2022 New 1Z0-1074-21 Exam Questions Real Oracle Dumps
Course 2022 1Z0-1074-21 Test Prep Training Practice Exam Download
NEW QUESTION 35
Identify two reference types used to tie a receipt trade operation to an expense invoice for landing.
- A. Bill of Lading
- B. Receipt number
- C. Shipment number
- D. Expense invoice number
- E. Internal requisition number
Answer: C,E
NEW QUESTION 36
Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?
- A. Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.
- B. The liability for a consigned item occurs when there is an ownership event.
- C. Consigned items can appear on inventory reports with information about the eventual value of the consigned item
- D. The quantity is tracked in inventory but not as an asset until there is an ownership event
- E. There is no difference between owned inventory and consigned inventory.
- F. A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.
Answer: A,B,C,E
NEW QUESTION 37
If the accounting method does not have an assigned chart of accounts (COA), which option is valid?
- A. The accounting method can be assigned to any ledger.
- B. Any secondary ledger that uses the method cannot have a COA.
- C. Accounting rules cannot override the accounting method.
- D. The accounting method must have a mapping set to convert the accounts.
- E. The accounting method may only be used by ledgers without a COA.
Answer: C
NEW QUESTION 38
Identify four characteristics of a cost element.
- A. The mapping of cost components into cost elements is user-defined.
- B. It uses date effectivity.
- C. It is the granularity at which costs are tracked and accounted.
- D. It is user-defined.
- E. Users can define any number of cost elements.
- F. It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing.
Answer: A,B,D,F
NEW QUESTION 39
Identify two characteristics of Landed Cost charge names.
- A. Duty is a seeded charge name for Landed Cost.
- B. You can modify a charge name until it is associated with a trade operation.
- C. Charge names cannot be used to tie an invoice to a trade operation.
- D. You can use multiple currencies within a trade operation for the same charge name on different lines.
- E. Charge names cannot be associated with a PO schedule.
Answer: B,D
NEW QUESTION 40
Identify the four types of cost adjustments.
- A. When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.
- B. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
- C. A standard cost update will create an inventory value adjustment.
- D. Authorized users can manually create cost adjustments.
- E. A change to a requisition after the purchase order has been created will create a cost adjustment.
- F. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
Answer: B,D,E,F
NEW QUESTION 41
Which two outcomes can happen in create accounting when an account combination returned is end dated?
- A. The original account is stored on the journal line.
- B. Suspense accounts cannot be used.
- C. The preprocessor will pre-warn about this error.
- D. An error will always occur.
- E. An alternate account will be used if provided.
Answer: A,E
Explanation:
Explanation
https://docs.oracle.com/en/cloud/saas/financials/18b/faisl/subledger-accounting-setup.html#FAISL212668
NEW QUESTION 42
You are verifying your distributions for your transactions. You Just ran the receipt accounting distribution process. However, your purchase order receipt is not showing up.
What do you need to do for your receipt to show up?
- A. Run the Transactions from Receiving to Costing process.
- B. Run the Create Accounting process.
- C. Run the Clear Receipt Accrual Balances process.
- D. Run the Transfer Costs from Payables to Cost Management process.
- E. Run the Transactions from Procurement to Costing process.
Answer: A
NEW QUESTION 43
Your customer wants to run a report to review account balances for both inventory valuation and cost of goods sold. Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances?
- A. Costing Balances Report
- B. Revenue and COGS Matching Report
- C. Inventory Valuation Report
- D. Inventory Account Balances Report
B COGS Account Balances Report
Answer: A,D
NEW QUESTION 44
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. Cost Accounting
- B. Landed Cost Management
- C. Inventory Management
- D. Product Model
- E. Receipt Accounting
Answer: C
NEW QUESTION 45
You are trying to import the purchase order information into Receipt Accounting in the Schedule Process work area. Why can't you see this process?
- A. You do not have the role to import purchase order information into Receipt Accounting.
- B. This process can only be scheduled and run from the Receipt Accounting work area
- C. Purchase order information should not be imported into Receipt Accounting.
- D. All purchase order information is included in the Transfer Transactions from Receiving to Costing process. There is no separate process.
- E. Purchase order information is automatically sent to Receipt Accounting using a real-time method
Answer: E
NEW QUESTION 46
You need to simulate and estimate landed cost charges associated with purchase order receipts of material.
