.
B.
C.
D.
Never use the Outer Point of View (POV)
Always use the Outer Point of View (POV)
Specify Run Time Prompts (RTP)
Only specify segment values in formulas
Correct Answer: B
Explanation/Reference:
A Point of View is used to define dimension values that remain fixed throughout the entire allocation
rule. For example, assume a chart of accounts includes a segment for future use. The Point of View
fixes the value to be the default value so that the dimension value does not have to be selected while
defining the source, basis, target, offset, or allocation range
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