Part-21:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Question 78:

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? 

Option's:

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 report. 

D. Refer to the Accounting Event Diagnostic log. 

E Review errors in the Create Accounting Execution log. 

Answer: B

Question 79:

Your client has accounting rules that need specific customization. Which two options allow them to accomplish this ?

Option's:

A. Copy and rename predefined subledger journal entry rule sets before modifying them.

B. Use a different journal entry rule set for each ledger with a different accounting convention. 

C. The subledger journal entry rule set does not need the same accounting event class as the accounting method. 

D. Journal entry rule sets do not require accounting rules. 

E. The subledger journal entry rule set does not need the same accounting event type as the accounting method. 

Answer: E

Question 80:

A manager has decided to close the period by not allowing any new transactions, except for corrections and adjustments, which can happen any time before the period is closed permanently. Which cost period status will allow the system to perform the transaction? 

Option's:

A. Open 

B. Closed 

C. Permanently Closed 

D. Never Opened 

E. Close Pending

 Answer: B

Question 81:

The process to map the AP invoices to the trade operation charges has completed. Which entity did the application use to do this? 

Option's:

A. Material Receipts 

B. Charge Names 

C. Reference Types 

D. Routes 

E. Trade Operation Template 

Answer: A

Part-20:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Question 74:

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

Option's:

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

Question 75:

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? 

Option's:

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: C, D & E

Question 76:

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

Option's:

A. When the condition is met, the rule associated with that priority 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 is used. 

E. Use parenthesis to control the order of the condition evaluation. 

Answer: A & C

Question 77:

You have finished creating your sub ledger journal entry rule sets and see that they are still in the incomplete status. Which two steps will ensure that the journal entries are generated? 

Option's:

A. Run the "Activate Accounting Methods" process. 

B. Validate the sub ledger journal entry rule sets using Validate Journal Entry Rule Set. 

C. Run the "Activate Sub ledger Journal Entry Rule Set Assignments" process. 

D. Add the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task 

E. Add the sub ledger journal entry rule sets to the Manage Accounting Methods task. 

Answer: B & C

Part-19:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Question 70:

Your client originally used Quick Setup to configure Cost Accounting However, after reviewing their costing policies, they realize that they want to cost some of their lots differently then others What must they do to accomplish this? 

Option's:

A. Quick Setup generates valuation units so they just have to access those valuation units and make their changes. 

B. They cannot change their current configuration; data generated by Quick Setup cannot be changed. 

C. They must create their valuation units manually. 

D. Quick Setup generates one valuation unit so they can access this to make changes and manually create new valuation units. 

Answer: B

Answer Explanation: They cannot change their current configuration; data generated by Quick Setup cannot be changed so cost of some of their lots cannot be changed or different.

Question 71:

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, 2016 effective date. An item has three work definitions. One work definition has an October l, 2015 effective date.

A second work definition has a December 1, 2015 effective date. A third work definition has a January 2, 2016 effective date. How will the application select the work definition? 

Option's:

A. It will use the work definition with the January 2, 2016 effective 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

Answer Explanation: To select the work definition by Application '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'.

Question 72:

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? 

Option's:

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: A & D

Answer Explanation: Two Journal entry rules we can use and that is  'Rule sets assigned to a secondary ledger with a different COA' & 'Rule sets where the accounting rules override the method rule set E. Rule sets that use the same chart of accounts'.

Question 73:

Identify two characteristics of a cost profile ?

Option's:

A. It is used for calculating the estimated cost of manufactured items under different scenarios. 

B. It is used for Receipt Accounting. 

C. It is where you define your Cost Accounting policies. 

D. It is where you define which cost method you want to use for the cost component to cost element mapping. 

Answer: B & C

Answer Explanation: Two Popular Characteristics of Cost Profile is 'It is used for Receipt Accounting' & 'It is where you define your Cost Accounting policies'.

Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Part-18:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Question 67:

Identify four characteristics of a cost element ?

