1Z0-1054-20 Online Practice Questions and Answers

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

You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)

A. whether to allow receivers to reject intercompany transactions

B. whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies

C. automatic or manual batch numbering and the maximum transaction amount

D. the approvers who will approve intercompany transactions

E. automatic or manual batch numbering and the minimum transaction amount

You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account's activities.

What type of report will provide this type of information?

A. Aging Reports

B. Journals Reports

C. Account Analysis Reports

D. Journals Day Book Report

You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed.

How will you achieve this?

A. Opt in to the Prevent Period Close option for the offering

B. Set the relevant option on the Specify Ledger Options page

C. Nothing, this option is enabled automatically

D. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes

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.)

A. The Account Rule's conditions are not defined

B. The Account Rule's chart of accounts has no account values assigned

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

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

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

A. Approval Groups

B. Dynamic Approval Groups

C. Supervisory level approval

D. Management Chain approval

In Financials Cloud, which three reporting tools can be used to access General Ledger balances? (Choose three)

A. Smart View

B. Financial Reporting Studio

C. Application Composer

D. Oracle Transactional Business Intelligence

E. Oracle Enterprise Repository

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.)

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

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

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

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

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

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

A. RuleSets

B. Formulas

C. Point of View (POV)

D. General Ledger journal entries

You entered a journal and the client is asking for the following information: The current account balance The future account balance if the journal is approved and posted

How will you get this information?

A. Run a Trial Balance before and after posting

B. Use Oracle Transactional Business Intelligence (OTBI) to query General Ledger balances

C. View the Projected Balances region in the Create Journals page

D. Query the account balance online