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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

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

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

3. All of your subsidiaries reside on the same application instance, but some of them require a different chart of accounts and/or accounting calendar and currency. There is no minority interest or partial ownerships. What is Oracle's recommended approach to performing consolidations?

A) Translate balances to the corporate currency, create a chart of accounts mapping to the corporate chart of accounts, then transfer balances to the corporate consolidation ledger using the balance transfer program
B) Translate balances to the corporate currency for ledgers not in the corporate currency, use General Ledger's Financial Reporting functionality to produce consolidated reports by balancing segment where each report represents a different subsidiary.
C) Create separate ledgers for each subsidiary that shares the same chart of accounts, calendar, currency, and accounting method. Create a separate elimination ledger to enter intercompany eliminations. Then creates a ledger set across all ledgers and report on the ledger set.
D) Use Oracle Hyperion Financial Management for this type of complex consolidation.

4. What are the Two purposes of a secondary ledger?

A) it is used to main balances in a different currency only
B) it should not be used when trying to meet local accounting requirements.
C) it should only be used to maintain balances for processing performance.
D) it can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency and/or journal processing options
E) it is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting.

5. You need to setup a calendar for fiscal year Apr-XX to Mar-YY where YY is the following year and you would like the periods to be named accounting to the year they fall in What Calendar format should you choose?

A) Year
B) Period
C) Fiscal
D) Calendar

Solutions: