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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

Question 1

What are the Two purposes of a secondary ledger?

A. it is an optional ledger that is linked to a primary ledger for the purpose of tracking alternative accounting.
B. it should not be used when trying to meet local accounting requirements.
C. it is used to main balances in a different currency only
D. it should only be used to maintain balances for processing performance.
E. it can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency and/or journal processing options

Question 2

Your customer has a large number of legal entities. The legal entity values are defined in the company segment which represents the primary balancing segment. They want to easily create eliminating entries for their intercompany activity. What would you recommend?

A. There is no need to define an intercompany segment. You can track the intercompany trading partnerusing distinct intercompany receivable/payable natural accounts to identify the trading partner
B. There is no need to define an intercompany segment, the Intercompany module keeps track of the trading partners for you based on the intercompany rules to define
C. Define an intercompany segment and qualify it as the second balancing segment to make sure all entries are balanced for the primary balancing segment and intercompany segment
D. Define an intercompany segment in the chart of accounts. The Intercompany module and the Intercompany balancing feature in general ledger and sub ledger accounting will automatically populate the intercompany segment which the balancing segment value of the legal entity with which you are trading

Question 3

you are defining intercompany balancing rules that are applied to a specific source and category, such as payables and invoices, or a specific intercompany transaction type, such as intercompany sales. Which two statements are correct? (Choose Two)

A. You must define rules for every combination of specific categories and sources. Otherwise, the intercompany balancing will not work
B. you can create a rule for all sources and categories by selecting the source "Other" and the category
"Other".
C. if you choose to have rules at various levels, then intercompany balancing evaluates the rules in this order: Ledger, Legal Entity, chart of accounts, and primary balancing segment value
D. Set up a chart of accounts rule for every chart of accounts structure you have in order to ensure that intercompany balancing will always find a rule to use to generate balancing accounts.

Question 4

Which Subject area has been enhanced to allow you to drill down from OTBI General Report to a General Journal?

A. General Ledger - Journal Balances Real Time
B. General Ledger - Summary Balances Real Time
C. General Ledger - Journal Real Time
D. General Ledger - Journal Transaction Balances Real Time

Question 5

Your Customer requires physical invoice to be generated in payables Cloud and Receivable Cloud for the intercompany payables and receivable transactions. Which two statements are correct with regards to selling this up?

A. you can only associate one Intercompany Organization per legal Entity.
B. You must have implemented Payables Cloud and Receivables Cloud.
C. You must assign the corresponding Receivables and Payables Business Units.
D. you only need to assign the legal entity and organization chart

Solutions: