1Z0-1060 by Oracle Valid Free Exam Practice Test

Question 1

Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

A. Manage Accounting Attribute Assignments B. Manage Reporting Currencies C. Specify Ledger Options D. Manage Subledger Accounting Options

Correct Answer: A

Question 2

Given the subledger journal entry:

Note that the first segment is the primary balancing segment.
Which statement is True regarding this subledger journal entry?

A. It is not balanced by entered currency. B. It is not balanced by entered amounts. C. It is not balanced by balancing segment. D. It appears correct.

Correct Answer: B

Question 3

What is a user job role data context assignment?

A. Security data role context assignment to a user job role B. Security data access context assignment to a user job role C. Duty role context assignment to a user D. Security privileges assignment to a user job role

Correct Answer: B

Question 4

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. 'New Trucks' and' Fix Trucks' are located in the same country and share chart-of accounts and accounting conventions.
How many ledgers are required to be set up?

A. One primary, one secondary ledger B. Two primary ledgers C. One primary ledger D. One primary, one repotting currency ledger

Correct Answer: C

Question 5

You have created a description rule. When you try to select this description rule to be displayed as a header description rule in a journal entry rule set, you are not able to find this rule in the list of values.
What is the possible reason for NOT finding the rule?

A. The source does not return any value; therefore the rule is not displayed. B. The rule is built using a line level source. C. The rule is built using a custom source. D. The rule is built using a value set source.

Correct Answer: B

Question 6

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 adjusts the original source transaction. B. The account override feature provides an audit trail by preserving the original subledger journal entry. C. The account override feature allows users to record a reason for the adjustment. D. The account override feature is only intended to correct subledger journals that have been posted.

Correct Answer: C

Oracle Accounting Hub Cloud 2019 Implementation Essentials - 1Z0-1060 Exam Practice Test