Most Recent Oracle 1Z0-1054-24 Exam Dumps

Prepare for the Oracle Financials Cloud: General Ledger 2024 Implementation Professional exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Oracle 1Z0-1054-24 exam and achieve success.

The questions for 1Z0-1054-24 were last updated on Apr 20, 2026.

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Question No. 1

You have redesigned your chart of accounts and need to update your existing cross-validation rules. There is a requirement for new rules; some simply need to be updated and others need to be deleted.

What is the most efficient way to achieve this?

Aby using the Manage General Ledger Security page.

Bby creating Cross-Validation Rules desktop-integrated spreadsheet.

Cby using Cross-Validation Rules Import file-based data import (FBDI).

Dby using the Manage Cross-Validation Rules page.

Show Answer

Correct Answer: C

According to Oracle documentation1, the most efficient way to update your existing cross-validation rules when you have redesigned your chart of accounts is to use Cross-Validation Rules Import file-based data import (FBDI). FBDI enables you to import cross-validation rules from a spreadsheet template into General Ledger. You can use FBDI to create new rules, update existing rules, or delete rules. Therefore, option C is correct. Option A is incorrect because using the Manage General Ledger Security page does not enable you to update cross-validation rules. Option B is incorrect because creating Cross-Validation Rules desktop-integrated spreadsheet does not enable you to update cross-validation rules. Option D is incorrect because using the Manage Cross-Validation Rules page does not enable you to update cross-validation rules efficiently.

According to Oracle documentation2, you should create a Data Access Set that allows access to the UK Ledger to allow users with the General Accountant job role to access the UK Ledger. A Data Access Set is a security feature that defines the ledgers and balancing segment values that a user can access. You can assign Data Access Sets to users or roles using the Manage Data Access for Users page. Therefore, option B is correct. Option A is incorrect because assigning the security context value of UK Ledger to the user/role combination does not enable access to the ledger. Option C is incorrect because assigning the General Accounting Manager role to those users does not enable access to the ledger. Option D is incorrect because assigning the UK reference set to the user/role combination does not enable access to the ledger.

Question No. 2

Which two statements are true regarding the Intercompany Reconciliation Report? (Choose two.)

AYou can only drill down to the general ledger journal and then from there to the subledger journal entry.

BThe report includes Ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.

CThe report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.

DThe report displays the intercompany receivables and intercompany payables balances in summary for a period.

EThe report displays all clearing company balancing lines for a period.

Show Answer

Correct Answer: B, C

According to the Oracle documentation12, the Intercompany Reconciliation Report can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison (option C). The report also includes ledger balancing lines generated when the primary balancing segment value is in balance, but either the second or third balancing segment values are not (option B).Option A is incorrect because you can drill down to the general ledger journal, subledger accounting entry, and source receivables or payables transaction2.Option D is incorrect because the report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them1.Option E is incorrect because the report does not display clearing company balancing lines2.

Question No. 3

You are reconciling your Payables and Receivables balances against the General Ledger. You are using the Payables to Ledger Reconciliation report.

You notice discrepancies between the balances in the subledgers, subledger accounting, and general ledger.

Which three factors are responsible for these out-of-balance situations?

APeriod Close processes, such as Revaluation, Translation, and Consolidation have not been performed yet.

BThere were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.

CAll subledger transactions have been entered but do not have complete accounting.

DIntercompany transactions have not been fully processed.

ESubledger transactions have been accounted and transferred to General Ledger but have not been posted.

Show Answer

Correct Answer: A, D, E

Question No. 4

Budgetary control for accounts 5020 and 5021 has a budget of $90,000 USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each.

A Fund of $50,000 USD is available for account 5020 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year 2013.

Which statement is true?

AIf you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward.

BThe Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances.

CIf you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.

DIf you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD only will be carried forward.

EIf you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward.

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Correct Answer: E

Question No. 5

SIMULATION

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.

ASee the Explanation for the complete Solution

Show Answer

Correct Answer: A

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

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