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Oracle 1z0-1054-23 Exam Syllabus Topics:

SectionObjectives
Period Close and Financial Reporting- Close and Reporting Activities
  • 1. Perform period close processes
  • 2. Manage accounting periods
  • 3. Generate financial statements and reports
Journal Processing- Journal Management
  • 1. Create and manage journal entries
  • 2. Manage recurring and automated journals
  • 3. Configure journal approval workflows
Intercompany Accounting- Intercompany Processing
  • 1. Manage intercompany transactions
  • 2. Perform reconciliation activities
  • 3. Configure intercompany balancing rules
Enterprise Structure and General Ledger Setup- Enterprise Configuration
  • 1. Define chart of accounts structures
  • 2. Configure business units and legal entities
  • 3. Configure accounting calendars
Budgeting and Allocations- Financial Planning
  • 1. Manage allocations
  • 2. Monitor budgetary control
  • 3. Configure budgets
Ledger Configuration- Ledger Management
  • 1. Manage ledger options and balancing segments
  • 2. Configure primary and secondary ledgers
  • 3. Set up reporting currencies
Security and Data Access- Access Management
  • 1. Configure data access sets
  • 2. Manage user roles and privileges
  • 3. Implement security controls

Oracle Financials Cloud: General Ledger 2023 Implementation Professional Sample Questions:

Question #1

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. There is no unrealized exchange gain or loss calculated.
  • E. The original journal entry in Euros remains the same.
Reveal Solution  Discussion  0

Correct Answer: A,B  🗳️

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Question #2

Which two statements are true regarding the Translation process? (Choose two.)

  • A. The Translation process can only be used for translating the balances of Secondary ledgers.
  • B. The Translation process should be run before posting Period Close adjustment entries.
  • C. The Translation process can only be used to translate balance sheet accounts.
  • D. If necessary, before submitting the Translation process, the Revaluation process should be completed.
  • E. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.
Reveal Solution  Discussion  0

Correct Answer: D,E  🗳️

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Question #3

Which two are valid Data Access Set types? (Choose two.)

  • A. Primary Balancing Segment Value
  • B. Full Ledger
  • C. Read Only access
  • D. Full access
  • E. Read and Write access
Reveal Solution  Discussion  0

Correct Answer: C,D  🗳️

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Question #4

Which two statements are true about the Intercompany Reconciliation report?

  • A. It displays the intercompany receivables and intercompany payables balances in summary for a period.
  • B. It can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
  • C. You can only drill down to the General Ledger journal and then from there to the Subledger journal entry.
  • D. It includes ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
  • E. It displays all clearing company balancing lines for a period.
Reveal Solution  Discussion  0

Correct Answer: A,B  🗳️

Explanation: Only visible for itPass4sure members. You can sign-up / login (it's free).

Question #5

Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

  • A. The report includes Ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
  • B. The report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
  • C. You can only drill down to the general ledger journal and then from there to the subledger journal entry.
  • D. The report displays all clearing company balancing lines for a period.
  • E. The report displays the intercompany receivables and intercompany payables balances in summary for a period.
Reveal Solution  Discussion  0

Correct Answer: A,B  🗳️

Explanation: Only visible for itPass4sure members. You can sign-up / login (it's free).

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