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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 use a clearing company to automatically balance intercompany entries. Which three statements are true regarding the use of a clearing company value? (Choose three.)

A) If you choose to use a clearing company, you can define a default clearing company value or select the clearing company value directly in the general ledger journal
B) If you do not map legal entities to balancing segment values, then a clearing company can be applied to any journal within the ledger
C) If you map legal entities to balancing segment values, then a clearing company can only be applied within a legal entity
D) You must map legal entities to balancing segment values in order to use a clearing company
E) Clearing companies are not supported

2. You want to prevent intercompany transactions from being entered during the last day of the close.
What should you do?

A) Freeze the Intercompany journal source in General Ledger
B) Close Intercompany periods in Fusion Intercompany
C) Close all subledger periods
D) Close the General Ledger period in the Manager Accounting Periods page

3. Which tool can you use to create a Financial Income Statement?.

A) PS/nVision
B) Account Inspector
C) One View Reporting
D) Rapid Implementation Enterprise Structures setup

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 Open and the invoice is Validated
B) The purchase order is Partially Liquidated and the invoice will be Reserved
C) The purchase order is Partially Liquidated and the invoice is Partially Reserved
D) Both are reserved
E) The purchase order is Liquidated and the invoice is Partially Reserved

5. You want to process multiple allocations at the same time. What feature do you use?

A) Point of View(POV)
B) Rulesets
C) General Ledger Entries
D) Formulas

Solutions: