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Here are sample Oracle Financials Cloud: General Ledger 2024 Implementation Professional (1Z0-1054-24) Exam questions from real exam. You can get more Oracle Cloud (1Z0-1054-24) Exam premium practice questions at TestInsights.

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Question 1

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?

ASource

BAllocation Range

CTarget

DOffset

EBasis

Correct : A

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.Reference:

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

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ASource

BAllocation Range

CTarget

DOffset

EBasis

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Question 2

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?

ARerun Revaluation and then rerun Translation.

BTranslate only the adjusting journal entry.

CRerun Translation and then reconsolidate your results.

DEnter another adjusting journal entry in the target currency to true up the balances.

Correct : C

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.Reference:

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.''

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ARerun Revaluation and then rerun Translation.

BTranslate only the adjusting journal entry.

CRerun Translation and then reconsolidate your results.

DEnter another adjusting journal entry in the target currency to true up the balances.

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Question 3

You are reconciling your Payables and Receivables balances against the General Ledger. You are using the Payables to Ledger Reconciliation report.

You notice discrepancies between the balances in the subledgers, subledger accounting, and general ledger.

Which three factors are responsible for these out-of-balance situations?

AIntercompany transactions have not been fully processed.

BPeriod Close processes, such as Revaluation, Translation, and Consolidation have not been performed yet.

CThere were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.

DSubledger transactions have been accounted and transferred to General Ledger but have not been posted.

EAll subledger transactions have been entered but do not have complete accounting.

Correct : A, B, D

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AIntercompany transactions have not been fully processed.

BPeriod Close processes, such as Revaluation, Translation, and Consolidation have not been performed yet.

CThere were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.

DSubledger transactions have been accounted and transferred to General Ledger but have not been posted.

EAll subledger transactions have been entered but do not have complete accounting.

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Question 4

Which two statements are true if a journal description rule is defined with sources?

AThe description rule may be assigned to either the header or line level, or to both.

BThe description rule can only be assigned to the journal line level.

CYou cannot assign journal description rules to sources.

DThe description rule can only be assigned to the header or line level.

EThe sources must also be assigned to the accounting event class that is assigned to the journal entry rule set.

Correct : A, E

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AThe description rule may be assigned to either the header or line level, or to both.

BThe description rule can only be assigned to the journal line level.

CYou cannot assign journal description rules to sources.

DThe description rule can only be assigned to the header or line level.

EThe sources must also be assigned to the accounting event class that is assigned to the journal entry rule set.

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Question 5

SIMULATION

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

ASee the Explanation for the complete Solution

Correct : A

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

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