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

  • Exam Code: 1Z0-1054-21
  • Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
  • Updated: Oct 04, 2026
  • Q & A: 136 Questions and Answers

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Oracle 1Z0-1054-21 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Period Close and Financial Reporting15%- Generate financial statements and reports
- Manage accounting periods
- Perform revaluation, translation, and consolidation
- Use Financial Reporting Studio and Smart View
Topic 2: Intercompany and Intracompany Balancing10%- Configure intercompany transactions
- Process and reconcile intercompany entries
- Set up intracompany balancing rules
Topic 3: Budgetary Control and Encumbrance Accounting10%- Configure budgetary control
- Set up encumbrance accounting
- Monitor budget balances and control
Topic 4: Journal Processing20%- Perform journal adjustments and reversals
- Create and approve journal entries
- Import and post journals
- Manage allocations and recurring journals
Topic 5: Ledgers and Accounting Setup25%- Define data access sets
- Set up subledger accounting
- Define ledgers and ledger sets
- Configure currencies, calendars, and accounting conventions
Topic 6: Enterprise and Financial Reporting Structures20%- Define enterprise structures
- Configure chart of accounts
- Define financial reporting structures
- Manage segment value security

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

Question #1

You want to define an allocation rule where segment values are constants for rules and formulas. What should you do?

  • A. Always use the Outer Point of View (POV)
  • B. Specify Run Time Prompts (RTP)
  • C. Never use the Outer Point of View (POV)
  • D. Only specify segment values in formulas
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #2

After Loading your ledger data into General Ledger cloud, you can view budget balances using those features. Which feature does not belong on list?

  • A. Smart View
  • B. Account Inspector
  • C. Account Monitor
  • D. Application Development framework Desktop Integration Budget Balances Report
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #3

Which AMX builder method is most effective in routing the journals to the Accounting Manager when his subordinate, The General Accountant, enters a journal?

  • A. Cost center based approval
  • B. Supervisory level approval
  • C. Dynamic Approval Groups
  • D. Management Chain approval
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #4

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. 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
  • 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. 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
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #5

How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?

  • A. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
  • B. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
  • C. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
  • D. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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