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Oracle 1Z0-1054-21 Exam Syllabus Topics:

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

1. You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classification information. You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts. What is the solution?

A) Use the Third Party Control Account feature
B) Use the Open Account Balances Listing report that has balances by customer
C) Use Supporting References to capture customer classification information
D) Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI)

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) 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
B) 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
C) 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
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

3. 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 do not map legal entities to balancing segment values, then a clearing company can be applied to any journal within the ledger
B) Clearing companies are not supported
C) If you map legal entities to balancing segment values, then a clearing company can only be applied within a legal entity
D) 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
E) You must map legal entities to balancing segment values in order to use a clearing company

4. You want to specify Intercompany System Options. Which three factors should you consider? (Choose three.)

A) whether to allow receivers to reject intercompany transactions
B) the approvers who will approve intercompany transactions
C) whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
D) automatic or manual batch numbering and the maximum transaction amount
E) automatic or manual batch numbering and the minimum transaction amount

5. You want to define a tree or hierarchy for use in reports and allocations. What three aspects should you remember when creating the tree

A) You need to flatten the rows to be able to use drilldown in Smart View and you must publish tree to view the hierarchy in Essbase cubes
B) You only need to flatten the columns if you plan to use the hierarchy in Oracle Transactional Business Intelligence (OTBI)
C) You must flatten the columns and publish the tree to view the hierarchy in Essbase cubes
D) The tree should have at least two tree versions to reduce report and allocation maintenance
E) It is fine to have the same child value roll up to two or more different parent values

Solutions: