Oracle 1z0-1054-24 Free Study Material: Oracle Financials Cloud: General Ledger 2024 Implementation Professional - TorrentExam Helps you Prepare Easily

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Oracle 1z0-1054-24 Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 3	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 4	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 5	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.

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q50-Q55):

NEW QUESTION # 50
You are using the Create Budgets in a Spreadsheet option to load your budget balances into the General Ledger balances cube. Your FYXX Budget is not appearing in the Budget Name list of values.
What are two reasons for this?

A. A value for the budget scenario is not created.
B. Publish Chart of Accounts Dimension Members and Hierarchies to the Balances Cube has not been run.
C. Budgeting is not enabled in the Ledger options.
D. Transfer Budget Balances to Budget Cubes has not been run.
E. The Create Scenario Dimension Members program has not been run.

Answer: A,E

Explanation:
To use the Create Budgets in a Spreadsheet option, you need to have a budget scenario value and a scenario dimension member for your budget. A budget scenario value is a user-defined value that identifies a budget, such as FYXX Budget. A scenario dimension member is a member of the scenario dimension in the General Ledger balances cube that corresponds to a budget scenario value, such as FYXX_Budget. You can create budget scenario values and scenario dimension members using the Manage Budget Scenario Values task or the Create Scenario Dimension Members program. If you do not create these values and members, your budget will not appear in the Budget Name list of values in the spreadsheet. Therefore, the two reasons for your issue are:
* A value for the budget scenario is not created: You need to create a budget scenario value for your budget using the Manage Budget Scenario Values task. This task enables you to define and maintain budget scenario values and their attributes, such as description, start date, end date, and status. You can also specify whether the budget scenario value is enabled for budgeting and reporting. You need to enable the budget scenario value for budgeting to use it in the spreadsheet.
* The Create Scenario Dimension Members program has not been run: You need to run the Create Scenario Dimension Members program to create scenario dimension members for your budget scenario values. This program automatically creates scenario dimension members for all budget scenario values that are enabled for budgeting and do not have existing scenario dimension members. You can run this program manually or schedule it to run periodically. You need to run this program after you create or update budget scenario values to ensure that they are reflected in the scenario dimension.
References:
* Create Budgets in a Spreadsheet
* Manage Budget Scenario Values
* Create Scenario Dimension Members

NEW QUESTION # 51
For translation purposes, the Financials reporting team has decided to load the monthly Historical currency rates by using File-Based Data Interface (FBDI).
What happens to the existing historical rate for a specific ledger, currency, account combination, and accounting period if they use insert in the spreadsheet?

A. Nothing, existing historical rates are not updated.
B. The existing historical rate is deleted.
C. The historical rate is replaced.
D. Historical rates are converted into an average rate (original and new rate).

Answer: C

Explanation:
If you use insert in the spreadsheet to load the monthly historical rates by using FBDI, the existing historical rate for a specific ledger, currency, account combination, and accounting period will be replaced by the new rate. This is because the insert action will overwrite the existing rate with the new rate in the GL_HISTORICAL_RATES_INT table. If you want to preserve the existing rate, you should use update or delete actions instead. References:
* How Historical Rates Import Data Is Processed, Section: Use the Historical Rates Import file-based data import (FBDI) template to import historical rates from external and legacy sources to Oracle General Ledger
* Import Historical Rates, Section: Details
* Entering Historical Rates, Section: Entering Historical Rates

NEW QUESTION # 52
What are thetwo possible reasonsforencumbrance created on the purchase orderto go back to thebudget or funds availability?

A. When the purchase order is set to accrue at receipt and partially received, then canceled or finally closed, encumbrance goes back to the budget to the extent of the unreceived amount.
B. When the requisition is set to accrue at period end and partially billed and then canceled or finally closed, encumbrance goes back to the budget to the extent of the unbilled amount.
C. The purchase order is canceled or finally closed or rejected without performing any receipt or invoice.
D. The requisition reserved successfully undergoes amendment and is rejected in the reapproval.

Answer: A,C

NEW QUESTION # 53
You are capturing rental costs for a building in a corporate cost center. At month end, you want to allocate those costs to the cost centers in the building based on the floor area occupied. A statistical journal has been entered to record the floor area. You use Calculation Manager to create the allocation.
Where do you reference the statistical balance within the allocation component?

A. Target
B. Offset
C. Allocation Range
D. Source
E. Basis

Answer: D

Explanation:
The source is where you specify the amount to be allocated. You can use various sources, such as account balances, fixed amounts, or statistical balances. In this case, you want to use the statistical balance of the floor area as the source of the allocation. The basis is where you specify the driver or factor that determines how the source amount is distributed among the targets. The target is where you specify the destination accounts that receive the allocated amount. The offset is where you specify the account that records the opposite side of the allocation entry. The allocation range is where you specify the scope of the allocation, such as the ledger, balancing segment, or legal entity. References:
* Oracle Financials Cloud Implementing Enterprise Structures and General Ledger, Chapter 3:
Allocations and Periodic Entries, Allocation Components
* Oracle Financials Cloud Using General Ledger, Chapter 3: Allocations and Periodic Entries, Overview

NEW QUESTION # 54
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. Translate only the adjusting journal entry.
B. Rerun Translation and then reconsolidate your results.
C. Enter another adjusting journal entry in the target currency to true up the balances.
D. Rerun Revaluation and then rerun Translation.

Answer: B

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 # 55
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ORACLE 1Z0-1054-24 FREE STUDY MATERIAL: ORACLE FINANCIALS CLOUD: GENERAL LEDGER 2024 IMPLEMENTATION PROFESSIONAL - TORRENTEXAM HELPS YOU PREPARE EASILY

Oracle 1z0-1054-24 Free Study Material: Oracle Financials Cloud: General Ledger 2024 Implementation Professional - TorrentExam Helps you Prepare Easily