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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

1. You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle's recommended practice when this occurs?

A) Translate only the adjusting journal entry
B) Enter another adjusting journal entry in the target currency to true up the balances
C) Rerun Translation and then reconsolidate your results
D) Rerun Revaluation and then rerun Translation

2. Which three objectives must be considered when designing the chart of accounts? (Choose three.)

A) Consider implementing a single, global chart of accounts
B) Try to use all 30 segments and 25 characters per segment because you cannot change it later
C) Anticipate growth and maintenance needs as organizational changes occur
D) Effectively manage an organization's financial business
E) Limit the number of segments to those you need today to reduce data entry

3. 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) Period
B) Fiscal
C) Year
D) Calendar

4. You are implementing Financials Cloud and are using spreadsheets to load Legal Entities, Business Units, and Account Hierarchies. Which three setup objects can be loaded via a spreadsheet from Functional Setup Manager?

A) setup data for Receivables and Payables product
B) Banks, Bank Accounts, and Branches
C) complete Accounting Configuration
D) chart of account values, accounting calendar, and ledger
E) Suppliers and Customers

5. Budgetary control for account 5020 and 5021 has a budget of $90,000USD each for the year 2012. The accounts also have balances on obligation of $10,000 USD for each and an expenditure of $20,000 USD for each. A Fund of $50,000 USD is available for account 5010 only. You have run the Encumbrance Year End Carry Forward process for obligation from the last period of the year 2012 to the first period of year2013. Which statement is true?

A) If you have included 5020 and 5021 in the encumbrance rule, then budget balances $90,000 USD, obligation $10,000 USD, and expenditure $20,000 USD, and the funds available $50,000 USD will be carried forward
B) If you have included 5020 and 5021 in the encumbrance rule, then only the obligation of $10,000 USD will be carried forward
C) The Encumbrance Year End Carry Forward process will run for all the accounts to carry forward the general ledger balances
D) If you have included 5020 and 5021 in the encumbrance rule, the budget balances $90,000 USD, obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.
E) If you have included 5020 and 5021 in the encumbrance rule, then obligation $10,000 USD and expenditure $20,000 USD only will be carried forward.

Solutions: