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Exam Code: 1Z0-1054-21
Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
Updated: Sep 02, 2026
Q & A: 136 Questions and Answers
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| Section | Objectives |
|---|---|
| Topic 1: Journal Processing | - Manual journals
|
| Topic 2: Subledger Accounting | - Accounting rules
|
| Topic 3: Enterprise Structures and Setup | - Chart of Accounts
|
| Topic 4: Period Close Process | - Financial reporting
|
| Topic 5: Security and Configuration | - Implementation setup tasks
|
Question 1
You are reconciling your subledger balances and you need a report that includes beginning and ending account balances and all transactions that constitute the account's activities. What type of report will provide this type of information?
A. an Online Transactional Business Intelligence (OTBI) report to create ad hoc queries on transactions and balances
B. Account Analysis Report
C. Journal Reports
D. Aging Reports
Question 2
Your new accountants have been making mistakes in reconciling accounts assigned to them. Your account balances have either spiked or dropped 30-40% every period due to human error. This causes delays in reconciliation. What feature can you use to be proactively notified of account anomalies in a more timely manner?
A. Financial Reports with Embedded charts
B. Smart View
C. Account Inspector and its charts
D. Account Monitor
Question 3
Management has added a requirement to segregate the duties of transferring journals to the General Ledger from the posting function. Which two new features allow this segregation? (Choose two.)
A. Journal entry spreadsheets are not impacted by this new function.
B. For previously scheduled automated processes, it is recommended to cancel and rescheduled the process for the option to be effective.
C. Uncheck the Enable Posting from the Manage Subledger Accounting Options task.
D. Must have separate user defined roles using the privilege XLA_CREATE_GENERAL_LEDGER_AND_SUBLEDGER _JOURNALS.
Question 4
You are using budgetary control. You have an open purchase order for $500 USD, and an invoice for
$300 is matched to the purchase order. What will be the funds status of the purchase order and the invoice?
A. The purchase order is Partially Liquidated and the invoice is Partially Reserved
B. The purchase order is Liquidated and the invoice is Partially Reserved
C. The purchase order is Partially Liquidated and the invoice will be Reserved
D. Both are reserved
E. The purchase order is Open and the invoice is Validated
Question 5
All of your subsidiaries can share the same ledger with their parent company and all reside on the same application instance. They do perform intercompany accounting. What is Oracle's recommended approach to performing consolidations?
A. Use General Ledger's Financial Reporting functionality to produce reports by balancing segment where each report represents a different subsidiary. Any eliminating entries can be entered in yet another separate balancing segment
B. Use General Ledger's Balance Transfer programs to transfer subsidiary ledger balances to the parent ledger, and then enter eliminating entries as a separate balancing segment in the parent ledger.
C. Use Oracle Hyperion Financial Management for this type of complex consolidation
D. Define multiple ledgers for consolidation and report on ledger set
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: B,C | Question 4 Answer: C | Question 5 Answer: A |
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