Top Tips Of Most Recent 1z0-1074 Free Question

NEW QUESTION 1
Identify two purposes of Sub ledger Accounting.

• A. to maintain backward compatibility
• B. to obtain detailed information for auditpurposes since all sub ledger accounting is at the detail level
• C. to calculate costs for transactions
• D. to create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger
• E. to centralize accounting string generation across all modules

Answer: CD

NEW QUESTION 2
You have configured the application as follows:
• Expense items are set to accrue at receipt.
• Receipt Close tolerance is set to 75 percent.
• Purchasing Line types are set to 2-way match.
When you create a purchase order, the Accrue on Receipt check box is automatically selected when a line is added.
Which two configurations changes willensure the Accrue on Receipt check box is not selected by default?

• A. Change expense items to accrue at period end.
• B. Change the Purchasing Line types to 4-way match.
• C. Change inventory items to accrue at period end.
• D. Change the Purchasing Line types to 3-way match.
• E. Change the Receipt Close tolerance so it is 100 percent.

Answer: BD

NEW QUESTION 3
Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?

• A. Review their audit receipt accrual clearing balances.
• B. Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.
• C. Review their accrual balances and clear them.
• D. Review their Receipt Accounting processes that show whether any processes failed and why.
• E. Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.

Answer: BC

NEW QUESTION 4
How is the standard cost of a manufactured configured item calculated?

• A. It is based on the material and resource requirements of a released work order.
• B. The standard cost of a model item is calculated.
• C. The standard cost is calculated for every possible combination of options under a model
• D. It is based on the actual cost of the work order after it is completed.

Answer: B

NEW QUESTION 5
Identify four reasons to usethe set ID when defining Cost Accounting setups. (Choose four)

• A. You can share definitions across multiple cost organizations.
• B. You can control which definitions are visible to different cost organizations
• C. You can streamline your setup effort.
• D. Youhave the option to share setup data across all cost organizations using the common set.
• E. You can take advantage of the business unit-to-set ID mapping defined in Cost Accounting.
• F. You don't have to create any definitions for cost books.

Answer: ACDE

NEW QUESTION 6
If the accounting method on the Subledger Accounting method page has an assigned chart of accounts (COA), which two types of Journal entry rule sets can be used?

• A. Rule sets assigned to a secondary ledger with a different COA
• B. Rule sets that have a mapping set to convert the accounts
• C. Rule sets not associated with any chart of accounts
• D. Rule sets where the accounting rules override the method rule set
• E. Rule sets that use the same chart of accounts

Answer: AD

NEW QUESTION 7
Identify three Landed Cost Management tasks.

• A. Capture Charges
• B. View Rolled Up Costs
• C. Manage Cost Scenarios
• D. Perform Allocations
• E. Create Accounting
• F. Review Journal Entries

Answer: ADE

Explanation:
https://docs.oracle.com/en/cloud/saas/supply-chain-management/18b/faims/implementing-landed-cost-managem

NEW QUESTION 8
Which three cost planning tasks can be performed in the Cost Accounting work area?

• A. Review Work Order Costs
• B. Review Item Costs
• C. Analyzing and Comparing Costs
• D. Estimating Standard Costs for Assemblies
• E. Manage Resource Rates
• F. Manage Cost Accounting Periods

Answer: ADE

Explanation:
https://fusionhelp.oracle.com/fscmUI/topic/TopicId_P_C97AC111350F0D3EE040D30A68814D11

NEW QUESTION 9
Your client only wants to cost inventory items and third party costs. Which two modules are they required to implement to ensure this functionality?

• A. Receipt Accounting
• B. Cost Accounting
• C. Landed Cost Management
• D. Inventory Management
• E. Product Model

Answer: D

NEW QUESTION 10
You have made some changes to your subledger accounting setups for Costing and want to verify that the journal entries are showing up correctly.
How can you generate a report that allows you to see the subledger journal entries for transactions without actually transferring to the General Ledger?

• A. Run the Create Accounting for Costing process with the following parameters: • Accounting Mode = Draft •Report Style = Detail• Transfer to General Ledger = No • Post in General Ledger = No
• B. Run the Transfer Transactions from Inventory to Costing process with the following parameters: • Accounting Mode = Draft • Report Style = Detail • Transfer to General Ledger = No • Post in General Ledger = No
• C. Run the Create Cost Accounting Distribution process with the following parameters: • Accounting Mode = Draft • Report Style = Detail • Transfer to General Ledger = No • Post in General Ledger = No
• D. Run the Create Cost Accounting Distribution process with the following parameters: • Accounting Mode = Final • Report Style = No report• Transfer to General Ledger = No• Post in General Ledger = No
• E. Run the Create Accounting for Costing process with the following parameters: • Accounting Mode = Final • Report Style = No report• Transfer to General Ledger = No• Post in General Ledger = No

Answer: A

NEW QUESTION 11
An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed.
How do you get the journal line rule to calculate the gain or loss?

• A. Create a foreign reporting currency to track gain/loss.
• B. Create a secondary ledger to track gain/loss.
• C. Turn on the Subledger Gain or LossOption.
• D. Subledger Accounting is already set up to process it.

