Oracle 1z0-1060-20 Free Practice Questions

NEW QUESTION 1
What kind of sequence can be assigned to subledger journal entries at the time that the journal entries are created in final mode?

• A. Reporting Sequence
• B. Accounting Sequence
• C. Journal Entry Sequence
• D. Document Sequence

Answer: B

NEW QUESTION 2
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 provides an audit trail by preserving the original subledger journal entry.
• B. The account override feature adjusts the original source transaction.
• C. The account override feature is only intended to correct subledger journals that have been posted.
• D. The account override feature allows users to record a reason for the adjustment.

Answer: AD

NEW QUESTION 3
Invoices received from a source system need to use a specific account based on 30 different expense types. However, if the invoice is from a certain supplier type, it needs to go to a default account regardless of the expense type.
What is the solution?

• A. Create a 30 account combination rule with a condition of expense type.
• B. Create an account rule with three rule elements using one for expense type mapping, one for condition of supplier type, and the other one without any condition.
• C. Create two journal line rules with a condition of supplier type.
• D. Create an account rule with 31 rule elements using one condition for each expense type and another for supplier type.

Answer: B

NEW QUESTION 4
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 balancing segment.
• B. It is not balanced by entered currency.
• C. It is not balanced by entered amounts.
• D. It appears correct.

Answer: A

NEW QUESTION 5
After supporting references balances setup component is tagged to subledger journal entries, what type of reports need to be created so that the information is available to users?

• A. an Oracle Financial Reporting Studio report
• B. a predefined Oracle Business Intelligence Publisher report
• C. an Oracle Transactional Business Intelligence analysis
• D. a Smart View Report

Answer: C

NEW QUESTION 6
Which three duty roles are required to perform Accounting Hub setup tasks?

• A. Accounting Hub Maintenance
• B. Subledger Accounting Manager
• C. Accounting Hub Administration
• D. Application Implementation Consultant
• E. Accounting Hub Integration

Answer: CDE

NEW QUESTION 7
In the process of analyzing data from a source system you find that there are no reliable amounts that can be used to build a subledger journal entry.
How can you resolve this challenge?

• A. Use a custom formula in an account rule to derive amounts.
• B. Use a custom formula in a description rule to derive amounts.
• C. Use a custom formula in a journal line rule to derive amounts.
• D. Use a custom formula in a supporting reference to derive amounts.

Answer: C

NEW QUESTION 8
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. Run Create Accounting again to generate journal entries for the events that ended in error.
• C. Submit the Accounting Event Diagnostics process.
• D. Run the Accounting Events Diagnostic Report.

Answer: A

NEW QUESTION 9
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.
How can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?

• A. Set up multiperiod accounting journal lines.
• B. Set up a transaction line reversal.
• C. Create an adjustment journal entry.
• D. Set up automatic Journal line reversal.

Answer: A

NEW QUESTION 10
Which three are mandatory transaction source information?

• A. Transaction Number
• B. Transaction Line
• C. Ledger Name
• D. Transaction Date
• E. Distribution Link

Answer: ACD

NEW QUESTION 11
What are all the tabs that are available to be completed in the Register Source System spreadsheet?

• A. Source System and Line Information
• B. Source System and Transaction Information
• C. Source System
• D. Source System, Transaction Information, and Line Information

Answer: D

NEW QUESTION 12
What is the key attribute that is used to query journal entries of a registered source system?

• A. Ledger Name
• B. Transaction Date
• C. Journal Source
• D. Accounting Date

Answer: C

NEW QUESTION 13
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 rule is built using a value set source.
• B. The source does not return any value; therefore the rule is not displayed.
• C. The rule is built using a line level source.
• D. The rule is built using a custom source.

Answer: C

NEW QUESTION 14
'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. Recurring Journal class
• C. Accounting class
• D. Multiperiod class

Answer: D

NEW QUESTION 15
Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

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

Answer: C

NEW QUESTION 16
What is NOT included in the minimum required accounting attribute assignments?

• A. Second Distribution Identifier
• B. First Distribution Identifier
• C. Distribution Type
• D. Accounting Date

Answer: A

NEW QUESTION 17
To support foreign currency transaction in Accounting Hub, which accounting attributes must be assigned a source?

• A. Conversion type and conversion date
• B. Conversion type, conversion date and conversion rate
• C. Conversion date and conversion rate
• D. Conversion type

Answer: C

NEW QUESTION 18
The new billing source system has been registered into Accounting Hub Cloud. The subledger is in active state. At a later date, the business decides to bring in another legacy system (for example, a payment system) for accounting in Accounting Hub.
What two options do you have?

• A. Add this as a new transaction type into existing registered subledger from the user interface.
• B. Register it as a new source system.
• C. Add this as a new transaction typo into existing subledger registration spreadsheet template.
• D. Change the transaction data file.

Answer: AB

NEW QUESTION 19
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