1Z0-1054-21 Quiz Studying Materials: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials - 1Z0-1054-21 Test Torrent & 1Z0-1054-21 Test Bootcamp

Oracle Financials Cloud: General Ledger 2021 Implementation Essentials - 1Z0-1054-21

Exam Code: 1Z0-1054-21

Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials

Updated: Aug 04, 2026

Q & A: 136 Questions and Answers

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Oracle 1Z0-1054-21 Exam Syllabus Topics:

SectionWeightObjectives
Intercompany and Intracompany Balancing10%- Configure intercompany transactions
- Process and reconcile intercompany entries
- Set up intracompany balancing rules
Enterprise and Financial Reporting Structures20%- Define financial reporting structures
- Configure chart of accounts
- Define enterprise structures
- Manage segment value security
Budgetary Control and Encumbrance Accounting10%- Configure budgetary control
- Monitor budget balances and control
- Set up encumbrance accounting
Period Close and Financial Reporting15%- Manage accounting periods
- Perform revaluation, translation, and consolidation
- Generate financial statements and reports
- Use Financial Reporting Studio and Smart View
Journal Processing20%- Perform journal adjustments and reversals
- Import and post journals
- Create and approve journal entries
- Manage allocations and recurring journals
Ledgers and Accounting Setup25%- Configure currencies, calendars, and accounting conventions
- Define ledgers and ledger sets
- Define data access sets
- Set up subledger accounting

Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Sample Questions:

1. Your customer uses Financials Cloud, Projects, Inventory and Procurement. Which two statements are true regarding intercompany accounting for these products? (Choose two.)

A) Within Financials Cloud, Intercompany Balancing Rules are used to balance both cross-ledger intercompany transactions and single-ledger Intercompany journals
B) Intercompany Balancing Rules are defined centrally and applied across Financials and Project Portfolio Management
C) Each product has its own Intercompany Accounting feature that needs to be set up separately
D) They need to license a separate stand-alone Intercompany product that acts as the Intercompany Accounting Hub


2. During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.

A) Delete the segment and create a new segment with the correct qualifier.
B) Create a new chart of accounts.
C) Change and save the segment qualifier.
D) Delete the chart of accounts and create a new one.


3. You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?

A) Application Developer Framework Desktop Integrator
B) The budget journal spreadsheet
C) File Based Data Import
D) Enterprise Resource Budget Integrator


4. You want to define a tree or hierarchy for use in reports and allocations. What three aspects should you remember when creating the tree

A) The tree should have at least two tree versions to reduce report and allocation maintenance
B) You need to flatten the rows to be able to use drilldown in Smart View and you must publish tree to view the hierarchy in Essbase cubes
C) You must flatten the columns and publish the tree to view the hierarchy in Essbase cubes
D) You only need to flatten the columns if you plan to use the hierarchy in Oracle Transactional Business Intelligence (OTBI)
E) It is fine to have the same child value roll up to two or more different parent values


5. You have enabled budgetary control and have a control budget set to Advisory control level. For September 2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of$2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD.
An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)

A) Funds reservation only happens for non-matched invoices, so the system will not reserve funds
B) No change
C) As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016
D) The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation


Solutions:

Question # 1
Answer: A,B
Question # 2
Answer: D
Question # 3
Answer: A
Question # 4
Answer: A,C,E
Question # 5
Answer: C,D

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