Exam Name: Oracle Cost Management Cloud 2021 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Cost Management Cloud
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Oracle 1Z0-1074-21 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Cost Accounting | - Cost accounting distributions - Subledger accounting integration - Cost accounting rules and flows |
| Topic 2: Period Close Processes | - Cost period close activities - Reconciliation and adjustments |
| Topic 3: Reporting and Analytics | - Cost reporting - OTBI and analysis tools |
| Topic 4: Cost Management Cloud Setup and Configuration | - Cost organization setup - Cost components configuration - Cost profiles and valuation structures |
| Topic 5: Inventory Costing | - Perpetual costing and valuation - Actual costing methods - Standard costing |
Oracle Cost Management Cloud 2021 Implementation Essentials Prep: What Matters More Than Volume
- Period Close Processes ()
- Inventory Costing ()
- Cost Management Cloud Setup and Configuration ()
Oracle Cost Management Cloud 2021 Implementation Essentials Sample Questions:
You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?
- A. Create Accounting.
- B. Transfer transactions from Receiving to Costing.
- C. Activate its journal entry rule set assignments.
- D. Execute the Preprocessor.
- E. Transfer costs to Cost Management.
Correct Answer: C š³ļø
Your client is using Quick Setup to implement Costing. They have a requirement to track costs for manufacturing overhead. How can you make sure that this requirement is met?
- A. Complete Quick Setup and then create the user-defined cost using the Manage Cost Component task.
- B. Create the cost in Manage Cost Scenarios.
- C. This requirement will already be met by the default data generated when using Quick Setup.
- D. You can only track costs for Direct Labor and Direct Equipment; this requirement cannot be met.
Correct Answer: C š³ļø
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. Create a secondary ledger to track gain/loss.
- C. Subledger Accounting is already set up to process it.
- D. Turn on the Subledger Gain or Loss Option.
Correct Answer: A š³ļø
What are three cost method choices that are available in Cost Accounting?
- A. Actual cost (LIFO or Last In First Out)
- B. Perpetual average cost
- C. Periodic average cost
- D. Actual cost (FIFO or First In First Out)
- E. Period end average cost
- F. Standard cost
Correct Answer: A,B,D š³ļø
Which two rules determine whether a condition has been met for accounting rules?
- A. After all conditions are tested, the final resulting value is used.
- B. The conditions are evaluated in the sequence they are defined in the accounting rule.
- C. When the condition is met, the rule associated with that priority is used.
- D. Priorities determine the order in which accounting rule conditions are examined.
- E. Use parenthesis to control the order of the condition evaluation.
Correct Answer: B,C š³ļø
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