1z0-1054-22 Oracle Financials Cloud: General Ledger 2022 Implementation Professional - Practice Questions

Question 7

You want to be notified of anomalies in certain account balances in real time. What is the most efficient way to do this?

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Create an Account Group using Account Monitor
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Use Account Inspector
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Open a Smart View file saved on your desktop
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Perform an account analysis online

Question 8

You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle’s recommended practice when this occurs?

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Translate only the adjusting journal entry
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Rerun Translation and then reconsolidate your results
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Rerun Revaluation and then rerun Translation
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Enter another adjusting journal entry in the target currency to true up the balances

Question 9

When will Intercompany processing balance a journal using the accounts identified here for the UK Ledger?

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when there is a many-to-many journal and you want to use a clearing company
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when the journal is not balanced by the primary balancing segment value (BSV)
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when the journal is balanced by the primary BSV but not by second or third BSV
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when the journal is balanced by second balancing segment value

Reference / correct answer:

when the journal is balanced by the primary BSV but not by second or third BSV

Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary balancing segment value (BSV) but not by second or third BSV. A BSV is a segment in the chart of accounts that identifies a legal entity or business unit for which financial statements are prepared and balanced. A primary BSV is required for every ledger and is used to balance journal entries within a ledger. A secondary or tertiary BSV is optional and is used to balance journal entries across different dimensions other than the primary BSV, such as fund or region. Intercompany processing is a feature that enables intercompany transactions between different legal entities or business units within the same enterprise. Intercompany processing uses intercompany balancing rules to generate intercompany receivables and payables accounts for cross-ledger or cross-BSV journals. Intercompany processing will balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by the primary BSV but not by second or third BSV, as this indicates that there is an intercompany transaction between different legal entities or business units within the UK Ledger that requires intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when there is a many-to-many journal and you want to use a clearing company, as this is a scenario that involves multiple legal entities or business units across different ledgers that requires a separate clearing company ledger to perform intercompany balancing. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is not balanced by the primary BSV, as this is an invalid scenario that violates the accounting rules and prevents posting of the journal. Intercompany processing will not balance a journal using the accounts identified here for the UK Ledger when the journal is balanced by second balancing segment value, as this is an incomplete scenario that does not specify whether the journal is also balanced by primary and third BSV. Reference: Oracle Financials Cloud: General Ledger 2022 Implementation Professional Objectives - Configure and Process Intercompany 1 2

1z0-1054-22 – Oracle Financials Cloud: General Ledger 2022 Implementation Professional