Answer: A

NEW QUESTION 12
Your customer wants to run a report to review account balances for bothinventory valuation and cost of goods sold. Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances?

• A. Inventory Account Balances Report B COGS Account Balances Report
• B. Revenue and COGS Matching Report
• C. Costing Balances Report
• D. Inventory Valuation Report

Answer: AC

NEW QUESTION 13
Which two statements are true about Cost Accounting books? (Choose two.)

• A. A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
• B. A cost organization has one book that posts to the primary ledger.
• C. Every cost organization must use different book names; they cannot be shared.
• D. Secondary books can post accounting entries into any ledger, including the primary ledgeror any secondary ledger.

Answer: AB

NEW QUESTION 14
Your client is using Quick Setup to implement Costing. They have a requirement to track costs for manufacturing overhead. How can you make sure that this requirement is met?

• A. Complete Quick Setup and then create the user-defined cost using the Manage Cost Component task.
• B. This requirement will already be met by the default data generated when using Quick Setup.
• C. Create the cost in Manage Cost Scenarios.
• D. You can only track costs for Direct Labor and Direct Equipment; this requirement cannot be met.

Answer: B

NEW QUESTION 15
When attempting to open costing periods, your customer is receiving the following error:
Error: You do not have the required permission. You can request that your help desk change your security settings.
What configuration needs to be done so your customer will be able to open the Cost Accounting period?

• A. Create Data Access on the Accounts Payable role for the correct cost organization.
• B. Create Data Access on the Accounts Payable role for the correct inventory organization.
• C. Create Data Access on the Cost Accountant role for the correct cost organization.

Answer: A

NEW QUESTION 16
Which two rules determine whether a condition has been met for accounting rules?

• A. When the condition is met, the rule associated with thatpriority is used.
• B. Priorities determine the order in which accounting rule conditions are examined.
• C. The conditions are evaluated in the sequence they are defined in the accounting rule.
• D. After all conditions are tested, the final resulting value isused.
• E. Use parenthesis to control the order of the condition evaluation.

Answer: AC

NEW QUESTION 17
Your client needs to import the relevant transactions and tax determinants for their expense items into ReceiptAccounting. What is the correct sequence of processes to accomplish this?

• A. Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management
• B. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
• C. Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing
• D. Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management
• E. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
• F. Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

Answer: A

NEW QUESTION 18
You are explaining the characteristics of a "profit in inventory" cost element to a client. Which three statements describe true characteristics of this cost element?

• A. It is only used when you do not need to maintain an arm's length relationship.
• B. It can help you understand true margins and value added by internal business units through the internal supply chain.
• C. It can help you with consolidated financial reporting.
• D. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.
• E. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.

Answer: CDE

NEW QUESTION 19
You are establishing the cost for a make assembly. When we run Cost Rollup, it is not rolling up and the Assembly shows "0" cost. However,item costs are available for child (buy) components. In the review work order cost, we are able to see child components costs, but not the rollup cost of the assembly.
Identify two reasons this happened.

• A. The item has no on-hand inventory.
• B. The assembly item is marked as Perpetual Average costed.
• C. Outstanding purchase orders have not been received.
• D. The Work Definition is incomplete.
• E. Burdens have not been established for the item

Answer: BD

NEW QUESTION 20
Assume today is November 15, 2015, and you are getting ready to implement new standard costs for the new year Your cost planning scenario has a January 1, 2021 effective date. An item has three work definitions. One work definition has an October l, 2015effective date. A second work definition has a December 1, 2015 effective date. A third work definition has a January 2, 2021 effective date.
How will the application select the work definition?

• A. It will use the work definition with the January 2, 2021effective date.
• B. Depending on the selection criteria, it will use the work definition with the December l, 2015 effective date or the work definition with the October l, 2015 effective date.
• C. It must always use the work definition with the October 1, 2015 effective date.
• D. You will receive an error because the application will detect that all three are plausible, and it will be unable to determine which one to choose.

Answer: D

NEW QUESTION 21
A chart of accounts (COA) must be specified on the accounting method for which two situations?

• A. When using ledgers that have unique accounting requirements
• B. When using account combination rules
• C. When account combination rules use constants
• D. Every accounting method should have a COA.
• E. When usingsegment rules

Answer: DE

NEW QUESTION 22
When running the Transfer Costs to Cost Management process,where will the primary default source for costs come from and what is the effect?

• A. Receivables invoices; actual cost can be used.
• B. Payables invoices; invoice price variance can be added to item cost.
• C. Receipt costs; costs include adjustments.
• D. Requisition costs; validated costs can be used.
• E. Purchase order costs; item catalog costs can be used.

Answer: A

NEW QUESTION 23
At what level can you define item cost profiles?

• A. Item cost profiles are defined within an inventory organizatio
• B. There can be only one cost method for an inventory organization.
• C. Cost profiles are ultimately defined at the item leve
• D. Different items within the same inventory organization can use different cost profiles.
• E. Item cost profiles are defined at the cost organization leve
• F. All items within a cost organization must use the same cost profile.
• G. Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.

Answer: A

NEW QUESTION 24
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