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Oracle 1z0-1054-23 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Intercompany Accounting | 15% | - Configure Intercompany
|
| Topic 2: Enterprise and Financial Reporting Structures | 20% | - Configure Enterprise Structures
|
| Topic 3: Journal Processing and Approval | 20% | - Manage Journals
|
| Topic 4: Period Close and Financial Reporting | 20% | - Perform Period Close
|
| Topic 5: Ledgers and Accounting Setup | 25% | - Configure Ledgers
|
Oracle Financials Cloud: General Ledger 2023 Implementation Professional Sample Questions:
Which two statements are true about balances cubes in General Ledger?
- A. A new balances cube is created for a unique combination of ledger and currency.
- B. They are updated automatically when the Translation process is run.
- C. They are updated automatically when the General Ledger period is opened.
- D. New dimensions can be added to a General Ledger balances cube.
- E. They are updated automatically when the Revaluation process is run.
Correct Answer: A,D 🗳️
Explanation: Only visible for ActualCollection members. You can sign-up / login (it's free).
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. You have an unrealized exchange gain recorded.
- B. You have an unrealized exchange loss recorded.
- C. The original journal entry in Euros is updated.
- D. The original journal entry in Euros remains the same.
- E. There is no unrealized exchange gain or loss calculated.
Correct Answer: A,B 🗳️
Explanation: Only visible for ActualCollection members. You can sign-up / login (it's free).
Manage Chart of Accounts Structure and Instance
Scenario
Your client is implementing Oracle Fusion Cloud Financials. The decision is to have a 5-segment Chart of Accounts: Company, Cost Center, Account, Product, and Intercompany. You are working in the General Ledger team and will be responsible for creating the Chart of Accounts Structure and Instance for the Chart of Accounts.
Task 1
Create a Chart of Accounts Structure and Instance for the following Chart of Accounts:
Note:
Prefix all your setups with 07, where 07 is your candidate ID
There is one balancing segment.
Choose the appropriate segment labels.
. For the purpose of this test there is no need to deploy the flexfield.
. Valid code combinations should be added to the Code Combination table automatically.
Shorthand aliases will not be implemented.
. Accept the defaults for the instance segments.
Correct Answer:
See the Explanation for the complete Solution.
Explanation
Here are the steps you need to follow:
Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structures.
Click on the Create icon to create a new Chart of Accounts Structure. Enter the following information:
Structure Code: 07COA
Structure Name: 07 Chart of Accounts
Description: Chart of Accounts for candidate 07
Number of Segments: 5
Click on the Next button to define the segments. Enter the following information for each segment:
Segment Number: 1
Segment Name: Company
Value Set Code: 07Corporate Company
Value Set Name: 07 Corporate Company
Maximum Size: 3
Balancing: Yes
Segment Label: Company
Segment Number: 2
Segment Name: Cost Center
Value Set Code: 07Corporate Cost Center
Value Set Name: 07 Corporate Cost Center
Maximum Size: 4
Balancing: No
Segment Label: Cost Center
Segment Number: 3
Segment Name: Account
Value Set Code: 07Corporate Account
Value Set Name: 07 Corporate Account
Maximum Size: 8
Balancing: No
Segment Label: Natural Account
Segment Number: 4
Segment Name: Product
Value Set Code: 07Corporate Product
Value Set Name: 07 Corporate Product
Maximum Size: 3
Balancing: No
Segment Label: Product
Segment Number: 5
Segment Name: Intercompany
Value Set Code: 07Corporate Company
Value Set Name: 07 Corporate Company
Maximum Size: 3
Balancing: No
Segment Label: Intercompany
Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure.
Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structure Instances.
Click on the Create icon to create a new Chart of Accounts Structure Instance. Enter the following information:
Structure Code: 07COA
Structure Name: 07 Chart of Accounts
Description: Chart of Accounts for candidate 07
Chart of Accounts Structure: 07COA
Enabled: Yes
Allow Dynamic Inserts: Yes
Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure Instance.
You have successfully created a Chart of Accounts Structure and Instance for the given scenario. For more information, you can refer to the following resources:
Chart of Accounts Structures and Instances
Chart of Accounts Components
Minimum Steps For Financial Enterprise Structures Configuration
Overview of Creating and Configuring Chart of Accounts Structure and Instances
What are two uses of the Column Flattening and Row Flattening features? (Choose two.)
- A. Set the status of a tree to active.
- B. View information for runtime performance.
- C. Verify correctness of trees.
- D. Create additional versions of a tree.
- E. Optimize parent/child relationships.
Correct Answer: A,C 🗳️
Explanation: Only visible for ActualCollection members. You can sign-up / login (it's free).
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 136,550 USD. This balance needs to be revalued. The month-end exchange rate for revaluation is 1 Euro = 1.3755 USD.
What two statements are true about the resulting revaluation run?
- A. You have an unrealized exchange gain recorded.
- B. You have an unrealized exchange loss recorded.
- C. The original journal entry in Euros is updated.
- D. The original journal entry in Euros remains the same.
- E. There is no unrealized exchange gain or loss calculated.
Correct Answer: B,D 🗳️
Explanation: Only visible for ActualCollection members. You can sign-up / login (it's free).
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