Updated Mar-2022 Pass 1Z0-1074-21 Exam - Real Practice Test Questions
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NEW QUESTION 30
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?
- A. It will use the work definition with the January 2, 2016 effective date.
- B. 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.
- C. 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.
- D. It must always use the work definition with the October 1, 2015 effective date.
Answer: B
NEW QUESTION 31
Identify three Landed Cost Management tasks.
- A. Create Accounting
- B. Perform Allocations
- C. Review Journal Entries
- D. Manage Cost Scenarios
- E. View Rolled Up Costs
- F. Capture Charges
Answer: A,B,F
Explanation:
Explanation
https://docs.oracle.com/en/cloud/saas/supply-chain-management/18b/faims/implementing-landed-cost-managem
NEW QUESTION 32
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. Refer to the Accounting Event Diagnostic report.
- B. Refer to the Accounting Event Diagnostic log.
E Review errors in the Create Accounting Execution log. - C. Review errors in the Create Accounting Execution report.
- D. Query the transaction from Review Cost Accounting Distributions to see the error message.
Answer: C
NEW QUESTION 33
Which three features are included in Receipt Accounting?
- A. Analyze Standard Purchase Cost Variances
- B. Review Journal Entries
- C. Review Item Costs
- D. Create Receipt Accounting Distribution
- E. Adjust Receipt Accrual Clearing Balances
Answer: B,D,E
Explanation:
Explanation
https://docs.oracle.com/en/cloud/saas/supply-chain-management/r13-update17d/faims/implementing-receipt-acco
NEW QUESTION 34
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, Accrual Schedule, Receiving Balances, Receipt Accounting Transactions
- B. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Transactions
- C. Receipt Accounting Processes, Accrual Schedule, Review Journal Entries, Receipt Accounting Transactions
- D. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Period Validation Status
- E. Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Period Validation Status
Answer: B
NEW QUESTION 35
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. Turn on the Subledger Gain or Loss Option.
- D. Subledger Accounting is already set up to process it.
Answer: A
NEW QUESTION 36
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)
- A. Journal Entries
- B. Cost Processing
- C. Purchase Variance Summary
- D. Inventory Valuation
- E. Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
- F. Work Order Costs
Answer: B,D,E
NEW QUESTION 37
Which two types of costs are included in the cost of contract manufactured items?
- A. 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
- B. The cost of resources consumed at the OEM's factory
- C. 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
- D. The cost of the contract manufacturing service Item. This is the price that the contract
- E. Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.
Answer: A,C
NEW QUESTION 38
Your organization currently has the August period for this year open. They want to be able to open the September period, while keeping August open. When you try to open the target period, August of this year, you get an error.
What must you do to meet your customer's requirement and resolve this error?
- A. Close the August period; you can never have two open periods at the same time.
- B. Run the Transfer Transactions to Costing process.
- C. Change the number of maximum open periods in Manage Cost Organization Relationships
- D. Perform cost account validations for August in Manage Cost Accounting Periods
Answer: B
NEW QUESTION 39
Identify four features provided by the Review Work Order Costs UI when displaying work order
- A. Output Costs
- B. Variable Costs
- C. Standard Cost variances
- D. Scrap Costs
- E. Incremental Costs
- F. Input Costs
Answer: A,C,D,F
NEW QUESTION 40
You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?
- 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: A
NEW QUESTION 41
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 Receipt Accounting processes that show whether any processes failed and why.
- B. Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.
- C. Review their accrual balances and clear them.
- D. Review their audit receipt accrual clearing balances.
- 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: C,E
NEW QUESTION 42
Your client wants their expense items to be accrued at receipt. Which two configurations support this requirement?
- A. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
- B. Product Information Management > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
- C. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to At Receipt. - D. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to Period End. - E. Product Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".
- F. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.
Answer: A,F
NEW QUESTION 43
Which two rules determine whether a condition has been met for accounting rules?
- A. Priorities determine the order in which accounting rule conditions are examined.
- B. The conditions are evaluated in the sequence they are defined in the accounting rule.
- C. After all conditions are tested, the final resulting value is used.
- D. When the condition is met, the rule associated with that priority is used.
- E. Use parenthesis to control the order of the condition evaluation.
Answer: B,D
NEW QUESTION 44
Identify two characteristics of a cost profile.
- A. It is used for calculating the estimated cost of manufactured items under different scenarios.
- B. It is where you define your Cost Accounting policies.
- C. It is used for Receipt Accounting.
- D. It is where you define which cost method you want to use for the cost component to cost element mapping.
Answer: B,C
NEW QUESTION 45
Identify two ways that standard cost is calculated.
- A. The cost of a configured item is calculated based on the work definition of the model item.
- B. The roll-up calculation can be performed to update standard costs for Cost Accounting purposes
- C. Users must manually enter the cost of each configured item; the calculation is not automated.
- D. The standard cost of the configured item is based on the purchase order price quoted by the supplier for the configured item.
- E. The standard cost is the sum of the cost of the selected option items.
Answer: B,E
NEW QUESTION 46
Your client would like to accrue expense items at period end. What subledger journal entry rule set must be created in order for the expense accrual Journal entries to be successfully generated?
- A. Event Class: Period End Accrual Event Type: Period End Accrual
- B. Event Class: Expense Accrual Event Type: Expense Accrual
- C. Event Class: Purchase Order Price Adjustment Event Type: Expense Accrual
- D. Event Class: Purchase Order Price Adjustment Event Type: Period End Accrual
- E. Event Class: Expense Accrual Event Type: Period End Accrual
Answer: A
NEW QUESTION 47
When running the Transfer Costs to Cost Management process, where will the primary default source for costs come from and what is the effect?
- A. Requisition costs; validated costs can be used.
- B. Payables invoices; invoice price variance can be added to item cost.
- C. Receipt costs; costs include adjustments.
- D. Receivables invoices; actual cost can be used.
- E. Purchase order costs; item catalog costs can be used.
Answer: D
NEW QUESTION 48
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