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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

Question 1

Your customer has a large number of legal entities. The legal entity values are defined in the company segment which represents the primary balancing segment. They want to easily create eliminating entries for their intercompany activity. What would you recommend?

A. There is no need to define an intercompany segment. You can track the intercompany trading partnerusing distinct intercompany receivable/payable natural accounts to identify the trading partner
B. Define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment which the balancing segment value of the legal entity with which you are trading
C. Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment
D. There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the intercompany rules to define

Question 2

All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance. They do perform intercompany accounting. What is Oracle's recommended approach to performing consolidations?

A. Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
B. Use Oracle Hyperion Financial Management for this type of complex consolidation
C. Use General Ledger's Financial Reporting functionality to produce reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment
D. Define multiple ledgers for consolidation and report on ledger set

Question 3

In which two ways can your users customize the Springboards and Work Areas to suit their individual working styles? (Choose two.)

A. They can format each table by hiding and showing columns, moving columns, and resizing columns
B. They can have the System Administration customize pages for them using Page Composer
C. Users have very little control their Springboards and Work Areas; they can only resize columns
D. They can use Personalization to move and remove regions from those pages

Question 4

Which tool can you use to create a Financial Income Statement?.

A. PS/nVision
B. Account Inspector
C. One View Reporting
D. Rapid Implementation Enterprise Structures setup

Question 5

Your customer wants to control spending against an annual budget but report balances on a monthly year-to-date basis. Encumbrance accounting is also in use. What setup is required to achieve this requireme

A. Create a summary budget annually with advisory control and control budget monthly with absolute control.
B. Create two detail control budgets: annually with absolute control and monthly with advisory or trackcontrol.
C. Create a Summary budget annually with absolute* control and monthly control budget with advisory or track control.
D. Create an annual budget with absolute control and so encumbrance accounting will work.
E. Create two detail control budgets: annually with advisory/track control and monthly with absolute control.

Solutions: