1Z0-1074-23 Real Exam Questions and Verified Answers

Question 1 Multiple choice

Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)

A
Purchase Variance Summary
B
Journal Entries
C
Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
D
Cost Processing
E
Work Order Costs
F
Inventory Valuation

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Correct answers: C, D, F

Question 2 Multiple choice

Which two types of costs are included in the cost of contract manufactured items?

A
The cost of Items that the contract manufacturer had to purchase to perform the contract manufacturing service, and the cost of resources used by the contract manufacturer
B
The cost of items that the original equipment manufacturer (OEM) owns and has provided to the contract manufacturer for use in the process of making the output Items
C
The cost of resources consumed at the OEM's factory
D
The cost of the contract manufacturing service Item. This is the price that the contract
E
Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.

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Correct answers: A, B

Question 3 Multiple choice

Which three features are included in Receipt Accounting?

A
Analyze Standard Purchase Cost Variances
B
Create Receipt Accounting Distribution
C
Review Item Costs
D
Adjust Receipt Accrual Clearing Balances
E
Review Journal Entries

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Correct answers: B, D, E

Explanation

https://docs.oracle.com/en/cloud/saas/supply-chain-management/r13-update17d/faims/implementing-receipt-accounting.html#FAIMS1921270

Question 4 Multiple choice

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.

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Correct answers: B, C

Question 5 Single choice

Your customer has asked you to create a report so they can view their receipt accounting distributions along with their receipt accounting transactions.

Which subject area would you select to create this report?

A
Receipt Accounting-Receipt Accounting Distributions Real Time
B
Receipt Accounting-- Receipt Accounting Transactions Real Time
C
Costing -Receipt Accounting Real Time
D
Financials-Subledger Accounting-Detail Transactions
E
Costing-Cost Accounting Real Time

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Correct answer: D

Question 6 Multiple choice

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.

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Correct answers: C, D, E

Question 7 Multiple choice

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

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Correct answers: B, C, D, E

Explanation

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

Question 8 Multiple choice

Which two steps need to be completed to estimate landed costs?

A
Transfer transactions from the Inventory to the Costing process.
B
Transfer transactions from the Payables to the Costing process.
C
Update standard costs.
D
Allocate charges
E
Prepare the Material Purchase Order Data process.

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Correct answers: C, D

Question 9 Multiple choice

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.

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Correct answers: A, C

Question 10 Multiple choice

If the accounting method on the Subledger Accounting method page has an assigned chart of accounts (COA), which two types of Journal entry rule sets can be used?

A
Rule sets assigned to a secondary ledger with a different COA
B
Rule sets that have a mapping set to convert the accounts
C
Rule sets not associated with any chart of accounts
D
Rule sets where the accounting rules override the method rule set
E
Rule sets that use the same chart of accounts

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Correct answers: A, D