1z0-1060-22 Sample Practice Exam Questions 2024 Updated Verified
Exam Study Guide Free Practice Test LAST UPDATED 1z0-1060-22
NEW QUESTION # 18
Under which condition can you override the General Ledger account on an existing subledger journal that is generated by the Import Accounting Transaction Process?
- A. The Status of the Journal is Draft
- B. The Status of the Journal is Final with any posting status
- C. The Status of the Journal is Incomplete
- D. The Status of the Journal is in error
Answer: A
NEW QUESTION # 19
Which two methods can you use to manage your setup data in the Functional Setup Manager?
- A. Role-based
- B. Functional Area-based
- C. Implementation Project-based
- D. Feature-based
Answer: B,C
NEW QUESTION # 20
Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company 'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
What do you do to enable costs flow from 'New Truck' to 'Fix Truck'?
- A. Enable intercompany balancing option
- B. Enable chart of accounts rule
- C. Enable balancing rules
- D. Enable legal entity rule
Answer: A
NEW QUESTION # 21
Which four components are created by the source system registration upload process in a single step?
- A. Event Model
- B. Transaction Objects
- C. Account Rules
- D. Journal Source
- E. Description Rules
- F. Journal Category
Answer: A,B,D,F
NEW QUESTION # 22
Which three duty roles are required to perform Accounting Hub setup tasks?
- A. Application Implementation Consultant
- B. Accounting Hub Administration
- C. Accounting Hub Integration
- D. Accounting Hub Maintenance
- E. Subledger Accounting Manager
Answer: A,C,E
NEW QUESTION # 23
A customer's business requirement demands a more granular view of transferred subledger journal entries in GL.
Which of the available General Ledger Journal Entry Summarization options meets this requirement?
- A. Transfer in Details
- B. Summarize by GL Period
- C. Group by GL Date
- D. Summarize by GL Date
Answer: C
NEW QUESTION # 24
Given the journal:
What is the terminology that is used to identify the "Account Number', 'Original Balance' , and 'Origination Date' fields?
- A. Attribute Identifier
- B. Source System Identifier
- C. User Transaction Identifier
- D. System Identifier
Answer: A
NEW QUESTION # 25
Which statement is true about managing data access for users?
- A. Data assignments can be made only to users who are assigned to specific abstract roles
- B. Data assignments can be made only to users who are assigned to specific duty roles
- C. Data assignments can be made to all users without a role assignment
- D. Data assignments can be made only to users who are assigned to specific job roles
Answer: D
NEW QUESTION # 26
You are explaining to an accountant that account override is an adjustment feature of Subledger Accounting.
Which two traits can help you explain this feature?
- A. The account override feature allows users to record a reason for the adjustment.
- B. The account override feature is only intended to correct subledger journals that have been posted.
- C. The account override feature adjusts the original source transaction.
- D. The account override feature provides an audit trail by preserving the original subledger journal entry.
Answer: A,D
NEW QUESTION # 27
What is the recommended approach for a use case in which some parts of the transaction data must be processed before uploading them to Accounting Hub Cloud?
- A. Use a web service tool.
- B. Use Oracle ERP Integration tool.
- C. Use Oracle OTBI tool.
- D. Use PaaS tools, for example, ICS - to perform ETL tasks.
Answer: D
NEW QUESTION # 28
Which two components are used by the Approvals Workflow in Oracle Cloud Applications?
- A. Calculation Manager
- B. BPM Worklist
- C. SOA Suite
- D. OTBI
Answer: B,C
NEW QUESTION # 29
'Insurances for Homes' company provide home insurance service. They have in-house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the Journal entries.
Which is a correct example for a formula to prorate amounts evenly across each period? Note that the NumberofGLPeriod is a predefined function that returns the number of non adjustment accounting periods between two dates.
- A. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date" "Effective Date") + 1)
- B. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")
- C. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)
- D. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")
Answer: B
NEW QUESTION # 30
Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company 'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?
- A. Create an adjustment journal entry.
- B. Set up automatic Journal line reversal.
- C. Set up multiperiod accounting journal lines.
- D. Set up a transaction line reversal.
Answer: C
NEW QUESTION # 31
Which two options allow validating input values on mapping sets?
- A. Value sets
- B. Chart of accounts segment
- C. Segment values
- D. Lookup types
Answer: A,D
NEW QUESTION # 32
What feature is NOT provided by Fusion Accounting Hub Reporting Cloud Service (FAHRC)?
- A. transfer Balances to FAH Reporting Cloud Service
- B. provide real-time visibility to financial reports in FAH Reporting Cloud Service
- C. synchronize setup data from Oracle R12 E-Business Suite to FAH Reporting Cloud Service
- D. upload transaction data into FAH Reporting Cloud Service
Answer: C
NEW QUESTION # 33
Which task in the Setup and Maintenance work area is used to download the template for registering a source system in the Accounting Hub Cloud?
- A. Create Subledger Application Setups in the Spreadsheet
- B. Manage Subledger Application
- C. Manage Configuration Packages
- D. Update Subledger Accounting Options
Answer: A
NEW QUESTION # 34
Which statement is true about accounting transformation?
- A. It allows recording of transaction directly in the registration third-party source system.
- B. It is the process of converting transaction or activities into journal entries that are recorded only Oracle -owned source system.
- C. It is used to build approval rules for transaction recorded in third party source system.
- D. It is the process of converting transaction or activities from any source systems into journal entries.
Answer: D
NEW QUESTION # 35
Which duty role should be assigned to job role to import transaction data for accounting and posting in General Ledger?
- A. Accounting Hub Administration.
- B. Accounting Hub Integration.
- C. General Accounting Function Administration.
- D. General Accounting Setup Review.
Answer: B
NEW QUESTION # 36
A new source system has been registered into Accounting Hub Cloud. Users are actively using this new subledqer. Subsequently, the business signed up a contract with a new supplier. A new mapping value that maps suppliers with the accounts needs to be added. You make updates on the mappings in the existing mapping set rule by adding more mapping valued.
After saving the update, what is the next required action?
- A. Activate the accounting method.
- B. There is no required action. The mapping addition is complete.
- C. Activate the journal entry rule set.
- D. Download a new transaction data template.
Answer: B
NEW QUESTION # 37
You have recently registered a new source system and now the customer wants you to add another event type within this source system. What is the correct method to add another event type?
- A. Create another source system with the new event type and merge it with the previous source system
- B. Add the new Event Type from the User Interface by navigating to the Manage Subledger Application Page
- C. Download the template again with the source system data, add the new event type, and upload the data again
- D. Register the source system again by including the New Event Type
Answer: B
NEW QUESTION # 38
Based on a unique combination of which two components is a new standard Balance cube automatically created for a primary or secondary ledger?
- A. Calendar and currency.
- B. Chart of account and calendar.
- C. Chart of account and convention.
- D. Chart of account and currency.
Answer: B
NEW QUESTION # 39
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