Reliable Oracle Financials Cloud 1z0-1060-22 Dumps PDF May 15, 2024 Recently Updated Questions
Pass Your Oracle 1z0-1060-22 Exam with Correct 89 Questions and Answers
NEW QUESTION # 41
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 sourcecode 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.
How do you calculate discounts for use in the accounting rule?
- A. Usecustom formulas
- B. Use mapping set rules
- C. Use flexfield
- D. Use analytical calculations
Answer: A
NEW QUESTION # 42
'Insurances for Homes' company provide home insurance service. They have in house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the Journal entries.
Insurance premium is to be recognized as income across the-coverage period of the insurance policy. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?
- A. Recognition Journal class
- B. Accounting class
- C. Recurring Journal class
- D. Multiperiod class
Answer: D
NEW QUESTION # 43
Which duty role should be assigned to job role to import transaction data for accounting and posting in General Ledger?
- A. General Accounting Function Administration.
- B. General Accounting Setup Review.
- C. Accounting Hub Integration.
- D. Accounting Hub Administration.
Answer: C
NEW QUESTION # 44
You need to build a complex account rule. Which four value types can you use in your definition?
- A. Constant
- B. Source
- C. Account Combination
- D. Mapping Set
- E. Existing Account Rule
- F. Value Set
Answer: A,B,D,E
NEW QUESTION # 45
What can you override in a completed subledger journal entry?
- A. the supporting Information
- B. the amounts
- C. the descriptions
- D. the account
Answer: D
NEW QUESTION # 46
Which statement is true about accounting transformation?
- A. It is the process of converting transaction or activities into journal entries that are recorded only Oracle -owned source system.
- B. It is used to build approval rules for transaction recorded in third party source system.
- C. It allows recording of transaction directly in the registration third-party source system.
- D. It is the process of converting transaction or activities from any source systems into journal entries.
Answer: D
NEW QUESTION # 47
Given the business use case:
'Insurances for Homes' company provides home insurance services. They have an in-house built system that processes insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all Journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, the company need to be able to report and view the entries using advanced reporting and analytical tools for segmenting, viewing and understanding data in the journal entries.
The line information may contain more than one line for the same header.
When uploading transactions, which is a way to differentiate each Journalline?
- A. Assign a line classification or line type attribute.
- B. You do not need to do anything additional.
- C. Assign an accounting attribute.
- D. Assign a custom formula.
Answer: B
NEW QUESTION # 48
Under which condition can you override the General Ledger account on an existing subledger journal that is generated by the Import Accounting Transaction Process?
- A. The Status of the Journal is Final with any posting status
- B. The Status of the Journal is in error
- C. The Status of the Journal is Draft
- D. The Status of the Journal is Incomplete
Answer: C
NEW QUESTION # 49
Most of the accounting entries for transaction from the source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use the TAX_AMOUNT source.
At what level can you override the default accounting attribute assignment?
- A. Event Class
- B. Journal Entry Rule Set
- C. Event Type
- D. Journal Line Rule
- E. Journal Entry
Answer: D
NEW QUESTION # 50
What is the maximum length for a name of a transaction type in the Source System Transaction worksheet?
- A. 20.
- B. 40.
- C. 30.
- D. 25.
Answer: C
NEW QUESTION # 51
Which transaction source is used to link transaction header and line information?
- A. Transaction Key
- B. Transaction Date
- C. Transaction Number
- D. Transaction Type
Answer: C
NEW QUESTION # 52
Which tool will you use to review an account group in a graphical format from the Financial Reporting Center?
- A. EPM
- B. BI Catalog
- C. Sunburst
- D. BI Composer
Answer: B
NEW QUESTION # 53
What is a user job role data context assignment?
- A. Security data access context assignment to a user job role
- B. Duty role context assignment to a user
- C. Security data role context assignment to a user job role
- D. Security privileges assignment to a user job role
Answer: A
NEW QUESTION # 54
Which four of the following are the mandatory parameters to search for a subledger journal on the Review Subledger Journals Page?
- A. Status
- B. Journal Source
- C. Ledger
- D. Transaction Number
- E. Event Type
- F. Date
Answer: A,B,C,F
NEW QUESTION # 55
While creating a journal entry rule set you are NOT able to use an account rule that was created recently.
Which two reasons can explain this?
- A. The account rule is defined with a different chart of accounts from the journal entry rule set.
- B. The account rule is using sources that have not been assigned to the same event class that is associated to the journal entry rule set.
- C. The account rule does not return any valid account value.
- D. The account rule is defined with conditions that are not allowing the assignment.
Answer: A,B
NEW QUESTION # 56
You have been assigned to troubleshoot a Create Accounting error.
What is the first step you need to take to use the diagnostics framework features?
- A. Set the "SLA: Diagnostics Enabled" profile option.
- B. Submit the Accounting Event Diagnostics process.
- C. Run Create Accounting again to generate journal entries for the events that ended in error.
- D. Run the Accounting Events Diagnostic Report.
Answer: A
NEW QUESTION # 57
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.
What would the typical line information be?
- A. Company
- B. Transaction Date
- C. Truck Type
- D. Customer Number
Answer: C
NEW QUESTION # 58
Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?
- A. Manage Subledger Accounting Options
- B. Specify Ledger Options
- C. Manage Reporting Currencies
- D. Manage Accounting Attribute Assignments
Answer: C
NEW QUESTION # 59
What are the tables or views from which the CreateAccounting process takes source data that is used in accounting rules to create journal entries referred to as?
- A. Mapping sets
- B. Source objects
- C. Event entities
- D. Transaction objects
Answer: C
NEW QUESTION # 60
'Insurances for Homes' company provide home insurance service. They have in-house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the journal entries.
Insurance premium Is to be recognized as income across the coverage period of the insurance policy. What are the two types of journal lines that need to be set up to generate recurring journal entries for insurance premium in each accounting period?
- A. Reversal and Recognition
- B. Offsets and Recognition
- C. Multiperiod and Recognition
- D. Deferral and Recognition
Answer: D
NEW QUESTION # 61
What is the terminology that is used to refer to the number of transactions processed by Create Accounting in one commit cycle?
- A. Processing Unit Size
- B. Accounting Unit Commit Size
- C. Buffer Unit Size
- D. Virtual Machine Processing Size
Answer: A
NEW QUESTION # 62
Which three are mandatory transaction source information?
- A. Transaction Line
- B. Ledger Name
- C. Distribution Link
- D. Transaction Date
- E. Transaction Number
Answer: B,D,E
NEW QUESTION # 63
A customer has four external systems: Consumer Loan, Auto Loan, Home Loan and Insurance. Functional users are allowed to process and view transactions and accounting for all these systems.
Which two implementations allow similar accounting rules to be shared?
- A. One subledger for each source system.
- B. One subledger for the 3 Loan systems and one subledger for Insurance.
- C. One subledger for Consumer Loan and Auto Loan, and one subledger for Home Loan and Insurance.
- D. One subledger for all 4 source systems.
Answer: B,D
NEW QUESTION # 64
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