Oracle Financials Cloud: General Ledger 2021 Implementation Essentials

Here you have the best Oracle 1z0-1054-21 practice exam questions

You have 55 total questions to study from
Each page has 5 questions, making a total of 11 pages
You can navigate through the pages using the buttons at the bottom
This questions were last updated on October 30, 2025
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Question 1 of 55

Your new accountants have been making mistakes in reconciling accounts assigned to them. Your account balances have either spiked or dropped 30-40% every period due to human error. This causes delays in reconciliation.
What feature can you use to be proactively notified of account anomalies in a more timely manner?

Account Monitor

Smart View

Financials Reports with Embedded charts

Account Inspector and its charts

Correct Answer: A

Question 2 of 55

Users with the General Accountant job role have reported that they are unable to access the UK Ledger. They require read/write access to the full ledger. The Accounting configuration completed successfully.
What should you do to allow access to the ledger?

Create a Data Access Set that allows access to the UK Ledger.

Assign the UK reference set to the user/role combination.

Assign the security context value of UK Ledger to the user/role combination.

Assign the General Accounting Manager role to those users.

Correct Answer: B

Question 3 of 55

You have exported data from your budgeting application into a .csv file.
What should you use to load that data into General Ledger?

File Based Data Import

The budget journal spreadsheet

Enterprise Resource Budget Integrator

Application Developer Framework Desktop Integrator

Correct Answer: D

Question 4 of 55

The general accountant is trying to update the cost center for the Default Suspense Account in the Ledger Options to match the cost center for the Rounding Account.
The rounding account is showing as 01-110-7699-00; however, 110 is not appearing in the List of Values for the accountant to select in the Suspense Account.
What is the reason for this?

The general accountant does not have the Financials Application administrator role assigned and, therefore, has view-only privileges on this page.

The general accountant has a segment value security rule assigned which restricts access to that cost center.

There is a primary balancing segment attached to the legal entity of the primary ledger.

A cross validation rule is in place to prevent the resulting combination from being created.

Correct Answer: D

Question 5 of 55

You want to prevent intercompany transactions from being entered during the last day of the close.
Assuming Intercompany and General Ledger use the same calendar, what should you do?

Close the General Ledger period in the Manage Accounting Periods page.

Close all intercompany subledger periods.

Close Intercompany periods in Oracle Intercompany.

Freeze the Intercompany journal source in General Ledger.

Correct Answer: C