A. Users can define any number of cost elements. 

B. It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing. 

C. It is the granularity at which costs are tracked and accounted. 

D. It is user-defined. 

E. The mapping of cost components into cost elements is user-defined.

F. It uses date effectivity. 

Answer: B, D, E & F

Answer Explanation: Cost Element characteristics are 'It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing' , 'It is user-defined', 'The mapping of cost components into cost elements is user-defined' & 'It uses date effectivity'.

Question 68

You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration? 

Option's:

A. Activate its journal entry rule set assignments. 

B. Transfer costs to Cost Management. 

C. Create Accounting. 

D. Transfer transactions from Receiving to Costing. 

E. Execute the Preprocessor. 

Answer: C

Answer Explanation: After modification of an accounting method , we need to run the Create Accounting.

Question 69:

Which four steps need to be completed to establish standard costs for a make item? 

Option's:

A. Run preprocessor. 

B. Complete cost roll-up. 

C. Publish costs 

D. Export item costs. 

E. Add standard costs to a cost scenario. 

F. Create a new cost scenario. 

Answer: A, B, C & D.

Answer Explanation: To establish standard cost for an make item , we need to complete first , 'Run PreProcessor' , 'Complete Cost roll-up' , 'Publish costs' & 'Export Item Costs'.

Part-18:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Part-17:Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Question 64:

After all relevant transactions are in Receipt Accounting, which tasks must be completed for these transactions to be transferred to the General Ledger? 

Option's:

A. Transfer to Sub ledger Accounting. 

B. Transfer transactions from payables. 

C. Transfer transactions from receiving. 

D. Create distributions. 

E. Assign accruals to purchase order transactions. 

Answer: D

Answer Explanation:  Create distributions is the task must be completed for these transaction to be transferred to the General Ledger.

Question 65:

Identify two characteristics of Landed Cost charge names ?

Option's:

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

Answer Explanation: There are many characteristics of Landed Cost charge names and some of them is 'You can modify a charge name until it is associated with a trade operation' & 'You can use multiple currencies within a trade operation for the same charge name on different lines'.

Question 66:

Select the two valid relationships between subledger components ?

Option's:

A. The accounting method holds the accounting rules by Event Class and Event Type. 

B. The journal lines hold the journal entry rule sets. 

C. The accounting method groups journal entry rule sets by Event Class and Event Type. 

D. Journal entry rules are used to hold accounting rules. 

E. Journal entry rule sets hold journal rules and accounting rules. 

Answer: D & E 

Answer Explanation: Two valid relationships are 'Journal entry rules are used to hold accounting rules' & 'Journal entry rule sets hold journal rules and accounting rules'.

Answer Reference: https://docs.oracle.com/cd/E51367_01/financialsop_gs/FAISL/F1456683AN11328.html

Oracle Cloud Cost Management Certifications: 1Z0-1074-20

Oracle Fusion Financial Payables Certification:1Z0-1055-20

QUESTION 46

Identify three correct statements about creating and maintaining supplier profile entities ?

Options: -

A. Tax Registrations can be created and maintained only at the supplier level.

B. Bank Accounts can be created and maintained at supplier and supplier site level.

C. Multiple sites can NOT be created for the same address.

D. One supplier address can be associated with one or more supplier contacts and one contact can be

associated with one or more addresses.

E. Transaction Controls are maintained at supplier site level.

Correct Answer: B, D & E

Answer Explanation:

1. Tax registrations can be created and maintained at the supplier address level.

2. Bank accounts can be created and maintained at three levels: supplier, address and site.

3. A site must be associated with exactly one address. Multiple sites can be created for the same address, which is common when more than one procurement business unit sources from the same supplier. Note: A site can be created while creating an address, to save time from navigating to the Sites tab after creating the address.

4. Address Contacts and Contact Addresses represent two ways an association can be made between a supplier address and supplier contact. This association can be established when performing maintenance in either entity. One address can be associated to one or more contacts, and one contact can be associated to one or more addresses. Additionally, when a contact is associated with an address, it is implicitly associated with all sites using the address. This establishes the concept of a Site Contact. Some transactions, such as purchasing documents, allow for a Site Contact to be selected on the transaction.

 

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 47

How are prepayments for invoices configured?

