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Latest 1z0-1054-24 Material and Oracle 1z0-1054-24 Latest Exam Format: Oracle Financials Cloud: General Ledger 2024 Implementation Professional Pass Success

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Oracle 1z0-1054-24 Exam Syllabus Topics:

Topic
Details

Topic 1

Using Financial Reporting: This section of the exam measures the skills of an Implementation Consultant and covers the use of financial reporting tools in Oracle Financials Cloud. It explains how to work with the Financial Reporting Center, create and manage reports using Financial Reporting Web Studio, use Oracle Transactional Business Intelligence (OTBI), leverage Smart View for reporting, and utilize the General Accounting Dashboard. It also describes analyzing budgets versus actuals with these tools.

Topic 2

Managing Period Close Components: This section of the exam measures the skills of a Financial Consultant and covers activities necessary to complete a successful period close. It explains managing revaluations, translations, and consolidations, handling reconciliations, configuring the Close Monitor to track period close status, and creating allocations and periodic journal entries needed for finalizing accounting records.

Topic 3

Configuring Enterprise and Financial Reporting Structures: This section of the exam measures the skills of an Implementation Consultant and covers the setup of enterprise structures necessary for financial reporting. It includes configuring the chart of accounts, setting up account hierarchies, managing accounting calendars, securing chart of accounts segments, and handling legal jurisdictions, authorities, legal entities, geographies, and currencies to support an organization's financial operations.

Topic 4

Processing Journals: This section of the exam measures the skills of a Financial Consultant and covers the processes involved in capturing and managing journals. It explains how to configure journal approval workflows, outlines methods for entering journals, discusses average daily balance processing, and details the configuration and processing of intercompany transactions.

Topic 5

Configuring Ledgers: This section of the exam measures the skills of an Implementation Consultant and focuses on setting up and maintaining ledgers. It explains managing ledger configurations, understanding the General Ledger balances cube for reporting purposes, and applying security controls to protect ledger data and ensure proper access management.

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q36-Q41):

NEW QUESTION # 36
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

Answer:

Explanation:
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

NEW QUESTION # 37
You are setting upClose Monitor, which comprises aledger set hierarchy definition.
Which two components of theenterprise structureshould the ledgers in the ledger set share?

A. Legal Entities, Business Units, and Chart of Accounts
B. Chart of Accounts
C. Chart of Accounts and Business Units
D. Accounting Calendar
E. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method

Answer: B,D

NEW QUESTION # 38
Which two statements are true regarding the Translation process? (Choose two.)

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

Answer: A,E

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 # 39
What are the tables or views from which the Create Accounting program takes source data that is used in rules to create journal entries?

A. Accounting Attributes
B. Transaction Objects
C. Event Entities
D. Mapping Sets

Answer: B

NEW QUESTION # 40
What type ofusermust be defined before you can create anImplementation Project?

A. A full-time employee that has the FSM Superuser role assigned
B. All roles that will be used throughout the implementation
C. None. The OIM system administrator user ID, XELSYSADM, which is assigned by the person provisioning the system, has full access.
D. None. The Fusion Applications Superuser, FAADMIN, has full access to create an Implementation Project.
E. Implementation Users

Answer: D

NEW QUESTION # 41
......

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Neil Harris Neil Harris

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