What must you create to make this possible?
- A. Routes
- B. Charge Name
- C. Cost Scenario
- D. Trade Operation
- E. Orders
Answer: D
NEW QUESTION 47
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 account combination rules use constants
- C. When using account combination rules
- D. Every accounting method should have a COA.
- E. When using segment rules
Answer: D,E
NEW QUESTION 48
Select the two valid relationships between subledger components.
- A. The accounting method groups journal entry rule sets by Event Class and Event Type.
- B. The journal lines hold the journal entry rule sets.
- C. Journal entry rule sets hold journal rules and accounting rules.
- D. The accounting method holds the accounting rules by Event Class and Event Type.
- E. Journal entry rules are used to hold accounting rules.
Answer: C,E
Explanation:
Explanation
https://docs.oracle.com/cd/E51367_01/financialsop_gs/FAISL/F1456683AN11328.htm
NEW QUESTION 49
If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings?
- A. Query the transaction from Review Cost Accounting Distributions to see the error message.
- B. Review errors in the Create Accounting Execution report.
- C. Refer to the Accounting Event Diagnostic log.
E Review errors in the Create Accounting Execution log. - D. Refer to the Accounting Event Diagnostic report.
Answer: B
NEW QUESTION 50
Identify two characteristics of an expense pool. (Choose two.)
- A. It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto the balance sheet as inventory value.
- B. You can define the name of your expense pool, but you cannot define more than one.
- C. It is used only for analyzing gross margins on noninventory sales of services.
- D. It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.
Answer: A,D
NEW QUESTION 51
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)
- A. Purchase Variance Summary
- B. Journal Entries
- C. Inventory Valuation
- D. Cost Processing
- E. Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
- F. Work Order Costs
Answer: C,D,E
NEW QUESTION 52
After "Cost Accounting Processor" has processed the physical inventory classification of transactions which transaction types will it process next?
- A. Overhead
- B. Adjustments
- C. In-transit
- D. Retro-reprice
- E. Cost of Goods Sold
Answer: A
NEW QUESTION 53
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 Receipt Accounting processes that show whether any processes failed and why.
- C. Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.
- D. Review their accrual balances and clear them.
- E. 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.
Answer: D,E
NEW QUESTION 54
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. Turn on the Subledger Gain or Loss Option.
- B. Create a foreign reporting currency to track gain/loss.
- C. Subledger Accounting is already set up to process it.
- D. Create a secondary ledger to track gain/loss.
Answer: B
NEW QUESTION 55
Which two types of costs are included in the cost of contract manufactured items?
- A. The cost of resources consumed at the OEM's factory
- B. The cost of Items that the contract manufacturer had to purchase to perform the contract manufacturing service, and the cost of resources used by the contract manufacturer
- C. Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.
- D. The cost of the contract manufacturing service Item. This is the price that the contract
- E. The cost of items that the original equipment manufacturer (OEM) owns and has provided to the contract manufacturer for use in the process of making the output Items
Answer: B,E
NEW QUESTION 56
Your client wants to view Landed Cost Variance. Which pair of search options are available to view Landed Cost Variance?
- A. Inventory Organization and Legal Entity
- B. Business Unit and Cost Organization
- C. Business Unit and Inventory Organization
- D. Business Unit and Legal Entity
- E. Inventory Organization and Cost Organization
- F. Legal Entity and Cost Organization
Answer: C
NEW QUESTION 57
Identify four features provided by the Review Work Order Costs UI when displaying work order
- A. Output Costs
- B. Input Costs
- C. Variable Costs
- D. Standard Cost variances
- E. Incremental Costs
- F. Scrap Costs
Answer: A,B,D,F
NEW QUESTION 58
Identify two characteristics of a cost profile.
- A. It is used for Receipt Accounting.
- B. It is where you define your Cost Accounting policies.
- C. It is used for calculating the estimated cost of manufactured items under different scenarios.
- D. It is where you define which cost method you want to use for the cost component to cost element mapping.
Answer: A,B
NEW QUESTION 59
There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line for it?
- A. Create a condition for a journal line for freight.
- B. Account Class must be set to Freight.
- C. Sub ledger accounting is set up to accomplish this out-of-the-box.
- D. Line Type must be set to Freight.
Answer: B,D
NEW QUESTION 60
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