Oracle Financials Cloud: General Ledger 2021 Implementation Essentials follows objectives published by Oracle, so preparation should stay aligned with the official outline. Prep4SureReview organizes 1Z0-1054-21 practice questions around those exam areas to support focused review.
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Oracle 1Z0-1054-21 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Reporting | - Financial Statement Generation - Financial Reporting Studio - Account Groups and Reports - Smart View Reporting |
| Configuring Ledgers | - Configure Reporting Currencies - Manage Ledger Sets - Configure Secondary Ledgers - Define Ledger Options |
| Intercompany Processing | - Process Intercompany Transactions - Intercompany Reconciliation - Configure Intercompany Balancing Rules |
| Journal Processing | - Configure Journal Approval - Create and Manage Journals - Allocation Rules - Recurring Journals - Journal Import and Posting |
| Configuring Enterprise and Financial Reporting Structures | - Manage Accounting Calendars - Manage Account Hierarchies - Manage Ledgers - Manage Legal Jurisdictions - Manage Legal Authorities and Legal Entities - Manage Geographies - Manage Chart of Accounts |
| Budgetary Control and Encumbrance Accounting | - Funds Check Processing - Configure Budgetary Control - Control Budgets - Encumbrance Accounting |
| Period Close | - Manage Accounting Periods - Close Monitoring and Reporting - Perform Period Close Activities |
Oracle Financials Cloud: General Ledger 2021 Implementation Essentials: Frequently Asked Questions
The 1Z0-1054-21 exam leads to the Oracle Financials Cloud certification from Oracle. It is positioned at the Professional level. The exam validates the knowledge and skills expected of candidates preparing for Oracle Financials Cloud: General Ledger 2021 Implementation Essentials.
Related certifications include:
- Oracle Financials Cloud General Ledger 2021 Certified Implementation Specialist
The 1Z0-1054-21 exam includes 55 questions and allows 90 minutes. Before test day, divide the available time by the number of questions in a timed practice set to establish a steady per-question pace. If a difficult item starts consuming too much time, mark it for review and move forward instead of losing momentum. A full timed practice session can help you decide when to move on, when to return, and how much buffer to reserve for a final check.
The passing score for 1Z0-1054-21 is 60%, and the official exam fee is USD $245. Because a retake requires paying the exam fee again, use timed practice results as a readiness check before scheduling your next attempt. If your performance remains inconsistent, continue reviewing weak domains and repeat a timed session before booking the exam.
No formal prerequisite exam required. Oracle recommends implementation experience and completion of Oracle Financials Cloud General Ledger training.
Eligibility rules can change, so confirm the current requirements on the official exam page before registering.
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The current 1Z0-1054-21 outline is organized into 7 top-level domains. The first listed areas include:
- Configuring Ledgers
- Budgetary Control and Encumbrance Accounting
- Financial Reporting
Review the Exam Topics section above for the complete outline and any nested subtopics.
Oracle Financials Cloud: General Ledger 2021 Implementation Essentials Sample Questions:
How do Cross Validation Rules (CVRs) handle existing violations in the Code Combinations Identification (CCID) table?
- A. CVRs only test new account combinations being inserted into the table. They ignore any invalid account combinations already existing in the table
- B. Nothing has changed. If you have an invalid account combination existing in the table, you must deactivate it to prevent further usage
- C. If CVR determines that an invalid combination exists in the CCID table, it will automatically disable that account code combination.
- D. CVRs are assigned to the end user role; therefore controlling what account code combination individuals can leverage in the General Ledger and the subledgers
Correct Answer: A 🗳️
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You create a prepayment for USD 100 and validate it to consume the budget and reduce available funds under the prepayment account. You then pay the prepayment of USD 100 create an invoice for USD 300, and validate the* invoice to consume the budget and reduce available funds for the expense-accounts used in the invoice. You then apply the prepayment fully on to the invoice and revalidate it. What happens to the available funds when you apply a prepayment that requires budgetary control?
- A. The prepayment application releases funds of 300 USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 100 USD.
- B. The prepayment application releases funds of 200 USD and the invoice consumes funds of 100 USD, with a net decrease to available funds of 200 USD.
- C. The budget will be released only for the USD 300 invoice amount.
- D. Available funds will not change till invoice is approved.
- E. The prepayment application releases funds of 100 USD and the invoice consumes funds of 300 USD, with a net decrease to available funds of 200 USD.
- F. The prepayment application was already released at the time of payment and the invoice consumes funds of 300 USD.
Correct Answer: C 🗳️
How do you hide accounts with no balances showing #Missing in Smart view?
- A. Select the Data/Missing check box in the Data Options tab
- B. Use Excel functions to hide rows with #Missing assigned
- C. This indicates a database connection issue
- D. Choose the Suppress Zeros option under Data options
Correct Answer: A 🗳️
Your Company has complex consolidation requirements with multiple general ledger instances. You are using Oracle Hyperion Financial Management to consolidate the disparate General Ledgers, You can typically map segments between your general Ledger segment to a Hyperion Financial Management segment, such as Company to Entity, Department to Department and Account to Account. What happens to segments in your source general ledger, such as Program, that cannot be mapped Hyperion Financial Management?
- A. Data is summarized across segments that are not mapped to Hyperion Financials Management.
- B. No Data is Transferred.
- C. The unmapped segments default to future use segments in Hyperion Financial Management.
- D. Errors occur for unmapped segments, you must map multiple segments from source general ledgers to the target segments in Hyperion Financial Management
Correct Answer: D 🗳️
You already ran Translation, but a last-minute adjusting journal entry in your ledger currency was entered after you consolidated your results. What is Oracle's recommended practice when this occurs?
- A. Translate only the adjusting journal entry
- B. Rerun Revaluation and then rerun Translation
- C. Rerun Translation and then reconsolidate your results
- D. Enter another adjusting journal entry in the target currency to true up the balances
Correct Answer: C 🗳️
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