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1Z0-1054-20 Exam Questions & Answers

Exam Code: 1Z0-1054-20

Exam Name: Oracle Financials Cloud: General Ledger 2020 Implementation Essentials

Updated: Apr 28, 2024

Q&As: 55

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Practice These Free Questions and Answers to Pass the Enterprise Resource Planning (ERP) Exam

Questions 1

Your company has a legal entity in the UK, US, and Canada. They can all share the same chart of accounts but are required to transact and report in their local currency.

What is the minimum number of ledgers you need and why?

A. One, because they can all share the same chart of accounts

B. Three, because each requires a different currency

C. Two, because the US and Canada can share the same ledger because they are in North America

D. Four, because the UK has statutory requirements and you will need a separate ledger for statutory reporting

Show Answer
Questions 2

You are defining an income statement report using Financial Reporting Studio. Users of the report need to be able to analyze the balances directly from the report.

What should you enable to allow this?

A. Nothing. All report are drillable

B. Drill Through in Grid Properties

C. Drill Down in Report Functions

D. Allow Expansion in Report Functions

Show Answer
Questions 3

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. Opt in to the Prevent Period Close option for the offering

B. Set the relevant option on the Specify Ledger Options page

C. Nothing, this option is enabled automatically

D. Set the ORA_GL_INCLD_STRICT_PRD_CLOSE profile option to yes

Show Answer
Questions 4

Most of the accounting entries for transactions from your source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use TAX_AMOUNT as the source.

At what level can you override the default accounting attribute assignment?

A. Event Type

B. Journal Line Rule

C. Journal Entry

D. Event Class

E. Journal Entry Rule Set

Show Answer
Questions 5

The Create Accounting program could not determine the debit side of the journal entry.

Which component of Subledger Accounting determines the debit or credit side of a journal entry?

A. Journal Balances Rule

B. Journal Entry Rule Set

C. Journal Line Rule

D. Journal Accounting Rule

E. Account Rule

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