1Z1-1004 by Oracle Valid Free Exam Practice Test

Question 1

Before implementing Financials Cloud, your customer used to manually reconcile their intercompany payables and receivables accounts. What is a more automated approach to do this?

A. Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances B. Run the Intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance C. In Financials Cloud, you must manually reconcile your intercompany account balances D. Use Oracle Hyperion Close Manager to automatically reconcile intercompany account balances E. Run the BI Publisher reports called Intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances

Correct Answer: B

Question 2

You are setting up Close Monitor, which compromises a ledger set hierarchy definition.
Which two components of the enterprise structure should the ledgers in the ledger set share? (Choose two.)

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

Correct Answer: C,D

Question 3

Your Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three.)

A. Account Inspector B. Account Monitor C. Smart View D. Sunburst reports E. Online Transactional Business Intelligence

Correct Answer: A,B,C

Question 4

When working with Essbase, versions of the tree hierarchy as defined in the General Ledger Cloud are not available in the Essbase balances cube. What should you do to correct this situation?

A. Make sure the tree is active B. Make sure the tree version was published successfully C. Redeploy the chart of accounts D. Make sure to flatten the rows of the tree version

Correct Answer: B

Question 5

You are implementing a multipillar implementation of both HCM Cloud and ERP Cloud. You are implementing ERP first followed by HCM Cloud. You want to ensure your ledgers and chart of accounts are correctly defined. What should you do? (Choose three)

A. Use the Rapid Implementation spreadsheet when creating your enterprise structure B. Deploy your chart of accounts C. Use file-based spreadsheet loaders using UCM to mass load and maintain chart of accounts segment values and hierarchies D. Create your chart of accounts in the following order: value sets, COA structure, and instance before assigning values to the value sets E. Use HCM's Enterprise Structure Configurator (ESC) first

Correct Answer: A,B,E

Question 6

You defined a tree or hierarchy, but you are unable to set its status to Active. What is the reason?

A. Chart of accounts was not deployed B. An Audit process needs to be successfully performed before a tree version can be set to Active C. Two tree versions were not defined D. Accounting Configuration was not submitted

Correct Answer: B

Question 7

All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance.
They do perform intercompany accounting. What is Oracle's recommended approach to performing consolidations?

A. Use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment B. Use Oracle Hyperion Financial Management for this type of complex consolidation C. Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger. D. Define multiple ledgers for consolidation and report on ledger set

Correct Answer: B

Question 8

You want to monitor the close process of all your financial subledgers and ledgers. How can you quickly obtain this information?

A. Use the Manage Accounting Periods page to view the status of all subledgers and ledgers B. Use Close Monitor in General Accounting Dashboard C. Access each subledgers' calendar and General Ledger's Manage Accounting Periods page to view the status of each period D. Run Closing Status reports

Correct Answer: D

Oracle Financials Cloud: General Ledger 2018 Implementation Essentials - 1Z1-1004 Exam Practice Test