PASS GUARANTEED ORACLE - LATEST 1Z0-1054-24 - NEW ORACLE FINANCIALS CLOUD: GENERAL LEDGER 2024 IMPLEMENTATION PROFESSIONAL TEST TOPICS

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Oracle Financials Cloud: General Ledger 2024 Implementation Professional Sample Questions (Q71-Q76):

NEW QUESTION # 71
Manage Chart of Accounts Structure and Instance
Scenario
Your client is implementing Oracle Fusion Cloud Financials. The decision is to have a 5-segment Chart of Accounts: Company, Cost Center, Account, Product, and Intercompany. You are working in the General Ledger team and will be responsible for creating the Chart of Accounts Structure and Instance for the Chart of Accounts.
Task 1
Create a Chart of Accounts Structure and Instance for the following Chart of Accounts:

Note:
Prefix all your setups with 07, where 07 is your candidate ID
There is one balancing segment.
Choose the appropriate segment labels.
. For the purpose of this test there is no need to deploy the flexfield.
. Valid code combinations should be added to the Code Combination table automatically.
Shorthand aliases will not be implemented.
. Accept the defaults for the instance segments.

Answer:

Explanation:
See the Explanation for the complete Solution.
Explanation:
Here are the steps you need to follow:
* Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structures.
* Click on the Create icon to create a new Chart of Accounts Structure. Enter the following information:
* Structure Code: 07COA
* Structure Name: 07 Chart of Accounts
* Description: Chart of Accounts for candidate 07
* Number of Segments: 5
* Click on the Next button to define the segments. Enter the following information for each segment:
* Segment Number: 1
* Segment Name: Company
* Value Set Code: 07Corporate Company
* Value Set Name: 07 Corporate Company
* Maximum Size: 3
* Balancing: Yes
* Segment Label: Company
* Segment Number: 2
* Segment Name: Cost Center
* Value Set Code: 07Corporate Cost Center
* Value Set Name: 07 Corporate Cost Center
* Maximum Size: 4
* Balancing: No
* Segment Label: Cost Center
* Segment Number: 3
* Segment Name: Account
* Value Set Code: 07Corporate Account
* Value Set Name: 07 Corporate Account
* Maximum Size: 8
* Balancing: No
* Segment Label: Natural Account
* Segment Number: 4
* Segment Name: Product
* Value Set Code: 07Corporate Product
* Value Set Name: 07 Corporate Product
* Maximum Size: 3
* Balancing: No
* Segment Label: Product
* Segment Number: 5
* Segment Name: Intercompany
* Value Set Code: 07Corporate Company
* Value Set Name: 07 Corporate Company
* Maximum Size: 3
* Balancing: No
* Segment Label: Intercompany
* Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure.
* Navigate to the Setup and Maintenance work area and search for the task Manage Chart of Accounts Structure Instances.
* Click on the Create icon to create a new Chart of Accounts Structure Instance. Enter the following information:
* Structure Code: 07COA
* Structure Name: 07 Chart of Accounts
* Description: Chart of Accounts for candidate 07
* Chart of Accounts Structure: 07COA
* Enabled: Yes
* Allow Dynamic Inserts: Yes
* Click on the Next button to review the summary and click on the Save and Close button to save the Chart of Accounts Structure Instance.
You have successfully created a Chart of Accounts Structure and Instance for the given scenario. For more information, you can refer to the following resources:
* Chart of Accounts Structures and Instances
* Chart of Accounts Components
* Minimum Steps For Financial Enterprise Structures Configuration
* Overview of Creating and Configuring Chart of Accounts Structure and Instances


NEW QUESTION # 72
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. Chart of Accounts, Currency, Accounting Calendar, and Subledger Accounting Method
  • B. Chart of Accounts and Business Units
  • C. Accounting Calendar
  • D. Legal Entities, Business Units, and Chart of Accounts
  • E. Chart of Accounts

Answer: C,E


NEW QUESTION # 73
You entered across-validation ruleto prevent thebalance sheet cost center (000)from being used withProfit and Loss Accounts (4000-ZZZZ).
The following combinations exist in theCode Combination table:
* 01-000-4110-00
* 01-000-5299-000
* 01-000-5105-000
* 01-000-7640-00
Which two statements aretrueregardingcross-validation rules?

  • A. You need to run theCross-Validation Rule Violations processto allow rules to apply to existing combinations that violate rules.
  • B. You need to run theCross-Validation Rules processto list and optionally disable combinations that violate rules.
  • C. The rules will validate and apply tonew and existing accounts.
  • D. The rules validate and apply tonew accounts only.
  • E. There is no need to create cross-validation rules ifDynamic Combination Creation Allowedis notenabled for your chart of accounts instance.

Answer: A,C


NEW QUESTION # 74
Your company wants to change theCumulative Translation Adjustment (CTA) accountto record gains
/losses from varying currency rates.
What steps must you perform to achieve this objective without causing data corruption?

  • A. Define a new ledger and accounting configuration. The CTA account cannot be updated after the ledger has been in use.
  • B. Purge all translated balances, change the CTA account in the Ledger page, and rerun Translation for all periods required.
  • C. Query the Translation journals and delete all of them, then change the CTA account in the Ledger page, and rerun Translation for all periods required.
  • D. Open the Ledgers page and update the CTA account and then rerun Translation for all periods required.The system will automatically update the translated balances.

Answer: B


NEW QUESTION # 75
You are setting up Close Monitor and want to view high-level profit and loss results for each ledger.
What should you associate with the ledger set to achieve this?

  • A. Trial Balance report
  • B. Financial Reporting Web Studio report
  • C. OTBI report
  • D. Account group

Answer: B

Explanation:
To view high-level profit and loss results for each ledger in the Close Monitor, you need to associate a Financial Reporting Web Studio report with the ledger set. This report should be based on the General Ledger Balances cube and should include the Income Statement accountgroup as a row dimension. The report should also have the ledger set as a point of view dimension and the period and currency as user prompts. This way, you can select the ledger set, period, and currency when you run the report from the Close Monitor and see the aggregated income statement results for each ledger and consolidation node in the ledger set hierarchy. References: Overview of Close Monitor, Using General Ledger, Close Monitor Issue


NEW QUESTION # 76
......

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