1Z0-1054-20 Online Practice Questions and Answers

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 want to monitor the close process of all financial subledgers and ledgers.

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. Run Closing Status reports

D. Use Close Monitor in General Accounting Dashboard

Your customer has many eliminating entries to eliminate intercompany balances.

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. There is no way to automate this process if the customer is not using Oracle Hyperion Financial Close Management.

C. Create a manual journal that includes the eliminating entries, and then create a copy of the journal batch every period.

D. Use the spreadsheet template that is accessed from the "Create Journal in Spreadsheet" task and import the spreadsheet with the eliminating entries every period.

Your customer wants to create fully balanced balance sheets for the Company, Line of Business, and Product segments for both financial and management reporting.

What is Oracle's recommended method for doing this?

A. Create three segments for the Company, Line of Business, and Product segments and qualify them as primary balancing segment, second, and third balancing segments, respectively

B. Use account hierarchies to create different hierarchies for different purposes and use those hierarchies for reporting

C. Create a segment that acts as the primary balancing segment and create values that represent a concatenation of all three business dimensions

D. Create two segments where the first segment represents the concatenation of Company and Line of Business, and then enable secondary tracking for the Product segment

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 Intercompany periods in Oracle Intercompany

C. Close all intercompany subledger periods

D. Freeze the Intercompany journal source in General Ledger

The Create Accounting program could not determine the debit side of the journal entry.

Which component of Subledger Accounting determines the debit or credit side of a journal entry?

A. Journal Balances Rule

B. Journal Entry Rule Set

C. Journal Line Rule

D. Journal Accounting Rule

E. Account Rule

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

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 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

B. Use Oracle Hyperion Financial Management for this type of complex consolidation

C. 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

D. Define multiple ledgers for consolidation and report on ledger set

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

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 Budgeting attribute for the value set

B. The Account Type qualifier has not been enabled when defining the value set

C. You are creating values before assigning the value set to the structure

D. You have not set the Allow Posting attribute for the value set