1Z0-1054-2025 Oracle Financials Cloud General Ledger imprep2

1Z0-1054-2025 Oracle Financials Cloud: General Ledger 2025 Implementation Professional practice Exam-2

Practice Exam covers various aspects of configuring enterprise and financial reporting structures, journal processing, financial reporting, period close components, and ledger configuration.

1. Configuring Enterprise and Financial Reporting Structures:

· Manage the Chart of Accounts, including setting up and maintaining the organizational structure for financial reporting.

· Configure Account Hierarchies to represent the relationships between different accounts in the Chart of Accounts.

· Define and manage Accounting Calendars for accurate financial reporting timelines.

· Implement Chart of Accounts Security to control user access to specific accounts.

· Manage Legal Jurisdictions, Legal Authorities, and Legal Entities to comply with legal and regulatory requirements.

· Handle Geographies to capture location-based financial data.

2. Journal Processing:

· Explain the setup for journal approval and configure the approval process.

· Configure and process Intercompany transactions, managing balancing rules and additional options for Intercompany and Clearing.

· Set up Intercompany Transactions and describe the concept of intercompany balancing.

· Process Intercompany Transactions and reconciliations for accurate financial reporting.

3. Configuring Financial Reporting:

· Explain the Financial Reporting Center and utilize reporting tools.

· Manage reporting using Financial Reporting Web Studio for creating and customizing financial reports.

· Utilize Oracle Transactional Business Intelligence for insightful reporting.

· Describe Smart View accounting inquiry and analysis features.

· Explore the General Accounting Dashboard and Work Areas for effective financial monitoring.

· Analyze budgets versus actuals for performance evaluation.

4. Configuring Period Close Components:

· Explain the Close Process and manage revaluations, translations, consolidations, and reconciliations.

· Utilize the Close Monitor for monitoring and managing the financial close process.

· Create Allocations and Periodic Entries to distribute costs and adjust financial entries.

5. Configuring Ledgers:

· Manage Ledgers to organize and control financial information.

· Understand the General Ledger Balances Cube for advanced financial analysis.

· Implement General Ledger Security to control user access to ledger data.

Candidates preparing for the exam should focus on understanding each of these areas, including hands-on experience with Oracle Financials Cloud applications and adherence to best practices in financial management. Practical scenarios and real-world application of the concepts are crucial for successful exam completion.