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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

1. Your customer wants to control spending against an annual budget but report balances on a monthly year-to-date basis. Encumbrance accounting is also in use. What setup is required to achieve this requireme

A) Create two detail control budgets: annually with absolute control and monthly with advisory or trackcontrol.
B) Create a Summary budget annually with absolute* control and monthly control budget with advisory or track control.
C) Create a summary budget annually with advisory control and control budget monthly with absolute control.
D) Create two detail control budgets: annually with advisory/track control and monthly with absolute control.
E) Create an annual budget with absolute control and so encumbrance accounting will work.

2. Your Customer has three legal entities, 50 Departments, and 10,000 natural accounts. They use intercompany entries. What is Oracle's recommended best practice when implementing: a new chart of accounts? How many segments and what segment qualifiers should be used?

A) Define five segments for the company, department, natural account, intercompany segment and future segment. The qualifiers should be primary balancing segment , cost center segment, natural account segment, intercompany segment an no qualifier respectively.
B) Define Three segments for the company, department, and natural accounts. The qualifiers should be primary balancing segment, intercompany segment, cost center segment, and natural account segment, respectively
C) Define four segments for the company, department, natural account and intercompany segment. The qualifiers should be primary balancing segment , cost center segment, natural account segment and intercompany segment respectively
D) Define Three segments for the company, department, and natural accounts, the qualifiers should be primary balancing segment, cost center segment, and natural account segment, respectively

3. Which two statements are true regarding how intercompany balancing rule, are defined? (Choose Two)

A) All Ledgers engaged in an intercompany transaction must share the same chart of accounts in order to define balancing rules
B) You can define different balancing rules for different combinations of journal sources, journal categories, and transaction types
C) You can only define balancing rules for different journals sources. You cannot define balancing rules for different journal categories
D) you can define different rules for different chart of accounts, ledgers, legal entities, and primary balancing segment value.

4. You are implementing a multipillar implementation of both HCM Cloud and ERP Cloud. You are implementing ERP first followed by HCM Cloud. You want to ensure your ledgers and chart of accounts are correctly defined. What should you do? (Choose three)

A) Use the Rapid Implementation spreadsheet when creating your enterprise structure
B) Create your chart of accounts in the following order: value sets, COA structure, and instance before assigning values to the value sets
C) Use file-based spreadsheet loaders using UCM to mass load and maintain chart of accounts segment values and hierarchies
D) Deploy your chart of accounts
E) Use HCM's Enterprise Structure Configurator (ESC) first

5. During implementation, a consultant accidentally designated the cost center segment as the natural account. Values have already been assigned and journals have been posted.
Select the process that allows you to change the qualifier back to cost center qualifier.

A) Delete the segment and create a new segment with the correct qualifier.
B) Delete the chart of accounts and create a new one.
C) Create a new chart of accounts.
D) Change and save the segment qualifier.

Solutions: