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

"Oracle Financials Cloud: General Ledger 2021 Implementation Essentials", also known as 1Z0-1054-21 exam, is a Oracle Certification. With the complete collection of questions and answers, PrepPDF has assembled to take you through 136 Q&As to your 1Z0-1054-21 Exam preparation. In the 1Z0-1054-21 exam resources, you will cover every field and category in Oracle Financials Cloud Certification helping to ready you for your successful Oracle Certification.

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  • Exam Code: 1Z0-1054-21
  • Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
  • Certification Provider: Oracle
  • Corresponding Certification: Oracle Financials Cloud
  • Updated: Oct 27, 2026
  • No. of Questions: 136 Questions & Answers with Testing Engine
  • Download Limit: Unlimited

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Oracle 1Z0-1054-21 Exam Syllabus Topics:

SectionObjectives
Period Close Process- Financial reporting
  • 1. Trial balance and reports
    - Close activities
    • 1. Adjustments and accruals
      • 2. Reconciliations
        Journal Processing- Journal imports
        • 1. File-based data import (FBDI)
          • 2. Spreadsheet uploads
            - Manual journals
            • 1. Journal creation and approval
              • 2. Recurring journals
                Enterprise Structures and Setup- Ledger configuration
                • 1. Primary ledger setup
                  • 2. Secondary ledgers
                    - Chart of Accounts
                    • 1. COA structure design
                      • 2. Value sets and segments
                        Subledger Accounting- Event processing
                        • 1. Accounting events
                          - Accounting rules
                          • 1. Account derivation rules
                            • 2. Journal line rules
                              Security and Configuration- Roles and access
                              • 1. Security setup
                                - Implementation setup tasks
                                • 1. Setup Financials Cloud

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

                                  The Delete Translated Balances Process provides the ability to completely reset translations in the event that significant changes are made to the accounting configuration. Once the deletion process completes, what additional process must you run?

                                  • A. Submit the updated General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations
                                  • B. Submit the Create General Ledger Balances Cube process to ensure that the balances cube maintains translated balances that are consistent with future translations
                                  • C. Submit the Create Currency Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations
                                  • D. Submit the Create Scenario Dimension Members process to ensure that the balances cube maintains translated balances that are consistent with future translations
                                  Reveal Solution  Discussion  0

                                  Correct Answer: B  🗳️

                                  Which two statements are true regarding the Intercompany Reconciliation Report?

                                  • A. You can only drill down to the general ledger journal and then from there to the subledger: Journal transactions.
                                  • B. This report can be run using an additional Currency and conversion rate to converts all amount into a common Currency for comparison.
                                  • C. This report Includes Ledger balancing lines generated when the Primary balanced Segment value
                                    {BSV) is in balance, but either the second or third BSVs are not.
                                  • D. This report displays only the reconciled transactions, You need to further process automatic reconciliation to reconcile the unreconciled
                                  • E. This report displays the intercompany receivables and intercompany payables balances Summary for a period
                                  Reveal Solution  Discussion  0

                                  Correct Answer: B,E  🗳️

                                  Explanation: Only visible for PrepPDF members. You can sign-up / login (it's free).

                                  Your Customer requires physical invoice to be generated in payables Cloud and Receivable Cloud for the intercompany payables and receivable transactions. Which two statements are correct with regards to selling this up?

                                  • A. You must assign the corresponding Receivables and Payables Business Units.
                                  • B. you can only associate one Intercompany Organization per legal Entity.
                                  • C. you only need to assign the legal entity and organization chart
                                  • D. You must have implemented Payables Cloud and Receivables Cloud.
                                  Reveal Solution  Discussion  0

                                  Correct Answer: A,D  🗳️

                                  When creating financial Reports which two tools use data from the General Ledger Balances Cube?

                                  • A. Financial Reporting Center
                                  • B. Financial Reporting Studio
                                  • C. Oracle Financial Statement Generator
                                  • D. Smart view
                                  Reveal Solution  Discussion  0

                                  Correct Answer: B,D  🗳️

                                  Explanation: Only visible for PrepPDF members. You can sign-up / login (it's free).

                                  You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account's activities. What type of report will provide this type of information?

                                  • A. Aging Reports
                                  • B. an Online Transactional Business Intelligence (OTBI) report to create ad hoc queries on transactions and balances
                                  • C. Journal Reports
                                  • D. Account Analysis Report
                                  Reveal Solution  Discussion  0

                                  Correct Answer: D  🗳️

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