Options: -

A. Create the prepayment terms and associate it with the prepayment Invoice.

B. Enable Allow Prepayments in Define General Payables Options.

C. Enable the Profile Option for Prepayment in the Manage Payable profile options page.

D. No additional configuration is required. Users must select the invoice type as prepayment when the

invoice is created.

E. No additional configuration is required. Users must select the payment type as prepayment when the

payment is created.

 

Answer: D

Answer Explanation:

In payables there are 11 types of Invoices:

That is

1. Standard Invoice

2. Debit memo

3. Credit memo

4. Expense report

5. Mixed Invoice

6. Prepayment

7. PO default

8. Withholding tax

9. Recurring Invoice

10.Interest Invoice

11.Quick match

Prepayment: advance payment you make to a suppliers or employee. If you enter Temporary for the Prepayment type field, then you can later apply prepayment to an invoice.

Two types of prepayments are there, namely, temporary and permanent. In case of earlier one. it is treated as advance to the supplier and will be adjusted against any invoice on or after the settlement date but in case of later one, it is treated as deposit with the supplier.

Question 48

Identify two items that are defined in the Common Options in the Payables and Procurement window?

 

Options: -

A. Discount Allocation Method

B. Automatic Offset

C. Payment Terms

D. Apply Withholding Tax

E. Conversion Rate Type

 

Correct Answer: B & E

Answer Explanation:

Common Options for Payables and Procurement are setup options that are used by features throughout the procure-to-pay business flow, such as default accounts, additional legal entity information, accounting options, and self-billed invoices. Set options for the following:

· Default distributions

· Offset segments (Automatic Offset)

· Currency conversion (Conversion Rate Type)

· Expense accruals

· Self-billed invoices

· Legal entity information

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 29

Which are the two ways will an invoice be impacted when an inclusive prepayment is unapplied from it?

Options: -

A. The unpaid invoice amount is increased by the amount of the prepayment.

B. An installment is created for the prepayment amount.

C. The invoice validation status changes to Needs Revalidation.

D. The invoice paid status changes from Partially Paid to Unpaid.

E. The invoice accounting status changes to Partially Accounted.

Correct Answer: A & D

Answer Explanation:

If you mistakenly apply a prepayment to an invoice, you can unapply it. Payables automatically creates a reversal distribution and a new scheduled payment for the prepayment in the amount that you unapply.

Payables also increases the Amount Available for the prepayment by the unapplied amount. Payables updates the status of the invoice to unpaid or partially paid.

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Question 30

Which three duty roles are granted to the Corporate Card Administrator?

 

Options: -

A. Corporate Card Transaction Management Duty

B. Corporate Card Issuer Payment Request Management Duty

C. Business Intelligence Applications Worker

D. Corporate Card Transaction Review Duty

E. Expense Export Duty

Correct Answer: A, B & C

Answer Explanation:

Duties assigned directly and indirectly to the job role Corporate Card Administrator include: Corporate Card Transaction Management Duty Corporate Card Issuer Payment Request Management Duty Business Intelligence Applications Worker.

Question 32

Which are the two scenarios for the invoice line type Prepayment automatically generated?

Options: -

A. a prepayment created with invoice type as Prepayment

B. a prepayment applied to the invoice

C. a prepayment is unapplied to the invoice

D. a manually created invoice line with type as Prepayment

E. at the time of validating a Prepayment Invoice

Correct Answer: B & C

Answer Explanation:

Invoice line types categorize the lines on an invoice. You can select some invoice line types, such as the

Item line type. Other line types, such as the Prepayment line type, are automatically generated.

This table describes the types of invoice lines.

Invoice Line Type, Description

* Prepayment: Prepayment application or unapplication. Prepayment lines are created automatically.

* Item: Details of goods and services.

* Freight: Freight charges on an invoice. Freight charges can be allocated to Item lines.

* Miscellaneous: Other charges on an invoice, such as installation or service. Miscellaneous charges can be allocated to Item lines.

* Tax: Tax lines that are either generated automatically or entered manually.

Withholding tax: Withholding tax lines that are either generated automatically or entered manually.