Oracle 1Z0-1074-23 Exam - Free questions
Oracle Cost Management Cloud 2023 Implementation Professional
1Z0-1074-23 Free questions:
Here you can find Oracle Cost Management Cloud 2023 Implementation Professional exam free sample questions which will help you to prepare for your upcoming certification test. These questions will give you an idea of what to expect on the exam and help you review the 1Z0-1074-23 study material.
These 1Z0-1074-23 questions are updated regularly, so you can be confident that you're studying with the most up-to-date information available. We also provide answer keys so that students can check their work.
Additionally, going through Oracle Cost Management Cloud 2023 Implementation Professional practice questions can help you identify any areas where you need more review. Taking advantage of our 1Z0-1074-23 demo questions is a great way to set yourself up for success on the real thing.
Question No. 1) 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.
Question No. 2) 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
Question No. 3) Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?
A) Review their audit receipt accrual clearing balances.
B) Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.
C) Review their accrual balances and clear them.
D) Review their Receipt Accounting processes that show whether any processes failed and why.
E) Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.
Question No. 4) Identify three characteristics of cost component to cost element mapping.
A) You cannot modify, duplicate, or create user-defined cost components.
B) You can only define one cost component to cost element mapping for an installation.
C) It is one of the attributes you define as part of your cost profile definitions.
D) It is user-defined.
E) It lets you define how cost component level costs will map into cost elements.
Question No. 5) In which two scenarios would you define account rules based on value sets?
A) When a chart of accounts is assigned to the value set definition
B) When a secondary ledger has a different COA
C) In the absence of a chart of accounts on the accounting method
D) When there is a mapping set to convert the accounts
E) If a segment shares the same value set across multiple chart of accounts
Question No. 6) 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.
Question No. 7) Identify two criteria to select a specific work definition in an inventory organization when defining a cost estimation in a Cost Planning scenario
A) Work definitions without alternates
B) Work definitions with specific unit numbers
C) Work definitions with the highest production priority
D) Work definitions with the lowest production cost
E) Work definitions with the highest costing priority
Question No. 8) 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
Question No. 9) 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.
Question No. 10) Which three tasks can be completed in the Receipt Accounting work area?
A) Review and Approve Item Cost Profiles
B) Review Item Costs
C) Create Receipt Accounting Distributions
D) Review Cost Accounting Distributions
E) Manage Accrual Clearing Rules
F) Create Accounting
Question No. 11) 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.
Question No. 12) 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.
Question No. 13) The process to map the AP invoices to the trade operation charges has completed. Which entity did the application use to do this?
A) Material Receipts
B) Charge Names
C) PreReference Types
E) Trade Operation Template
Question No. 14) Your client would like to accrue expense items at period end. What subledger journal entry rule set must be created in order for the expense accrual Journal entries to be successfully generated?
A) Event Class: Expense Accrual Event Type: Expense Accrual
B) Event Class: Period End Accrual Event Type: Period End Accrual
C) Event Class: Expense Accrual Event Type: Period End Accrual
D) Event Class: Purchase Order Price Adjustment Event Type: Period End Accrual
E) Event Class: Purchase Order Price Adjustment Event Type: Expense Accrual
Question No. 15) There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line for it?
A) Sub ledger accounting is set up to accomplish this out-of-the-box.
B) Line Type must be set to Freight.
C) Account Class must be set to Freight.
D) Create a condition for a journal line for freight.
Question No. 16) Your client wants their expense items to be accrued at receipt. Which two configurations support this requirement?
A) Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to At Receipt.
B) Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Receipt.
C) Product Information Management > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
D) Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
E) Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to Period End.
F) Product Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".
Question No. 17) 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
Question No. 18) 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
Question No. 19) Identify three Landed Cost Management tasks.
A) Capture Charges
B) View Rolled Up Costs
C) Manage Cost Scenarios
D) Perform Allocations
E) Create Accounting
F) Review Journal Entries
Question No. 20) Which predefined report should you use from Oracle Business Intelligence Publisher to manage the balance of accrued supplier liabilities for a business unit?
A) Accrual Supplier Liability Report
B) Accrual Reconciliation Report
C) Accrual Clearing Report
D) Uninvoiced Receipt Accrual Report
E) Receipt Accounting Real Time Report
Question No. 21) 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.
Question No. 22) What are the predefined areas that give you visibility into the status of Receipt Accounting, on the overview page in the Receipt Accounting work area?
A) Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Transactions
B) Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Transactions
C) Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Period Validation Status
D) Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Period Validation Status
E) Receipt Accounting Processes, Accrual Schedule, Review Journal Entries, Receipt Accounting Transactions
Question No. 23) At what level can you define item cost profiles?
A) Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.
B) Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.
C) Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.
D) Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.
Question No. 24) You have an item with two work definitions. One work definition is production priority 1 and named Plan A. Another work definition is production priority 2 and named Plan B. In your cost planning scenario, you have specified the work definition selection criteria as name and then production priority, and you have defined the name as Plan B. How will the application select the work definition?
A) The scenario will choose the work definition that is production priority 1.
B) The cost planning scenario will use both work definitions for the item.
C) The application will generate an error because there are two work definitions for the same item.
D) The application will use the work definition that is named Plan B.
E) While you can have more than one work definition for the same item, the cost scenario has no way to unambiguously select one of them.
Question No. 25) You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?
A) Activate its journal entry rule set assignments.
B) Transfer costs to Cost Management.
C) Create Accounting.
D) Transfer transactions from Receiving to Costing.
E) Execute the Preprocessor.
Oracle 1Z0-1074-23 Exam answers