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1z0-1054-24 Valid Test Tutorial & Reliable 1z0-1054-24 Exam Testking

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q72-Q77):

NEW QUESTION # 72
Which two statements are true about the Intercompany Reconciliation report?

  • A. It displays the intercompany receivables and intercompany payables balances in summary for a period.
  • B. It includes ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
  • C. It displays all clearing company balancing lines for a period.
  • D. You can only drill down to the General Ledger journal and then from there to the Subledger journal entry.
  • E. It can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.

Answer: A,E

Explanation:
The Intercompany Reconciliation report is a tool that helps you reconcile your intercompany transactions and identify any discrepancies between the provider and receiver sides. The report shows the entered or transaction amount of the accounting entries booked to the intercompany receivables and payables accounts for a pair of provider and receiver legal entities. The accounted amounts may be different when the conversion rates used for the intercompany receivables and payables are different. Therefore, you can run the report using an additional currency and conversion rate that converts all amounts into a common currency for comparison. This option helps you manage the currency risk and the conversion rate fluctuations for intercompany transactions. The report also displays the intercompany receivables and payables balances in summary for a period, and any differences between them. You can drill down on the links to view the balances by source and then by journal lines. You have full drill-down capabilities to the general ledger journal, subledger accounting entry, and source receivables or payables transaction. References:
* Intercompany Reconciliation
* Intercompany Reconciliation Reports


NEW QUESTION # 73
A subsidiary company is about to configure their General Ledger in a highly regulated country where there is a legal requirement to produce fiscal reports under local GAAP. Subledgers transferring to General Ledger must use the local currency, and there is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).
Which two ledger types should be configured to fulfill this reporting requirement?

  • A. Reporting currency with the IFRS accounting convention
  • B. Secondary ledger with the IFRS accounting convention
  • C. Primary ledger with the local accounting convention
  • D. Reporting currency with the local accounting convention
  • E. Primary ledger with the IFRS accounting convention

Answer: B,C

Explanation:
A primary ledger is the main ledger for a legal entity or business unit that records all accounting transactions and maintains the accounting balances. A secondary ledger is an optional ledger that is associated with a primary ledger and maintains accounting balances in a different accounting representation. A reporting currency is an optional currency that is associated with a primary ledger and maintains accounting balances in a different currency. In this scenario, the subsidiary company needs to produce fiscal reports under local GAAP and local currency, as well as report to the parent company using IFRS and not local currency.
Therefore, the subsidiary company should configure a primary ledger with the local accounting convention and local currency, and a secondary ledger with the IFRS accounting convention and not local currency. A reporting currency with the local accounting convention or the IFRS accounting convention would not meet the requirement, as it would only maintain balances in a different currency, not a different accounting representation. A primary ledger with the IFRS accounting convention would not meet the requirement, as it would not comply with the local GAAP. References:
* Oracle Financials Cloud Implementing Enterprise Structures and General Ledger, Chapter 2: Ledgers, Primary Ledgers, Secondary Ledgers, and Reporting Currencies
* Oracle Financials Cloud Using General Ledger, Chapter 1: Introduction, Ledgers and Subledgers, Primary Ledgers, Secondary Ledgers, and Reporting Currencies


NEW QUESTION # 74
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. Event Entities
  • B. Transaction Objects
  • C. Mapping Sets
  • D. Accounting Attributes

Answer: B


NEW QUESTION # 75
You want to achievemulti-step cascading allocations. Which feature do you use?

  • A. General Ledger journal entries
  • B. RuleSets
  • C. Formulas
  • D. Point of View (POV)

Answer: B


NEW QUESTION # 76
You are planning to create an Income Statement using Smart View.
Which Smart View tool should you use for this?

  • A. Ad Hoc Analysis
  • B. Query Designer
  • C. Smart Queries
  • D. Smart Slices

Answer: A

Explanation:
To create an Income Statement using Smart View, you should use Ad Hoc Analysis. Ad Hoc Analysis is a Smart View tool that allows users to view and analyze financial data from General Ledger Cloud using Essbase cubes. Users can create reports such as Income Statements or Balance Sheets by selecting dimensions and members from Essbase cubes and retrieving data into Excel worksheets. Users can also perform actions such as drilling down, pivoting, zooming in or out, or expanding or collapsing members


NEW QUESTION # 77
......

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