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Oracle 1Z0-1054-26 Exam Syllabus Topics:

Section	Objectives
Topic 1: Period Close and Reconciliation	- Period close process in General Ledger - Account reconciliation and balancing
Topic 2: Financial Reporting	- Real-time reporting and analytics - Financial Statement Generator (FSG) and reporting tools
Topic 3: Security and Controls	- Role-based access control in General Ledger - Audit and compliance controls
Topic 4: Journal Processing	- Journal import and automation - Recurring journals and allocations - Journal creation and approval workflows
Topic 5: General Ledger Configuration	- Ledger setup and accounting configuration - Accounting calendar and currency setup - Chart of Accounts structure and segments

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Oracle Fusion Cloud Financials: General Ledger 2026 Implementation Professional Sample Questions (Q87-Q92):

NEW QUESTION # 87
A subsidiary company is about to configure their General Ledger in a highly regulated country where there is a legal requirement to produce fiscal reports under local GAAP. Subledgers transferring to General Ledger must use the local currency, and there is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).
Which two ledger types should be configured to fulfill this reporting requirement?

A. Secondary ledger with the IFRS accounting convention
B. Primary ledger with the local accounting convention
C. Primary ledger with the IFRS accounting convention
D. Reporting currency with the local accounting convention
E. Reporting currency with the IFRS accounting convention

Answer: A,B

Explanation:
A primary ledger is the main ledger for a legal entity or business unit that records all accounting transactions and maintains the accounting balances. A secondary ledger is an optional ledger that is associated with a primary ledger and maintains accounting balances in a different accounting representation. A reporting currency is an optional currency that is associated with a primary ledger and maintains accounting balances in a different currency. In this scenario, the subsidiary company needs to produce fiscal reports under local GAAP and local currency, as well as report to the parent company using IFRS and not local currency.
Therefore, the subsidiary company should configure a primary ledger with the local accounting convention and local currency, and a secondary ledger with the IFRS accounting convention and not local currency. A reporting currency with the local accounting convention or the IFRS accounting convention would not meet the requirement, as it would only maintain balances in a different currency, not a different accounting representation. A primary ledger with the IFRS accounting convention would not meet the requirement, as it would not comply with the local GAAP. References:
Oracle Financials Cloud Implementing Enterprise Structures and General Ledger, Chapter 2: Ledgers, Primary Ledgers, Secondary Ledgers, and Reporting Currencies Oracle Financials Cloud Using General Ledger, Chapter 1: Introduction, Ledgers and Subledgers, Primary Ledgers, Secondary Ledgers, and Reporting Currencies

NEW QUESTION # 88
Which two statements are true regarding the Translation process? (Choose two.)

A. The Translation process should be run before posting Period Close adjustment entries.
B. Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account.
C. The Translation process can only be used to translate balance sheet accounts.
D. The Translation process can only be used for translating the balances of Secondary ledgers.
E. If necessary, before submitting the Translation process, the Revaluation process should be completed.

Answer: B,E

Explanation:
According to Oracle documentation1, the following statements are true regarding the Translation process:
Any resulting offset from the translation is entered in the Cumulative Translation Adjustment account, and if necessary, before submitting the Translation process, the Revaluation process should be completed. The Translation process enables you to translate balances from one currency to another for reporting purposes.
The Translation process calculates any difference between the translated balance and the entered balance and posts it to the Cumulative Translation Adjustment account. The Revaluation process enables you to adjust balances denominated in foreign currencies to reflect current exchange rates. The Revaluation process should be completed before the Translation process to ensure that the balances are accurate. Therefore, options A and B are correct. Option C is incorrect because the Translation process should be run after posting Period Close adjustment entries. Option D is incorrect because the Translation process can be used for translating the balances of primary ledgers, secondary ledgers, and reporting currencies. Option E is incorrect because the Translation process can be used to translate both balance sheet accounts and income statement accounts.

NEW QUESTION # 89
You define intercompany balancing rules that are applied to a specific source and category, such as Payables and Invoices, or a specific intercompany transaction type, such as Intercompany Sales.
Which statement on intercompany configuration is true?

A. You can create a rule for all sources and categories by selecting the source "Other" and category "Other"
B. Intercompany balancing evaluates the rules in the following order: ledger, legal entity, chart of accounts, and primary balancing segment value.
C. You must define intercompany balancing rules for all sources, categories, and transaction types.

Answer: A

NEW QUESTION # 90
You are defining an income statement report using Financial Reporting Web Studio. Users of the report need to be able to analyze the balances directly from the report.
What should you enable to allow this?

A. Drill Through in Grid Properties
B. Drill Down in Report Functions
C. Allow Expansion in Report Functions

Answer: A

NEW QUESTION # 91
What is the key function of currency revaluation?

A. Adjusting the accounted value of foreign currency denominated balances according to current conversion rates
B. Converting the accounted balances from one currency to another target currency
C. Measuring the current financial transactions that are denominated or stated in an accounting (local) currency into the functional currency of the entity

Answer: A

NEW QUESTION # 92
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