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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

1. 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 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.
B) 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
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.

2. You have enabled budgetary control and have a control budget set to Advisory control level. For September 2016, your budget for a given account combination is $5,000 USD. In the same month, there is an approved requisition for that account of $900 and an approved purchase order for that account of$2,500 USD. There is also a General Ledger adjustment journal entry for that account of $1,600 USD.
An approved purchase order line of $400 USD is then cancelled. And an invoice is matched to the purchase order for $2,100 USD. Which two statements are true? (Choose two.)

A) Funds reservation only happens for non-matched invoices, so the system will not reserve funds
B) No change
C) As there are cancellations for $400 USD, the system will partially reserve the funds in September 2016 and fully reserve it in October 2016
D) The system always consumes budget of future periods if the limit for the current period is expired, so October 2016 budget will be considered for reservation

3. Before Implementing Financials Cloud, your customer used to manually reconcile their intercompany payables and receivables accounts, What's is a more automated approach to do this?

A) In Financials Cloud, you must manually reconcile your intercompany account balances
B) Run the BI publisher reports called intercompany Transaction Summary and Account Details to automatically reconcile intercompany balances
C) Create a query using Oracle Transactional Business Intelligence (OTBI) that will match the intercompany payables and receivables balances
D) Run the intercompany Reconciliation report, which shows pairs of intercompany receivables and payables accounts that are out of balance.

4. On which three occasions are Essbase balances updated? (Choose three.)

A) every time the tree version is published
B) every time journals are posted to the general ledger
C) every time you run the batch program called "Update Essbase Balances"
D) every time you open a new period

5. You want to process multiple allocations at the same time. What feature do you use?

A) Formulas
B) Point of View(POV)
C) General Ledger Entries
D) Rulesets

Solutions: