1z0-1054 Free Practice Test

During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.

1. A. Create a new chart of accounts.
2. B. Delete the segment and create a new segment with the correct qualifier.
3. C. Change and save the segment qualifier.
4. D. Delete the chart of accounts and create a new one.

Correct Answer: D

You just submitted the Accounting Configuration. What two things must happen before you can enter journals? (Choose two.)

1. A. You must re-deploy the chart of accounts
2. B. A Data Access Set with full read/write access to the ledger is automatically created
3. C. You must define a Data Access Set to obtain full read/write access to ledgers in the Accounting Configuration
4. D. You must assign the job role and data security context to each user

Correct Answer: BD

All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownerships. What is Oracle’s recommended approach to performing consolidations?

1. A. Translate balances to the corporate currency, create a chart of accounts mapping to the corporate chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program
2. B. Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger’s Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.
3. C. Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar, currency, and accounting metho
4. D. Create a separate elimination ledger to enter intercompany elimination
5. E. Then creates a ledger set across all ledgers and report on the ledger set.
6. F. Use Oracle Hyperion Financial Management for this type of complex consolidation.

Correct Answer: A

Your customer wants to have balance sheets and income statements for its cost center and program segments. That is, the customer wants to have three balancing segments.
Which two recommendations would you give your customer? (Choose two.)

1. A. Additional intercompany rules will need to be defined for the two additional balancing segments
2. B. Every journal where debits do not equal credits across the three balancing segments will result in the system generating extra journal lines to balance the entry
3. C. Define Ledger balancing options to balance by second and third balancing segments
4. D. When entering journals manually, the customer will need to make sure that debits and credits are equal across all balancing segments because the system will not automatically balance the journal

Correct Answer: AD

After loading your budget data into General Ledger Cloud, you can view budget balances using these features. Which feature does not belong on the list?

1. A. Application Development Framework Desktop Integration Budget Balances Report
2. B. Account Monitor
3. C. Smart View
4. D. Account Inspector

Correct Answer: A