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Oracle 1z0-1054-23 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Enterprise and Financial Reporting Structures | 20% | - Configure Financial Reporting Structures
|
| Ledgers and Accounting Setup | 25% | - Configure Ledgers
|
| Intercompany Accounting | 15% | - Configure Intercompany
|
| Journal Processing and Approval | 20% | - Manage Journals
|
| Period Close and Financial Reporting | 20% | - Financial Reporting
|
Oracle Financials Cloud: General Ledger 2023 Implementation Professional Sample Questions:
When will Intercompany processing balance a journal using the accounts identified here for the UK Ledger?
- A. when the journal is balanced by the primary BSV but not by second or third BSV
- B. when the journal is not balanced by the primary balancing segment value (BSV)
- C. when the journal is balanced by second balancing segment value
- D. when there is a many-to-many journal and you want to use a clearing company
Correct Answer: A 🗳️
Explanation: Only visible for DumpsKing members. You can sign-up / login (it's free).
You need to define a chart of accounts that includes an intercompany segment. Your customer plans to use segment value security rules for the Company segment.
What is Oracle's recommended method to define this chart of accounts?
- A. Define the intercompany segment with a default value.
- B. Define the company segment and assign both the primary balancing segment and intercompany segment labels.
- C. Create two different value sets for the company and intercompany segments.
- D. Share the same value set for the company and intercompany segments.
Correct Answer: D 🗳️
Explanation: Only visible for DumpsKing members. You can sign-up / login (it's free).
You are trying to run a Financial Reporting Web Studio report from Financial Reporting Center. However, it is not appearing as a choice.
Which are two reasons for this? (Choose two.)
- A. You have not saved it in the Shared Folder/Custom/Financials directory.
- B. You have not saved it in the MyFolders directory.
- C. You have not downloaded the report to your local drive.
- D. You have not uploaded it to Financial Reporting Center.
Correct Answer: B,D 🗳️
Explanation: Only visible for DumpsKing members. You can sign-up / login (it's free).
Task3
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
Correct Answer:
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
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. The existing historical rate is deleted.
- B. Nothing, existing historical rates are not updated.
- C. Historical rates are converted into an average rate (original and new rate).
- D. The historical rate is replaced.
Correct Answer: D 🗳️
Explanation: Only visible for DumpsKing members. You can sign-up / login (it's free).
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