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

Oracle 1Z0-1060-24 Online Questions & Answers

• Question 41:

  Your new Oracle Fusion Cloud customer has a reporting requirement to balance general ledger journals not only between companies (primary balancing segments and Legal Entities) but also within divisions. The proposed chart of account

  structure has the following nine segments:

  Company-Division-Department-Account-Subaccount-Product-Intercompany-Future1- Future2

  Which segment label should be selected on Division to achieve the reporting requirement?

  A. Cost Center segment
  B. Second Balancing segment
  C. Intercompany segment
  D. Management segment
  E. Local Use segment
  B. Second Balancing segment

• Question 42:

  You are assigned to troubleshoot a Create Accounting error.

  Which is the first step that you need to perform to use the Diagnostics Framework feature?

  A. Set the 'SLA: Enable Diagnostic' profile option.
  B. Run the Accounting Event Diagnostic report.
  C. Run Create Accounting again to generate journal entries for the events that ended in error.
  D. Submit the Accounting Event Diagnostic process.
  A. Set the 'SLA: Enable Diagnostic' profile option.

• Question 43:

  Challenge 1: Manage Journal Line Rule

  TASK

  Create 2 Journal Line Rule Interest Receivable Interest Income Subledger Application: AHC Loan Process Category: AHC Loan Event Class: AHC Loan Event Type: Loan Origination, Interest Accrual, Payment

  A. See the Explanation below for all the solution.
  B. PlaceHolder
  C. PlaceHolder
  D. PlaceHolder
  A. See the Explanation below for all the solution.

  ---

  Explanation

  Task: Create 2 Journal Line Rules - Interest Receivable and Interest Income

  Navigate to Manage Journal Line Rules

  Go to: Setup and Maintenance -> Task: Manage Journal Line Rules -> Create

  Journal Line Rule 1

  Name: Interest Receivable

  Application: AHC Loan

  Chart of Accounts: (select appropriate COA)

  Account Class: Receivable

  Account Derivation Rule: (assign relevant Account Rule, e.g., Interest Receivable Account)

  Description: optional

  Event Class: AHC Loan

  Event Types: Loan Origination, Interest Accrual, Payment

  Line Type: Debit

  Enabled: Yes

  Journal Line Rule 2

  Name: Interest Income

  Application: AHC Loan

  Chart of Accounts: (select appropriate COA)

  Account Class: Revenue

  Account Derivation Rule: (assign relevant Account Rule, e.g., Interest Income Account)

  Description: optional

  Event Class: AHC Loan

  Event Types: Loan Origination, Interest Accrual, Payment

  Line Type: Credit

  Enabled: Yes

  Save and Close

  Deploy changes if necessary and test accounting entries for each event type.

• Question 44:

  Which TWO options can you use for reconciling subledger journal entries with the source system?

  A. Submit the Subledger Accounting Diagnostics report
  B. Submit Period Close Exception Report
  C. Tag supporting references with Journal Line Rules
  D. Submit the Subledger Accounting Diagnostics report
  B. Submit Period Close Exception Report
  D. Submit the Subledger Accounting Diagnostics report

• Question 45:

  Your customer is engaged in the business of distributing different types of loans to their customers. They need to generate dynamic descriptions for journal lines based on the type of interest rates. The two types of interest rates are adjustable and fixed.

  What would be your recommendation to the customer?

  A. Set up a single description rule with conditions defined for two priorities, one for adjustable rates and the other for fixed rates
  B. Define a separate journal entry rule set for each rate type
  C. Set up separate description rules for adjustable and fixed rates
  D. Set up separate journal line rules for adjustable and fixed rates
  A. Set up a single description rule with conditions defined for two priorities, one for adjustable rates and the other for fixed rates
  D. Set up separate journal line rules for adjustable and fixed rates

• Question 46:

  Your client provides loans to their customers. You are appointed as a consultant to implement Accounting Hub Cloud and standardize the accounting process. Your client wants to retrieve the segment values for the debit and credit side of journal entries based on different criteria.

  Which FOUR value types should you use in the definition of your account rules to generate journal entries as per the customer's requirement?

  A. Source
  B. Mapping set
  C. Constant
  D. Account combination
  E. Value set
  F. Account rule
  A. Source
  B. Mapping set
  C. Constant
  F. Account rule

• Question 47:

  Your client has operations in the US and the UK, and they currently use a third-party billing system to process their transactions, such as Complete an Invoice, Record a Payment, Record Late Charges, and Recognize Revenue. As part of the Accounting Hub implementation, you have been asked to register the billing source system.

  While registering the source system using the spreadsheet template, which TWO could be flagged as errors by the validation check process?

  A. You cannot add more than 30 sources when the Journal Display column is enabled
  B. You cannot add more than 10 sources when the Journal Display column is enabled
  C. The event type name cannot exceed 30 characters
  D. The event type name cannot exceed 25 characters
  B. You cannot add more than 10 sources when the Journal Display column is enabled
  D. The event type name cannot exceed 25 characters

• Question 48:

  Your customer wants to monitor the balances of their key General Ledger (GL) accounts on a regular basis and asks your advice on the best reporting option. Which reporting tool would you suggest?

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

• Question 49:

  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 Trucks" 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. "New Trucks" and "Fix Trucks" are located in the same country and share a chart of accounts and accounting conventions.

  How many ledgers are required to be set up?

  A. One primary ledger
  B. One primary, one secondary ledger
  C. Two primary ledgers
  D. One primary, one reporting currency ledger
  A. One primary ledger

• Question 50:

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

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