Oracle 1Z0-1074-23 Online Practice Questions and Exam Preparation

Oracle 1Z0-1074-23 Online Questions & Answers

• Question 1:

  Identify four reasons to use the set ID when defining Cost Accounting setups. (Choose four)

  A. You can share definitions across multiple cost organizations.
  B. You can control which definitions are visible to different cost organizations
  C. You can streamline your setup effort.
  D. You have the option to share setup data across all cost organizations using the common set.
  E. You can take advantage of the business unit-to-set ID mapping defined in Cost Accounting.
  F. You don't have to create any definitions for cost books.
  A. You can share definitions across multiple cost organizations.
  C. You can streamline your setup effort.
  D. You have the option to share setup data across all cost organizations using the common set.
  E. You can take advantage of the business unit-to-set ID mapping defined in Cost Accounting.

• Question 2:

  Identify two ways that standard cost is calculated.

  A. Users must manually enter the cost of each configured item; the calculation is not automated.
  B. The standard cost is the sum of the cost of the selected option items.
  C. The cost of a configured item is calculated based on the work definition of the model item.
  D. The standard cost of the configured item is based on the purchase order price quoted by the supplier for the configured item.
  E. The roll-up calculation can be performed to update standard costs for Cost Accounting purposes
  B. The standard cost is the sum of the cost of the selected option items.
  E. The roll-up calculation can be performed to update standard costs for Cost Accounting purposes

• Question 3:

  Which two statements are true about Cost Accounting books? (Choose two.)

  A. A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
  B. A cost organization has one book that posts to the primary ledger.
  C. Every cost organization must use different book names; they cannot be shared.
  D. Secondary books can post accounting entries into any ledger, including the primary ledger or any secondary ledger.
  A. A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
  B. A cost organization has one book that posts to the primary ledger.

• Question 4:

  Which two rules determine whether a condition has been met for accounting rules?

  A. When the condition is met, the rule associated with that priority is used.
  B. Priorities determine the order in which accounting rule conditions are examined.
  C. The conditions are evaluated in the sequence they are defined in the accounting rule.
  D. After all conditions are tested, the final resulting value is used.
  E. Use parenthesis to control the order of the condition evaluation.
  A. When the condition is met, the rule associated with that priority is used.
  C. The conditions are evaluated in the sequence they are defined in the accounting rule.

• Question 5:

  Which statement is true regarding the cost cutoff date in Cost Accounting?

  A. It only affects whether or not you can process a cost adjustment.
  B. Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.
  C. Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.
  D. Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date.
  B. Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.

• Question 6:

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

• Question 7:

  Assume today is November 15, 2015, and you are getting ready to implement new standard costs for the new year Your cost planning scenario has a January 1, 2016 effective date. An item has three work definitions. One work definition has

  an October l, 2015 effective date. A second work definition has a December 1, 2015 effective date. A third work definition has a January 2, 2016 effective date.

  How will the application select the work definition?

  A. It will use the work definition with the January 2, 2016 effective date.
  B. Depending on the selection criteria, it will use the work definition with the December l, 2015 effective date or the work definition with the October l, 2015 effective date.
  C. It must always use the work definition with the October 1, 2015 effective date.
  D. You will receive an error because the application will detect that all three are plausible, and it will be unable to determine which one to choose.
  D. You will receive an error because the application will detect that all three are plausible, and it will be unable to determine which one to choose.

• Question 8:

  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.
  D. Create distributions.

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  Explanation/Reference:

• Question 9:

  Identify four processors available in the cost processor.

  A. Receipt Processor
  B. Cost Distribution Processor
  C. Cost Reports Processor
  D. Cost of Goods Sold Processor
  E. Cost Accounting Processor
  F. Costing Period Processor
  B. Cost Distribution Processor
  C. Cost Reports Processor
  D. Cost of Goods Sold Processor
  E. Cost Accounting Processor

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  Explanation/Reference:

  https://docs.oracle.com/en/cloud/saas/supply-chain-management/r13-update17d/fapma/manage- cost-accounting.html#FAPMA146491

• Question 10:

  An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed. How do you get the journal line rule to calculate the gain or loss?

  A. Create a foreign reporting currency to track gain/loss.
  B. Create a secondary ledger to track gain/loss.
  C. Turn on the Subledger Gain or Loss Option.
  D. Subledger Accounting is already set up to process it.
  A. Create a foreign reporting currency to track gain/loss.