Oracle Oracle Certifications 1Z0-1074-20 Questions & Answers

• Question 31:

  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. Open

  B. Closed

  C. Permanently Closed

  D. Never Opened

  E. Close Pending

  Correct Answer: B

• Question 32:

  Landed Cost Variance Analysis can be performed based on which three dimension combinations?

  A. Business Unit/Landed Cost Charge/Cost Organization

  B. Item/Business Unit/Route

  C. Item Category/Material Supplier/Landed Cost Charge

  D. Inventory Organization/Landed Cost Charge/Third Party Supplier

  E. Item Catalog/Inventory Organization/Business Unit

  Correct Answer: E

• Question 33:

  Which three cost planning tasks can be performed in the Cost Accounting work area?

  A. Review Work Order Costs

  B. Review Item Costs

  C. Analyzing and Comparing Costs

  D. Estimating Standard Costs for Assemblies

  E. Manage Resource Rates

  F. Manage Cost Accounting Periods

  Correct Answer: ADE

  https://fusionhelp.oracle.com/fscmUI/topic/TopicId_P_C97AC111350F0D3EE040D30A68814D11

• Question 34:

  You are explaining the characteristics of a "profit in inventory" cost element to a client. Which three statements describe true characteristics of this cost element?

  A. It is only used when you do not need to maintain an arm's length relationship.

  B. It can help you understand true margins and value added by internal business units through the internal supply chain.

  C. It can help you with consolidated financial reporting.

  D. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.

  E. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.

  Correct Answer: CDE

• Question 35:

  You are verifying your distributions for your transactions. You Just ran the receipt accounting distribution

  process. However, your purchase order receipt is not showing up.

  What do you need to do for your receipt to show up?

  A. Run the Transactions from Procurement to Costing process.

  B. Run the Transfer Costs from Payables to Cost Management process.

  C. Run the Create Accounting process.

  D. Run the Clear Receipt Accrual Balances process.

  E. Run the Transactions from Receiving to Costing process.

  Correct Answer: E

• Question 36:

  Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?

  A. Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.

  B. There is no difference between owned inventory and consigned inventory.

  C. The liability for a consigned item occurs when there is an ownership event.

  D. A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.

  E. The quantity is tracked in inventory but not as an asset until there is an ownership event

  F. Consigned items can appear on inventory reports with information about the eventual value of the consigned item

  Correct Answer: ABCF

• Question 37:

  You have finished creating your sub ledger journal entry rule sets and see that they are still in the incomplete status. Which two steps will ensure that the journal entries are generated?

  A. Run the "Activate Accounting Methods" process.

  B. Validate the sub ledger journal entry rule sets using Validate Journal Entry Rule Set.

  C. Run the "Activate Sub ledger Journal Entry Rule Set Assignments" process.

  D. Add the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task

  E. Add the sub ledger journal entry rule sets to the Manage Accounting Methods task.

  Correct Answer: BC

• Question 38:

  Identify two purposes of Sub ledger Accounting.

  A. to maintain backward compatibility

  B. to obtain detailed information for audit purposes since all sub ledger accounting is at the detail level

  C. 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

  E. to centralize accounting string generation across all modules

  Correct Answer: CD

• Question 39:

  Select two ways to define the standard cost for an item from the Cost Accounting work area.

  A. Manage the Item Cost task.

  B. Import standard costs from receipt layers.

  C. Manage the Standard Cost task.

  D. Create Standard Cost in a spreadsheet.

  Correct Answer: AD

• Question 40:

  After all relevant transactions are in Receipt Accounting, which two tasks must be completed for these transactions to be transferred to the General Ledger?

  A. Transfer to Sub ledger Accounting.

  B. Transfer transactions from payables.

  C. Transfer transactions from receiving.

  D. Create distributions.

  E. Assign accruals to purchase order transactions.

  Correct Answer: D