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

  • Exam Code: 1Z0-1054-21
  • Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
  • Updated: Sep 09, 2026   Q&As: 136 Questions and Answers

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Oracle 1Z0-1054-21 Exam Syllabus Topics:
SectionObjectives
Topic 1: Period Close Process- Financial reporting
  • 1. Trial balance and reports
    - Close activities
    • 1. Adjustments and accruals
      • 2. Reconciliations
        Topic 2: 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
                Topic 3: Security and Configuration- Implementation setup tasks
                • 1. Setup Financials Cloud
                  - Roles and access
                  • 1. Security setup
                    Topic 4: Subledger Accounting- Event processing
                    • 1. Accounting events
                      - Accounting rules
                      • 1. Journal line rules
                        • 2. Account derivation rules
                          Topic 5: Journal Processing- Journal imports
                          • 1. Spreadsheet uploads
                            • 2. File-based data import (FBDI)
                              - Manual journals
                              • 1. Journal creation and approval
                                • 2. Recurring journals
                                  Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Sample Questions:
                                  Question #1

                                  Which two statements are true regarding the export/import of reports?

                                  • A. The export/import reports are available only for Fusion Customer Relationship Management.
                                  • B. To view errors encountered during the export or import Process, you must use SQL queries to obtain that data because no reports exist.
                                  • C. A set of reports are provided for both exported and imported setup data to validate the export/import processes and setup data.
                                  • D. Reports on setup data can be used to compare and analyze how the data might have changed over time.
                                  • E. A set of reports lists user names, suppliers, and customers that have been exported/imported.
                                  Answer: A,B
                                  Question #2

                                  You create a prepayment for USD 100 and validate it to consume the budget and reduce available funds under the prepayment account. You then pay the prepayment of USD 100 create an invoice for USD 300, and validate the* invoice to consume the budget and reduce available funds for the expense-accounts used in the invoice. You then apply the prepayment fully on to the invoice and revalidate it. What happens to the available funds when you apply a prepayment that requires budgetary control?

                                  • A. The prepayment application was already released at the time of payment and the invoice consumes funds of 300 USD.
                                  • B. The prepayment application releases funds of 100 USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 200 USD.
                                  • C. The budget will be released only for the USD 300 invoice amount.
                                  • D. The prepayment application releases funds of 300 USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 100 USD.
                                  • E. The prepayment application releases funds of 200 USD and the invoice consumes funds of 100 USD, with a net decrease to available funds of 200 USD.
                                  • F. Available funds will not change till invoice is approved.
                                  Answer: C
                                  Question #3

                                  What are the two benefits of having the Essbase cube embedded in General Ledger Cloud? (Choose Two)

                                  • A. General Ledger balances are multidimensional, allowing you to perform robust reporting and analysis.
                                  • B. You can access real-time results for reporting and analysis because every time a transaction is posted in General Ledger, multidimensional balances are also updated simultaneously.
                                  • C. You No longer need to create and maintain hierarchies because the Essbase cubes are created when you create your chart of Accounts.
                                  • D. Integrating with third-party systems is easier because the Essbase cube provides chart of Accounts mapping rules.
                                  Answer: A,B
                                  Question #4

                                  Your customer wants to secure their primary balancing segment values to prevent employees of one company from entering or viewing data of another company. You only need this for General Ledger balances and reporting. What two security features should you use?

                                  • A. Data Access Sets using an Access Set Type of Primary Balancing Segment
                                  • B. Balancing Segment Value Assignment to Legal Entities
                                  • C. Segment Value Security
                                  • D. Cross-Validation Rules
                                  Answer: A,C

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                                  Question #5

                                  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 displays only the reconciled transactions, You need to further process automatic reconciliation to reconcile the unreconciled
                                  • D. This report displays the intercompany receivables and intercompany payables balances Summary for a period
                                  • E. 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.
                                  Answer: B,D

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