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

Oracle 1Z0-1060-24 Online Questions & Answers

• Question 1:

  Challenge 4: Manage Description Rule

  TASK

  Create Description Rule Subledger Application: AHC Billing Process Category: AHC Billing Event Class: AHC Billing Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

  See the Explanation below for all the solution.
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  explanation:

  Explanation

  Task: Create Description Rule

  Navigate to Manage Description Rules Go to: Setup and Maintenance → Task: Manage Description Rules → Create

  Rule Header Name: AHC Billing Description Application: AHC Billing Chart of Accounts: (select appropriate COA) Description: optional Event Class: AHC Billing Event Types: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

  Rule Details Click “Add” to define description components Use sources such as:

  -Transaction Number

  -Customer Name

  -Event Type

  -Invoice Number

  Example Format:

  "AHC Billing - [Event Type] - [Transaction Number] - [Customer Name]"

  Use concatenation or fixed text with sources as needed

  Save and Close

  Deploy if required and validate descriptions on accounting entries

• Question 2:

  Challenge 3: Manage User Define Formulas

  TASK

  Create User Defined Formula for Admin Charges Subledger Application: AHC Billing Process Category: AHC Billing Event Class: AHC Billing Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

  See the Explanation below for all the solution.
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  explanation:

  Explanation

  Task: Create User Defined Formula for Admin Charges

  Navigate to Manage User-Defined Formulas

  Go to: Setup and Maintenance → Task: Manage User-Defined Formulas → Create

  Formula Header

  Name: Admin Charges Formula

  Application: AHC Billing

  Chart of Accounts: (select appropriate COA)

  Description: optional

  Event Class: AHC Billing

  Event Types: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

  Formula Type: Accounting

  Formula Definition

  Click “Edit Formula”

  Use appropriate sources and logic. Example:

  IF Admin_Charge_Amount IS NOT NULL THEN Admin_Charge_Amount ELSE 0

  Use available database items like:

  -Transaction Amount

  -Line Type

  -Admin Charge Flag or Amount (custom source if applicable)

  Validate syntax after entry

  Save and Close Deploy if required and test formula output in accounting entries

• Question 3:

  You are implementing the Oracle Fusion Cloud Financial Accounting Hub (FAH) service for three legacy Receivables systems. As part of your FAH implementation project, the customer requests that general ledger journals be summarized to keep a thin general ledger as billing in the three source systems is per delivery.

  Which two options can be used in FAH to create the requested general ledger journals?

  A. Summarize by journal category
  B. Group by general ledger period
  C. Summarize by general ledger period
  D. Group by general ledger date
  E. Summarize by general ledger date
  F. Summarize by journal source
  C. Summarize by general ledger period
  E. Summarize by general ledger date

• Question 4:

  Your customer needs to generate journal entries for the insurance premium collected from the sale of policies. The different components of the premium collected by the company include Basic Premium and Tax. You decide to set up three separate journal line rules to account for Basic Premium, Tax Amount, and Total Amount.

  Which attribute in a journal line rule allows you to classify these three journal entry lines?

  A. Accounting Class
  B. Business Flow Class
  C. Event Class
  D. Rounding Class
  C. Event Class

• Question 5:

  Your customer wants to enter subledger journals in adjusting periods using the ADFDi spreadsheets. Which TWO statements are true about entering journals in adjusting periods?

  A. Defaulted Period can be overwritten
  B. If the accounting date falls in both the non-adjustment and adjustment periods, the value of the accounting period in the Journal Entry page defaults to the adjustment period
  C. If the accounting date falls in both the non-adjustment and adjustment periods, the value of the accounting period in the Journal Entry page defaults to the non-adjustment period
  D. Defaulted Period cannot be overwritten
  A. Defaulted Period can be overwritten
  C. If the accounting date falls in both the non-adjustment and adjustment periods, the value of the accounting period in the Journal Entry page defaults to the non-adjustment period

• Question 6:

  Your customer wants to be alerted to changes in the balances of their key General Ledger accounts on a regular basis and asks your advice on the best reporting option. Which reporting tool would you suggest?

  A. Oracle Transactional Business Intelligence
  B. Account Groups and Sunburst
  C. Financial Reporting Studio
  D. Smart View
  B. Account Groups and Sunburst

• Question 7:

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

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

• Question 8:

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

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

• Question 9:

  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 10:

  In Functional Setup Manager, if setup data is segmented by a specific context, you can perform the setup task iteratively, such as assigning different ledger options to different primary ledgers. Which action should you take to specify the context?

  A. Select the value for Scope
  B. Select the value for Feature
  C. Select the value for Lookup Code
  D. Select the value for Functional Area
  A. Select the value for Scope