Oracle Financials Cloud: General Ledger 2020 Implementation Essentials - 1z0-1054-20 FREE EXAM DUMPS QUESTIONS & ANSWERS]

Question 1

The general accountant is trying to update the cost center for the Default Suspense Account in the Ledger Options to match the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the List of Values for the accountant to select in the Suspense Account.
What is the reason for this?

A. There is a primary balancing segment attached to the legal entity of the primary ledger B. The general accountant has a segment value security rule assigned which restricts access to that cost center C. The general accountant does not have the Financials Application administrator role assigned and, therefore, has view-only privileges on this page D. A cross validation rule is in place to prevent the resulting combination from being created

Discussion 0

Correct Answer: D Vote an answer

Question 2

You are defining intercompany balancing rules that are applied to a specific source and category, such as payable and invoices, or a specific intercompany transaction type, such as Intercompany Sales.
Which two statements are correct? (Choose two.)

A. If you choose to have rules at various levels, then intercompany balancing evaluates the rules in this order: Ledger, Legal Entity, chart of accounts, and primary balancing segment value. B. You must define rules for every combination of specific categories and sources. Otherwise, the intercompany balancing will not work. C. Set up a chart of accounts rule for every chart of accounts structure you have in order to ensure that Intercompany Balancing will always find a rule to use to generate balancing accounts. D. You can create a rule for all sources and categories by selecting the source "Other" and the category
"Other".

Discussion 0

Correct Answer: C,D Vote an answer

Question 3

Your customer has a large number of legal entities. The legal entity values are defined in the company segment which represents the primary balancing segment. They want to easily create eliminating entries for their intercompany activity. What would you recommend?

A. Define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and subledger accounting will automatically populate the intercompany segment which the balancing segment value of the legal entity with which you are trading B. There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the intercompany rules to define C. Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment D. There is no need to define an intercompany segment. You can track the intercompany trading partner using distinct intercompany receivable/payable natural accounts to identify the trading partner

Discussion 0

Correct Answer: A Vote an answer

Question 4

You have enabled budgetary control and have a control budget set to Advisory control level. For September
2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of $2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD. An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)

A. The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation B. No change C. As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016 D. Purchase order encumbrance will be released for $2,100 USD E. Funds reservation only happens for non-matched invoices, so the system will not reserve funds

Discussion 0

Correct Answer: C,D Vote an answer

Question 5

You are using Oracle General Ledger (GL), Oracle Payables and Oracle Receivables and would like to prevent the closure of the GL period if the corresponding subledger period is not closed.
How will you achieve this?

A. Nothing, this option is enabled automatically B. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes C. Opt in to the Prevent Period Close option for the offering D. Set the relevant option on the Specify Ledger Options page

Discussion 0

Correct Answer: C Vote an answer

Question 6

Your Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three.)

A. Online Transactional Business Intelligence B. Account Inspector C. Account Monitor D. Smart View E. Sunburst reports

Discussion 0

Correct Answer: B,C,D Vote an answer