Oracle 1Z0-1024 Online Practice Questions and Exam Preparation

Oracle 1Z0-1024 Online Questions & Answers

• Question 11:

  Identify three Landed Cost Management tasks. (Choose three.)

  A. Create Accounting
  B. Capture Charges
  C. Perform Allocations D. View Rolled Up Costs
  E. Manage Cost Scenarios
  F. Review Journal Entries
  A. Create Accounting
  B. Capture Charges
  C. Perform Allocations D. View Rolled Up Costs

• Question 12:

  Your customer wants to run a report to review account balances for both inventory valuation and cost of goods sold.

  Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances? (Choose two.)

  A. Costing Balances Report
  B. COGS Account Balances Report
  C. Revenue and COGS Matching Report
  D. Inventory Valuation Report
  E. Inventory Account Balances Report
  C. Revenue and COGS Matching Report
  E. Inventory Account Balances Report

• Question 13:

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

• Question 14:

  Your client wants to set up some of their items as expense items and then enable them to be accrued at period end for one of their business limits.

  Which two configurations will support this request? (Choose two.)

  A. Product Information Item > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
  B. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.
  C. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
  D. Product Information Item > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".
  E. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to Period End.
  F. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to At Receipt
  C. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
  F. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to At Receipt

• Question 15:

  You have an item with two work definitions. One work definition is production priority 1 and named Plan A. Another work definition is production priority 2 and named Plan B. In your cost planning scenario, you have specified the work

  definition selection criteria as name and then production priority, and you have defined the name as Plan B.

  How will the application select the work definition?

  A. The scenario will choose the work definition that is production priority 1.
  B. The cost planning scenario will use both work definitions for the item.
  C. The application will generate an error because there are two work definitions for the same item.
  D. The application will use the work definition that is named Plan B.
  E. While you can have more than one work definition for the same item, the cost scenario has no way to unambiguously select one of them.
  A. The scenario will choose the work definition that is production priority 1.

• Question 16:

  What are three cost method choices that are available in Cost Accounting? (Choose three.)

  A. Standard cost
  B. Actual cost (FIFO or First In First Out)
  C. Periodic average cost
  D. Actual cost (LIFO or Last In First Out)
  E. Perpetual average cost
  F. Period end average cost
  A. Standard cost
  B. Actual cost (FIFO or First In First Out)
  E. Perpetual average cost

• Question 17:

  Identify the four types of cost adjustments. (Choose three.)

  A. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
  B. When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.
  C. A change to a requisition after the purchase order has been created will create a cost adjustment. D. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
  D. A standard cost update will create an inventory value adjustment.
  E. Authorized users can manually create cost adjustments.
  A. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
  B. When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.
  E. Authorized users can manually create cost adjustments.

• Question 18:

  How is the standard cost of a manufactured configured item calculated?

  A. It is based on the material and resource requirements of a released work order.
  B. The standard cost is calculated for every possible combination of options under a model item.
  C. The standard cost of a model item is calculated.
  D. It is based on the actual cost of the work order after it is completed.
  C. The standard cost of a model item is calculated.

• Question 19:

  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. Execute the Preprocessor.
  D. Create Accounting.
  E. Transfer transactions from Receiving to Costing.
  A. Activate its journal entry rule set assignments.

• Question 20:

  Identify two purposes of Subledger Accounting. (Choose two.)

  A. To calculate costs for transactions
  B. To maintain backward compatibility
  C. To centralize accounting string generation across all modules
  D. To create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger
  E. To obtain detailed information for audit purposes since all subledger accounting is at the detail level
  A. To calculate costs for transactions
  D. To create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger