1z0-1074-23 by Oracle Valid Free Exam Practice Test

Question 1

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?

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

Correct Answer: C

Question 2

Which three features are included in Receipt Accounting?

A. Review Item Costs B. Review Journal Entries C. Analyze Standard Purchase Cost Variances D. Create Receipt Accounting Distribution E. Adjust Receipt Accrual Clearing Balances

Correct Answer: B,D,E

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Question 3

Which statement is true regarding the cost cutoff date in Cost Accounting?

A. It only affects whether or not you can process a cost adjustment. B. Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date. C. Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date. D. Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.

Correct Answer: B

Question 4

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

A. Journal entry rule sets do not require accounting rules. 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. Copy and rename predefined subledger journal entry rule sets before modifying them. E. The subledger journal entry rule set does not need the same accounting event type as the accounting method.

Correct Answer: C,E

Question 5

Which two steps need to be completed to estimate landed costs?

A. Prepare the Material Purchase Order Data process. B. Allocate charges C. Transfer transactions from the Inventory to the Costing process. D. Update standard costs. E. Transfer transactions from the Payables to the Costing process.

Correct Answer: A,B

Question 6

What are the predefined areas that give you visibility into the status of Receipt Accounting, on the overview page in the Receipt Accounting work area?

A. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Transactions B. Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Period Validation Status C. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Period Validation Status D. Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Transactions E. Receipt Accounting Processes, Accrual Schedule, Review Journal Entries, Receipt Accounting Transactions

Correct Answer: A

Question 7

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?

A. Permanently Closed B. Close Pending C. Closed D. Never Opened E. Open

Correct Answer: C

Question 8

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. Subledger Accounting is already set up to process it. C. Create a secondary ledger to track gain/loss. D. Turn on the Subledger Gain or Loss Option.

Correct Answer: D

Oracle Cost Management Cloud 2023 Implementation Essentials - 1z0-1074-23 Exam Practice Test