1Z0-1054-22 Online Practice Questions and Answers

Correct Answer: C

The privilege required to perform the budget transfer function available on the Review Budgetary Control Balances page is Manage Control Budgets (XCC_MANAGE_CONTROL_BUDGETS_PRIV). This privilege allows users to create, modify, or delete control budgets and perform budget transfers. Import Budget Amounts from Spreadsheet (XCC_IMPORT_BUDGET_FROM_SPREADSHEETS_PRIV) is a privilege that allows users to import budget amounts from a spreadsheet using ADFdi. Import Budget Amounts (XCC_IMPORT_BUDGET_PRIV) is a privilege that allows users to import budget amounts from a flat file using file-based data import. Budget Loading (XCC_BUDGET_LOADING_DUTY_PRIV) is a duty role that includes privileges related to importing budget amounts from various sources. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Process Budget Journals

Correct Answer: BD

According to Oracle documentation1, the two Oracle recommended ways to create a boardroom ready month-end reporting package for an upcoming Audit Committee meeting are using Workspace and using a report batch. Workspace enables you to assemble multiple reports into a book that can be printed and viewed individually or as an entire book. A report batch enables you to run reports at a specific time to create a set of snapshot reports. Therefore, options B and D are correct. Option A is incorrect because BI Publisher is not a tool to create financial reports. Option C is incorrect because Smartview is not a tool to create financial reports. Option E is incorrect because OTBI is not a tool to create financial reports.

Correct Answer: BD

You can use hierarchies to define segment value security rules by selecting a parent value and specifying whether to include or exclude its children values1. The segment value security rules do not take effect until you assign the rules to users and products using the Security Console2.

Correct Answer: C

According to Oracle documentation1, the reason why you are not able to assign an Account Type when creating values for the chart of account value set is that you are creating values before assigning the value set to the structure. The Account Type attribute is only available after you assign the value set to a chart of accounts structure instance. The Account Type attribute determines how an account is used and reported in General Ledger. Therefore, option C is correct. Option A is incorrect because you do not need to set the Allow Budgeting attribute for the value set to assign an Account Type. Option B is incorrect because the Account Type qualifier does not need to be enabled when defining the value set to assign an Account Type. Option D is incorrect because you do not need to set the Allow Posting attribute for the value set to assign an Account Type.

Correct Answer: AD

A secondary ledger is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting representations of the same transactions. A secondary ledger can differ from its primary ledger by one or more of the following attributes: accounting method, chart of accounts, accounting calendar, currency, and journal processing options. A secondary ledger is not used to meet local accounting requirements, as this can be achieved by using reporting currencies or subledger accounting rules. A secondary ledger is not used to maintain balances in a different currency only, as this can be achieved by using reporting currencies or revaluation. A secondary ledger is not used to maintain balances for processing performance, as this can be achieved by using ledger sets or data access sets. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Configure Secondary Ledgers 12

Correct Answer: BC

To achieve the requirement of only single currency journals being entered for this company, you should enable "Limit a Journal to a Single Currency" on both ledger options and journal sources. Ledger options are settings that apply to a specific ledger, such as journal processing options, currency options, and average balance processing options. Journal sources are identifiers that indicate where a journal originated, such as manual entry, subledger accounting, or import. You can enable "Limit a Journal to a Single Currency" on both ledger options and journal sources using the Specify Ledger Options and Manage Journal Sources tasks in Setup and Maintenance. This will enforce single currency journals for journals entered on the Create Journal page and for journals that are imported. You do not need to enable "Limit a Journal to a Single Currency" on journal lookup codes, as these are codes that indicate the status of a journal, such as Entered, Posted, or Reversed. You do not need to enable "Limit a Journal to a Single Currency" on journal category, as this is an attribute that classifies journals by purpose or function, such as Purchase Invoices or Allocations. You do not need to enable "Limit a Journal to a Single Currency" on profile option, as this is a setting that affects the behavior of an application or feature for a user or responsibility. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Define Ledgers 12

Correct Answer: C

cross-validation rules only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table. Therefore, option C is correct. Option A is incorrect because deactivating the value will not prevent further usage of the invalid account combination. Option B is incorrect because cross-validation rules are not assigned to the end user role. They are defined at the chart of accounts level. Option D is incorrect because cross-validation rules do not automatically disable that account code combination.

Correct Answer: A

Account Monitor is a feature that allows you to monitor key account balances in real time and compare them to predefined thresholds. You can set up alerts to notify you when an account balance exceeds or falls below a certain percentage or amount. You can also drill down to the underlying transactions and subledger details to investigate the cause of the account anomalies. Account Monitor helps you to identify and resolve reconciliation issues in a timely manner. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives-Monitor Account Balances 12

Correct Answer: D

To prevent intercompany transactions from being entered during the last day of the close, you should close intercompany periods in Fusion Intercompany. This will prevent users from creating or modifying intercompany transactions for the

closed periods. You do not need to freeze the Intercompany journal source in General Ledger, as this will not prevent users from creating intercompany transactions in Fusion Intercompany. You do not need to close all subledger periods, as

this will not prevent users from creating intercompany transactions in Fusion Intercompany. You do not need to close the General Ledger period in the Manager Accounting Periods page, as this will not prevent users from creating

intercompany transactions in Fusion Intercompany.

Reference: Oracle Financials Cloud:

General Ledger 2022 Implementation Professional Objectives-Configure and Process Intercompany 12VVVVVVVVVVVVVVV

Correct Answer: A

"The outer point of view is used to specify segment values that are constant for rules and formulas. If you use a parent value in the outer point of view, it must have a Constant segment type." Therefore, if you want to define an allocation rule where segment values are constants for rules and formulas, you should never use the outer POV.