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

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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, 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
B) 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.
C) Use Oracle Hyperion Financial Management for this type of complex consolidation.
D) 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.

2. Which two statements are true regarding infotiles and infolets?

A) Infotiles have Front view, Back view, and Expanded view.
B) Infotiles pull data from Oracle Transactional Business Intelligence Analyses.
C) You can create your own user defined Infolets.
D) Infolets are accessed only from the Newsfeed homepage layout.
E) You can refresh infolets to see up-to-date data.

3. Encumbrance accounting is enabled for your ledger. An encumbrance journal dated 3/15/16 was recorded for a purchase order. The invoice was entered on 5/5/16, but the invoice accounting date was
4/20/16. The encumbrance journal for liquidating the purchase order encumbrance is dated
5/5/16.What is causing this?

A) The actual accounting date was set up under the encumbrance accounting Default Date Rule
B) The current transaction accounting date was set up under the encumbrance accounting Default Date Rule
C) The sub ledger accounting option is set to system date
D) The prior related transaction accounting date was set up under the encumbrance accounting Default Date Rule

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

5. While troubleshooting the encumbrance entries created for the requisition for your business unit, you noticed that only a few events are triggering the encumbrance journals when you submit he create accounting program. What are the two events?

A) Create change request on the requisition after submitting requisition for approval
B) Requisition approved
C) Submit the requisition for approval
D) Requisition rejected by the buyer
E) Funds check
F) Checkout and Save the requisition

Solutions: