FREE PDF QUIZ ORACLE - 1Z0-1054-24 - RELIABLE ORACLE FINANCIALS CLOUD: GENERAL LEDGER 2024 IMPLEMENTATION PROFESSIONAL RELIABLE EXAM LABS

Free PDF Quiz Oracle - 1z0-1054-24 - Reliable Oracle Financials Cloud: General Ledger 2024 Implementation Professional Reliable Exam Labs

Free PDF Quiz Oracle - 1z0-1054-24 - Reliable Oracle Financials Cloud: General Ledger 2024 Implementation Professional Reliable Exam Labs

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q81-Q86):

NEW QUESTION # 81
You are using Oracle General Ledger (GL), Oracle Payables, and Oracle Receivables and you want to prevent the closure of the GL period if the corresponding subledger period is not closed. How do you achieve this?

  • A. Set the relevant option on the Specify Ledger Options page.
  • B. You don't have to do anything; this option is enabled automatically.
  • C. Set the ORA_GLJNCLD_STRICT_PRD_CLOSE profile option to yes.
  • D. Opt in to the Prevent Period Close option for the offering.

Answer: A

Explanation:
You can prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period.
This can help ensure an effective period close process that validates all transactions are complete and aren't held up during the close. To enable this feature, you need to set the relevant option on the Specify Ledger Options page for each primary ledger. The option is called Prevent General Ledger Period Closure When Open Subledger Periods Exist and it is located in the Period Close section. You can also specify which subledgers to include or exclude from the validation, except for Assets, which is automatically excluded by default. References:
* How to Prevent a General Ledger Period from Closing When Open Subledger Periods Exist
* Period Close Components
* Review: Prevent General Ledger Period Closure When Open Subledger Periods Exist


NEW QUESTION # 82
You need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in.
What format should you choose?

  • A. Period
  • B. Calendar Year
  • C. Year
  • D. Fiscal Year

Answer: D

Explanation:
According to Oracle documentation3, when you need to set up a calendar for the year Apr-XX to Mar-YY where YY is the following year, and you would like the periods to be named according to the year they fall in, you should choose Fiscal Year as the format. A Fiscal Year format enables you to define periods based on fiscal years that span two calendar years. Therefore, option A is correct. Option B is incorrect because a Calendar Year format defines periods based on calendar years that start on January 1st and end on December
31st. Option C is incorrect because a Period format defines periods based on any number of days or weeks.
Option D is incorrect because a Year format defines periods based on calendar years that start on any month other than January and end on any month other than December.


NEW QUESTION # 83
You have enabled budgetary control and have a control budget set toAdvisorycontrol level. For September
2016, your budget for a given account combination is$5,000 USD.
In the same month, there is anapproved requisitionfor that account of$900and anapproved purchase order for that account of$2,500 USD. There is also aGeneral Ledger adjustment journal entryfor that account of
$1,600 USD. Anapproved purchase order line of $400 USDis thencanceled.
Aninvoice is matchedto the purchase order for$2,100 USD.
Which two statements are true? (Choose two.)

  • A. Funds reservation only happens for non-matched invoices, so the system will not reserve funds.
  • B. As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016.
  • C. Purchase order encumbrance will be released for $2,100 USD.
  • D. The system always consumes the budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation.

Answer: B,C


NEW QUESTION # 84
Users with the General Accountant job role have reported that they are unable to access the UK Ledger. They require read/write access to the full ledger. The accounting configuration completed successfully.
What should you do to allow access to the ledger?

  • A. Assign the General Accounting Manager role to those users.
  • B. Create a data access set that allows access to the UK Ledger.
  • C. Assign the security context value of UK Ledger to the user/role combination.
  • D. Assign the UK reference set to the user/role combination.

Answer: B

Explanation:
Data access sets are collections of ledgers that define the data security for users who access General Ledger.
Users can only access the ledgers that are assigned to them through data access sets. To allow users with the General Accountant job role to access the UK Ledger, you need to create a data access set that includes the UK Ledger and assign it to the user/role combination. You also need to specify the access privilege for the data access set, which can be Full Ledger, Both Read and Write, or Read Only. In this case, you need to select Both Read and Write to allow read/write access to the full ledger. References:
* Implement General Ledger
* GL_ACCESS_SET_LEDGERS
* The Default Data Access Set
* Overview of General Ledger Security


NEW QUESTION # 85
Which two statements are true regarding the Translation process? (Choose two.)

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

Answer: A,D

Explanation:
According to Oracle documentation1, the following statements are true regarding the Translation process:
Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes.
The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.


NEW QUESTION # 86
......

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