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High Pass-Rate Training 1z0-1054-24 Solutions–Newest Valid Exam Preparation for 1z0-1054-24: Oracle Financials Cloud: General Ledger 2024 Implementation Professional

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Oracle 1z0-1054-24 Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 3

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 4

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.

Topic 5

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.

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q26-Q31):

NEW QUESTION # 26
When working with Essbase, versions of the tree hierarchy as defined in the Fusion are not available in the Essbase balances cube. What should you do to correct this situation?

A. Redeploy the chart of accounts.
B. Make sure the tree is active.
C. Make sure the tree version was published successfully.
D. Make sure to flatten the rows of the tree version.

Answer: C

NEW QUESTION # 27
Task 3
Manage Chart of Accounts Mappings
Scenario
Your client needs to consolidate their UK Ledger to the Canadian parent ledger. Each Chart of Accounts has the following segments:
Company-LoB-Account-Cost Center-Product-Intercompany
Know that the Company, LoB, Product, and Intercompany segments share the same value sets.
Create a Chart of Accounts mappings to map UK Chart of Accounts to CA Chart of Accounts that meets the following specifications:
Cost Center Mapping
. Balance Sheet (0 and 000) should be mapped to
Balance Sheet
. All other cost centers should be mapped to 610
Account Mapping
. Asset accounts (in the 1000 range) should be
mapped to account 11101
. Liability accounts (in the 2000 range) should be
mapped to account 22100
. Equity accounts (in the 3000 range) should be
mapped to account 34000
. Revenue accounts (in the 4000 range) should be
mapped to account 42000
. Expense accounts (from 5000 onwards) should be
mapped to account 51100
Note:
Do not use conditions based on parents.
. Treat any account after the 5000 range as an expense.
Ensure all maps are numeric only.
When creating your mapping rules for each segment
please allow for existing and future segment values

Answer:

Explanation:
See the Explanation for the complete Solution.
Explanation:
Here are the steps you need to follow:
* In the Setup and Maintenance work area, go to the following:
* Offering: Financials
* Functional Area: Financial Reporting Structures
* Task: Manage Chart of Accounts Mapping
* Select the source chart of accounts (UK) and the target chart of accounts (CA) that you want to map.
* Click on the Segment Rules tab to define the segment mapping rules. Enter the following information for each segment:
* Segment Number: 1
* Segment Name: Company
* Mapping Type: Value
* Source Value: *
* Target Value: *
* Segment Number: 2
* Segment Name: LoB
* Mapping Type: Value
* Source Value: *
* Target Value: *
* Segment Number: 3
* Segment Name: Account
* Mapping Type: Range
* Source From Value: 1000
* Source To Value: 1999
* Target Value: 11101
* Mapping Type: Range
* Source From Value: 2000
* Source To Value: 2999
* Target Value: 22100
* Mapping Type: Range
* Source From Value: 3000
* Source To Value: 3999
* Target Value: 34000
* Mapping Type: Range
* Source From Value: 4000
* Source To Value: 4999
* Target Value: 42000
* Mapping Type: Range
* Source From Value: 5000
* Source To Value: 99999999
* Target Value: 51100
* Segment Number: 4
* Segment Name: Cost Center
* Mapping Type: Value
* Source Value: 0
* Target Value: Balance Sheet
* Mapping Type: Value
* Source Value: 000
* Target Value: Balance Sheet
* Mapping Type: Value
* Source Value: *
* Target Value: 610
* Segment Number: 5
* Segment Name: Product
* Mapping Type: Value
* Source Value: *
* Target Value: *
* Segment Number: 6
* Segment Name: Intercompany
* Mapping Type: Value
* Source Value: *
* Target Value: *
* Click on the Save and Close button to save the segment mapping rules.
You have successfully created a Chart of Accounts mapping for the given scenario. For more information, you can refer to the following resources:
* Overview of the Chart of Accounts Mapping Page
* Chart of Accounts Structures and Instances
* How To Create A Chart Of Accounts Mapping For A Secondary Ledger
* How To Bulk Upload The Mapping Rules In "Manage Chart of Accounts Mapping"
* Centralized Management of Chart of Accounts Configurations

NEW QUESTION # 28
When creating your financial statements, you want a chart such as a bar graph to be included in the report output. Which two reporting tools allow you to achieve this?

A. Smart View
B. Financial Reporting Studio
C. Financial Statement Generator
D. Account Inspector

Answer: A,B

Explanation:
Smart View and Financial Reporting Studio are two reporting tools that allow you to create and include charts such as bar graphs in your financial statements. Smart View is a multidimensional pivot analysis tool that enables you to interactively analyze your balances and define reports using a familiar spreadsheet environment. You can also insert charts and graphs to visualize your data. Financial Reporting Studio is a tool that lets you design and format financial reports using data from the Oracle General Ledger balances cube.
You can also add charts and graphs to enhance your reports and display data trends. References:
* Overview of Financial Reporting Center, Oracle Cloud Applications Financials 23B, https://docs.oracle.
com/en/cloud/saas/financials/23b/faiah/overview-of-financial-reporting-center.html
* Using Smart View with Oracle Financials Cloud, Oracle Cloud Applications Financials 23B,
https://docs.oracle.com/en/cloud/saas/financials/23b/fasvf/using-smart-view-with-oracle-financials- cloud.html
* Creating Financial Reports, Oracle Cloud Applications Financials 23B, https://docs.oracle.com/en/cloud
/saas/financials/23b/farug/creating-financial-reports.html

NEW QUESTION # 29
When constructing a new chart of accounts instances, it has been decided to control the list of values within certain segments, with the use of related value sets.
When defining new related value sets, which three configuration steps should be considered?

A. Order of the segments does not determine filtering sequence.
B. Link multiple value sets together
C. Use independent validation type value sets only
D. Order of the segments determines filtering sequence
E. Link two value sets together
F. Use table validated type value sets only

Answer: C,D,E

NEW QUESTION # 30
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 loss recorded.
B. The original journal entry in Euros is updated.
C. The original journal entry in Euros remains the same.
D. There is no unrealized exchange gain or loss calculated.
E. You have an unrealized exchange gain recorded.

Answer: A,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 # 31
......

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