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Oracle 1z0-1054-24 Exam Syllabus Topics:

Topic
Details

Topic 1

Configuring Ledgers: This section of the exam measures the skills of an Implementation Consultant and focuses on setting up and maintaining ledgers. It explains managing ledger configurations, understanding the General Ledger balances cube for reporting purposes, and applying security controls to protect ledger data and ensure proper access management.

Topic 2

Using Financial Reporting: This section of the exam measures the skills of an Implementation Consultant and covers the use of financial reporting tools in Oracle Financials Cloud. It explains how to work with the Financial Reporting Center, create and manage reports using Financial Reporting Web Studio, use Oracle Transactional Business Intelligence (OTBI), leverage Smart View for reporting, and utilize the General Accounting Dashboard. It also describes analyzing budgets versus actuals with these tools.

Topic 3

Configuring Enterprise and Financial Reporting Structures: This section of the exam measures the skills of an Implementation Consultant and covers the setup of enterprise structures necessary for financial reporting. It includes configuring the chart of accounts, setting up account hierarchies, managing accounting calendars, securing chart of accounts segments, and handling legal jurisdictions, authorities, legal entities, geographies, and currencies to support an organization's financial operations.

Topic 4

Processing Journals: This section of the exam measures the skills of a Financial Consultant and covers the processes involved in capturing and managing journals. It explains how to configure journal approval workflows, outlines methods for entering journals, discusses average daily balance processing, and details the configuration and processing of intercompany transactions.

Topic 5

Managing Period Close Components: This section of the exam measures the skills of a Financial Consultant and covers activities necessary to complete a successful period close. It explains managing revaluations, translations, and consolidations, handling reconciliations, configuring the Close Monitor to track period close status, and creating allocations and periodic journal entries needed for finalizing accounting records.

Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q69-Q74):

NEW QUESTION # 69
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. Trial Balance report
B. OTBI report
C. Financial Reporting Web Studio report
D. Account group

Answer: C

Explanation:
To view high-level profit and loss results for each ledger in the Close Monitor, you need to associate a Financial Reporting Web Studio report with the ledger set. This report should be based on the General Ledger Balances cube and should include the Income Statement accountgroup as a row dimension. The report should also have the ledger set as a point of view dimension and the period and currency as user prompts. This way, you can select the ledger set, period, and currency when you run the report from the Close Monitor and see the aggregated income statement results for each ledger and consolidation node in the ledger set hierarchy. References: Overview of Close Monitor, Using General Ledger, Close Monitor Issue

NEW QUESTION # 70
Budgetary control for accounts 5020 and 5021 has a budget of $90,000 USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each.
A Fund of $50,000 USD is available for account 5020 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013.
Which statement is true?

A. If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward.
B. If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD only will be carried forward.
C. The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances.
D. If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
E. If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward.

Answer: E

NEW QUESTION # 71
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. Enter another adjusting journal entry in the target currency to true up the balances.
B. Translate only the adjusting journal entry.
C. Rerun Revaluation and then rerun Translation.
D. Rerun Translation and then reconsolidate your results.

Answer: D

Explanation:
According to Oracle's documentation, if you enter and post additional journal entries in your ledger currency after you run translation, you should rerun translation for the entire ledger or ledger set to ensure that all balances are translated using the same exchange rates. Then, you should reconsolidate your results to reflect the updated translated balances. References:
* Using General Ledger, page 9-7: "If you enter and post additional journal entries in your ledger currency after you run translation, you should rerun translation for the entire ledger or ledger set."
* Using General Ledger, page 9-8: "After you run translation, you can consolidate your results to create a consolidated balance sheet and income statement."
* Implement General Ledger, page 2-10: "You can translate and consolidate balances as part of the period close process."

NEW QUESTION # 72
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. You have an unrealized exchange gain recorded.
C. There is no unrealized exchange gain or loss calculated.
D. The original journal entry in Euros is updated.
E. You have an unrealized exchange loss recorded.

Answer: B,E

Explanation:
The two true statements for the resulting revaluation run are that you have an unrealized exchange gain recorded and you have an unrealized exchange loss recorded. Revaluation is a process that adjusts foreign currency balances to reflect current exchange rates at period end. Revaluation creates journal entries to record unrealized exchange gains or losses on foreign currency balances based on revaluation rates defined for each currency. In this scenario, you have a balance on the Accounts Payable Liability Account of 100,000 Euros which is equivalent to USD 136,550 at month end. The month end exchange rate for revaluation is 1 Euro =
1.3755USD. Therefore, after revaluation, your balance on the Accounts Payable Liability Account will be USD 137,550 (100,000 x 1.3755). This means you have an unrealized exchange gain of USD 1,000 (137,550
- 136,550) on your Accounts Payable Liability Account because your liability in foreign currency has decreased in terms of your ledger currency due to exchange rate fluctuations. Revaluation will create a journal entry to debit your Accounts Payable Liability Account by USD 1,000 and credit your Unrealized Exchange Gain Account by USD 1,000 to record this gain. The original journal entry in Euros is not updated by revaluation, as revaluation only creates new journal entries to adjust foreign currency balances in terms of ledger currency based on revaluation rates. There is no unrealized exchange gain or loss calculated by revaluation, as revaluation does calculate unrealized exchange gains or losses on foreign currency balances based on revaluation rates.

NEW QUESTION # 73
You entered across-validation ruleto prevent thebalance sheet cost center (000)from being used withProfit and Loss Accounts (4000-ZZZZ).
The following combinations exist in theCode Combination table:
* 01-000-4110-00
* 01-000-5299-000
* 01-000-5105-000
* 01-000-7640-00
Which two statements aretrueregardingcross-validation rules?

A. The rules validate and apply tonew accounts only.
B. You need to run theCross-Validation Rules processto list and optionally disable combinations that violate rules.
C. There is no need to create cross-validation rules ifDynamic Combination Creation Allowedis notenabled for your chart of accounts instance.
D. The rules will validate and apply tonew and existing accounts.
E. You need to run theCross-Validation Rule Violations processto allow rules to apply to existing combinations that violate rules.

Answer: D,E

NEW QUESTION # 74
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