Oracle 1Z0-1060-20 Online Practice Questions and Exam Preparation

Oracle 1Z0-1060-20 Online Questions & Answers

• Question 1:

  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 do you pass the calculated value for discount amounts in accounting rules to the corresponding journal line?

  A. Assign it to an accounting method.
  B. Assign it to an account rule.
  C. Assign it to a transaction type.
  D. Assign it to an accounting attribute.
  B. Assign it to an account rule.

• Question 2:

  What are the tables or views from which the Create Accounting process takes source data that is used in accounting rules to create journal entries referred to as?

  A. Transaction objects
  B. Event entities
  C. Source objects
  D. Mapping sets
  A. Transaction objects

• Question 3:

  There is a business requirement to display supporting information with some text and source value at the journal line level that will vary depending on the entered amounts for the line. What is the solution to implement this requirement?

  A. define line description rule with condition
  B. define journal line rules with conditions
  C. define journal entry rule set with condition
  D. define user transaction line identifier
  A. define line description rule with condition

• Question 4:

  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 using sources that have not been assigned to the same event class that is associated to the journal entry rule set.
  B. The account rule is defined with conditions that are not allowing the assignment.
  C. The account rule does not return any valid account value.
  D. The account rule is defined with a different chart of accounts from the journal entry rule set.
  A. 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.
  D. The account rule is defined with a different chart of accounts from the journal entry rule set.

• Question 5:

  What can you override in a completed subledger journal entry?

  A. the amounts
  B. the descriptions
  C. the account
  D. the supporting Information
  C. the account

• Question 6:

  '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. Offsets and Recognition
  B. Deferral and Recognition
  C. Reversal and Recognition
  D. Multiperiod and Recognition
  B. Deferral and Recognition

• Question 7:

  A new source system has been registered into Accounting Hub Cloud. Users are actively using this new subledqer. Subsequently, the business signed up a contract with a new supplier. A new mapping value that maps suppliers with the accounts needs to be added. You make updates on the mappings in the existing mapping set rule by adding more mapping valued.

  After saving the update, what is the next required action?

  A. Activate the journal entry rule set.
  B. Activate the accounting method.
  C. There is no required action. The mapping addition is complete.
  D. Download a new transaction data template.
  C. There is no required action. The mapping addition is complete.

• Question 8:

  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
  B. Accounting Sequence

• Question 9:

  What automation option is NOT available when uploading transaction data to Accounting Hub Cloud?

  A. ERP Integration Service
  B. Oracle Web Center Content Client Command line tool
  C. Oracle Virtual Web Center Services
  D. Oracle UCM Web Services
  C. Oracle Virtual Web Center Services

• Question 10:

  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.
  A. Add this as a new transaction type into existing registered subledger from the user interface.
  B. Register it as a new source system.