Oracle 1Z0-1060-24 Online Practice Questions and Exam Preparation

Oracle 1Z0-1060-24 Online Questions & Answers

• Question 1:

  You are implementing Accounting Hub for one of your client organizations in the US. The organization has two legal entities, loans and insurance. Both the legal entities have agreed to share the same chart of accounts and convention. However, the loans legal entity will use the January to December calendar, while the insurance legal entity will use the July to June calendar.

  How many primary ledgers will you create to achieve this requirement?

  A. Four
  B. Two
  C. One
  D. Three
  B. Two

• Question 2:

  You are tasked with troubleshooting a Create Accounting error.

  What is the first step you need to take to use the Diagnostics Framework features?

  A. Set the "SLA: Enable Diagnostic" 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
  A. Set the "SLA: Enable Diagnostic" profile option

• Question 3:

  Your client has decided to implement Accounting Hub along with other Oracle-owned subledgers. They want to know about the predefined accounting methods that Oracle provides. Which three are the predefined accounting methods?

  A. Standard Accrual for Japan
  B. Standard Accrual for USA
  C. Standard Accrual
  D. Standard Accrual with Encumbrances
  E. Standard Accrual for China
  A. Standard Accrual for Japan
  C. Standard Accrual
  D. Standard Accrual with Encumbrances

• Question 4:

  You design an income statement report with the help of Financial Reporting Web Studio. You add row numbers 3, 4, and 5 to reflect the balances for three different expense accounts and row number 6 to reflect the sum of row numbers 3, 4, and 5. Which formula should be used on row number 6 to calculate the sum?

  A. ([3,5])
  B. ({3:5})
  C. ([3;5])
  D. ([3:5])
  D. ([3:5])

• Question 5:

  Your client has a requirement to report directly from the transactional tables and return the results in real-time, in turn eliminating the need for a data warehouse. Which tool would you suggest to your client for this purpose?

  A. Financial Reporting Studio
  B. Smart View
  C. Oracle Transactional Business Intelligence
  D. Account Group
  C. Oracle Transactional Business Intelligence

• Question 6:

  Which TWO privileges are recommended while enabling Audit History on several key business objects?

  A. Audit Assignment Grade
  B. View Audit History
  C. Manage Audit Policies
  D. Manage Application Objects
  B. View Audit History
  C. Manage Audit Policies

• Question 7:

  Which statement is true about journal entry rule sets?

  A. Description rules can be assigned at both the header and the line level of a journal entry rule set.
  B. Description rules can be assigned only at the header level of a journal entry rule set.
  C. Description rules can be assigned only at the line level of a journal entry rule set.
  A. Description rules can be assigned at both the header and the line level of a journal entry rule set.

• Question 8:

  Your client organization deals in providing loans to its customers. You are appointed as a consultant to implement Oracle Fusion Cloud Accounting Hub to standardize the accounting process. Your client has a requirement to retrieve the segment values for the debit and credit side of journal entries based on different criteria. You decide to create a mapping set to retrieve the value of the cost center segment based on loan type as the input source. Your client wants the values to be validated from a list while creating the input and output mappings.

  Which two options allow the validation of input values on mapping sets?

  A. Value sets
  B. Segment values
  C. Chart of accounts segment
  D. Lookup types
  A. Value sets
  D. Lookup types

• Question 9:

  You are implementing Accounting Hub Cloud for one of your clients. Your client has agreed to have six segments for the chart of accounts: Company, Line of Business, Account, Department, Product, and Intercompany.

  For one of the journal line rules, your client requests you to assign a common account rule for Company, Line of Business, Account, and Intercompany. However, for Department and Product, they want to use segment-specific rules.

  How will you achieve this while setting up the journal entry rule set?

  A. Assign Common Account Rule in the Account Combination rule field and assign Department and Product segment rules in the segment rules section
  B. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while creating the accounting method
  C. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while creating the supporting references
  D. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while assigning the accounting method to the ledger
  A. Assign Common Account Rule in the Account Combination rule field and assign Department and Product segment rules in the segment rules section

• Question 10:

  Which predefined role allows a user to manage the period close activities in the General Ledger (GL) application?

  A. Chief Financial Officer (CFO)
  B. Financial Analyst
  C. General Accountant
  D. General Accounting Manager
  D. General Accounting Manager