Oracle 1Z0-1054-21 exam dumps : Oracle Financials Cloud: General Ledger 2021 Implementation Essentials

  • Exam Code: 1Z0-1054-21
  • Exam Name: Oracle Financials Cloud: General Ledger 2021 Implementation Essentials
  • Updated: Oct 27, 2026     Q & A: 136 Questions and Answers

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About Oracle 1Z0-1054-21 Exam

Reading notes is one thing; sitting a timed exam is another. The PracticeTorrent test engines simulate the real 1Z0-1054-21 exam environment, so the Oracle Financials Cloud: General Ledger 2021 Implementation Essentials practice questions feel familiar long before test day.

Oracle 1Z0-1054-21 Exam Syllabus Topics:

SectionWeightObjectives
Intercompany and Intracompany Balancing10%- Configure intercompany transactions
- Set up intracompany balancing rules
- Process and reconcile intercompany entries
Ledgers and Accounting Setup25%- Configure currencies, calendars, and accounting conventions
- Define data access sets
- Set up subledger accounting
- Define ledgers and ledger sets
Period Close and Financial Reporting15%- Generate financial statements and reports
- Manage accounting periods
- Use Financial Reporting Studio and Smart View
- Perform revaluation, translation, and consolidation
Budgetary Control and Encumbrance Accounting10%- Monitor budget balances and control
- Set up encumbrance accounting
- Configure budgetary control
Enterprise and Financial Reporting Structures20%- Configure chart of accounts
- Manage segment value security
- Define financial reporting structures
- Define enterprise structures
Journal Processing20%- Manage allocations and recurring journals
- Create and approve journal entries
- Perform journal adjustments and reversals
- Import and post journals

Common Questions About the Oracle 1Z0-1054-21 Exam

The 1Z0-1054-21 exam, officially known as Oracle Financials Cloud: General Ledger 2021 Implementation Essentials, is the Oracle test that leads to the Oracle Financials Cloud: General Ledger 2021 Certified Implementation Specialist certification at the Specialist level. Passing it validates the skills employers expect from a certified professional.

The 1Z0-1054-21 exam contains 55 questions, and you have 90 minutes to complete them. Work out your per-question pace before test day, and flag slow items instead of stalling on them — time pressure, not knowledge, sinks many first attempts. Timed mock exams in the PracticeTorrent test engines are the most reliable way to build that rhythm.

The passing score for the 1Z0-1054-21 exam is 60%, and the official registration fee is USD 245. If you miss the mark, a retake means paying the full fee again, so book your seat only when you are ready. A practical benchmark: score consistently above the passing line on timed practice tests before scheduling the real exam.

No formal prerequisites; Oracle recommends hands-on implementation experience and completion of relevant training courses

Entry requirements can change, so confirm the latest conditions on the official exam page: https://education.oracle.com/oracle-financials-cloud-general-ledger-2021-certified-implementation-specialist/trackp_FINCLDGL21OPN.

You can book the 1Z0-1054-21 exam through the official registration channels below:

Exam delivery: Online proctored or onsite at Pearson VUE test centers. Seats at popular test centers fill quickly, so schedule early once your preparation is on track.

Oracle recommends the following training options for Oracle Financials Cloud: General Ledger 2021 Implementation Essentials candidates:

Pair any course with the 136 practice questions from PracticeTorrent to measure how ready you really are before paying the exam fee.

Yes. A free PDF demo of the Oracle Financials Cloud: General Ledger 2021 Implementation Essentials questions is available, so you can check the question style and answer quality before you pay. Every purchase also includes 365 days of free updates, and if the product expires you can renew the update service at a 50% discount from your member zone.

If you take the corresponding 1Z0-1054-21 exam within 60 days of purchase and do not pass, you can apply for a full refund under the 100% Money Back Guarantee: submit a scan of your enrollment slip and your official Score Report (PDF) within 2 days of the exam date, and the claim is processed within 7 days. Attempts made within 3 days of purchase, downloads without an actual exam attempt, free materials, and expired orders are not eligible, and the candidate name must match the payer name. Prefer new material instead of a refund? You can exchange your purchase for two free products of equal value and keep the update service on your original product. As for delivery, the files are available for instant download and are also emailed to you within one minute of payment — if nothing arrives within 2 hours, contact customer service. There is no limit on how many computers you can install the product on.

The official Oracle Financials Cloud: General Ledger 2021 Implementation Essentials outline is organized into 6 domains. The first three are:

  • Enterprise and Financial Reporting Structures — 20% of the exam
  • Period Close and Financial Reporting — 15% of the exam
  • Ledgers and Accounting Setup — 25% of the exam

See the complete exam topics section above for the full outline and the weighting of every domain.

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

Question #1

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
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #2

Your customer wants to secure their primary balancing segment values to prevent employees of one company from entering or viewing data of another company. You only need this for General Ledger balances and reporting. What two security features should you use?

  • A. Data Access Sets using an Access Set Type of Primary Balancing Segment
  • B. Cross-Validation Rules
  • C. Segment Value Security
  • D. Balancing Segment Value Assignment to Legal Entities
Reveal Solution  Discussion  0

Correct Answer: A,C  🗳️

Explanation: Only visible for PracticeTorrent members. You can sign-up / login (it's free).

Question #3

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. Both are reserved
  • D. The purchase order is Liquidated and the invoice is Partially Reserved
  • E. The purchase order is Partially Liquidated and the invoice is Partially Reserved
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for PracticeTorrent members. You can sign-up / login (it's free).

Question #4

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 is used to main balances in a different currency only
  • C. it can differ from its primary ledger by the accounting method, chart of accounts, accounting calendar, currency and/or journal processing options
  • D. it should not be used when trying to meet local accounting requirements.
  • E. it should only be used to maintain balances for processing performance.
Reveal Solution  Discussion  0

Correct Answer: A,C  🗳️

Question #5

our Financial Analyst needs to interactively analyze General Ledger balances with the ability to drill down to originating transactions. Which three features facilitate this? (Choose three)

  • A. Account Inspector
  • B. Smart View
  • C. OTBI
  • D. Account Monitor
  • E. Sunburst Report
Reveal Solution  Discussion  0

Correct Answer: A,B,D  🗳️

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