Oracle Fusion Cloud Financials: General Ledger 2026 Implementation Professional - 1Z0-1054-26

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.

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

You have a requirement to override the Period End or Period Average rate that is used for translating several accounts at month end. How can you achieve this?

• A. Use the Manage Historical Rates task to assign a historical rate or amount to those accounts.
• B. Use the Translate Balances process parameters to specify the rate or amount for those accounts.
• C. Use the Manage Revaluations task to create a revaluation definition for those accounts.

Financial Reporting Web Studio is a powerful tool within the Oracle Fusion Cloud suite, designed to empower financial professionals with advanced reporting capabilities.
Which two are key capabilities of Financial Reporting Web Studio?

• A. It helps group reports or books into batches for processing or scheduling.
• B. It can be used to create financial statements.
• C. It uses a drag and drop interface for report design.
• D. It provides Batch Bursting options including e-mail and print.

Which two statements are true about the Intercompany Reconciliation report?

• A. It displays the intercompany receivables and intercompany payables balances in summary for a period.
• B. It includes ledger balancing lines generated when the primary balancing segment value (BSV) is in balance, but either the second or third BSVs are not.
• C. You can only drill down to the General Ledger journal and then from there to the Subledger journal entry.
• D. It can be run using an additional currency and conversion rate that converts all amounts into a common currency for comparison.
• E. It displays all clearing company balancing lines for a period.