Free Oracle 1Z0-960 Exam Practice Questions & Explanations
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A company defines a secondary ledger with a different chart of accounts from the primary ledger in order to satisfy local statutory requirements. The implementation team plans to use the Subledger data conversion level so that subledger transactions are accounted in both representations.
Statement: When a secondary ledger uses a different chart of accounts from the primary ledger, a chart of accounts mapping must be defined and assigned to the secondary ledger.
True. Whenever a secondary ledger (or reporting requirement such as consolidation) uses a chart of accounts that differs from the primary ledger's, a chart of accounts mapping, using either segment rules or account rules, must be created and assigned to the secondary ledger so that balances and journals can be converted between the two account structures.
The CFO wants a live, interactive account balance inquiry directly in a spreadsheet, where analysts can pivot on segments, drill from a summarized balance to journal lines and then to the originating subledger transaction, and refresh the data on demand.
Which reporting tool best meets this requirement?
Smart View is the Excel-based interface to the General Ledger multidimensional balances cube. It supports ad hoc analysis, pivoting on any chart of accounts dimension, on-demand refresh, and drill down from balances to journal lines and to subledger transactions.
B produces static formatted output and does not offer interactive pivoting or drill down. C is exported static data, losing interactivity. D produces a static PDF, so it does not satisfy the interactive spreadsheet requirement, although Financial Reporting Studio is appropriate for formatted statutory statements.
An accountant runs Create Accounting for Payables in Draft mode and reviews the output. She later needs the entries transferred and posted to General Ledger for period close.
Which statement about processing subledger accounting entries is correct?
Draft accounting produces entries for review only. They are not transferred to General Ledger, they cannot be posted, and they are overwritten the next time accounting is created for the same transactions. To complete the process the user reruns Create Accounting in Final mode, optionally selecting Transfer to General Ledger and Post in General Ledger so the journals are created and posted.
B is false, closing a period does not finalize draft entries. C is unnecessary because draft entries are simply replaced, not reversed. D is false because draft entries are never transferred to GL.
During implementation, the controller wants to prevent members of the Payables Manager job role from viewing or entering data for cost center 400 (Executive) and the company segment value 20, while other users retain full access. The chart of accounts segments for Company and Cost Center are both flagged appropriately for security.
Which sequence correctly describes how this is achieved in Oracle Financials Cloud?
Chart of accounts (segment value) security requires that the Data Security Enabled option be selected on the value set (and the segment secured in the structure instance), then conditions and policies are created that grant or exclude specific values for a role, and finally the accounting flexfield must be deployed for the security to take effect.
B is wrong: cross-validation rules control valid segment value combinations during entry, not user access. C is wrong: chart of accounts mapping is used for consolidation/secondary ledger mapping. D is wrong: data access sets secure ledgers and primary balancing segment values only for the full ledger, not cost centers, and Read Only is not the same as excluding visibility of a value.
Your client is a multinational company operating in France, Germany, and Spain. Each country has its own registered legal entity, but all three share the same chart of accounts, calendar, currency (EUR), and accounting method. The client wants consolidated reporting for all three entities without performing a currency translation, while still being able to produce statutory reports for each registered entity separately.
What is the recommended Oracle General Ledger Cloud setup?
When legal entities share the same chart of accounts, accounting calendar, currency, and accounting method (the 4C's), they can all be assigned to a single ledger. Each legal entity is then associated with one or more balancing segment values, which allows Oracle to automatically produce balanced journals and statutory/legal entity level reports by balancing segment, while consolidated reporting is simply the full ledger balance. No translation is needed because the currency is common.
B creates unnecessary ledgers and a different chart of accounts, requiring mapping and consolidation effort. C is wrong because reporting currencies are for currency representation, not for representing separate legal entities. D is wrong because secondary ledgers are used when an additional, different accounting representation is required (different COA, calendar, currency, or accounting method).