[2023] Pass Key features of 1z0-1060-22 Course with Updated 89 Questions
1z0-1060-22 Sample Practice Exam Questions 2023 Updated Verified
Oracle 1z0-1060-22 Exam Syllabus Topics:
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NEW QUESTION 10
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 Truck' 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. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you calculate discounts for use in the accounting rule?
- A. Use custom formulas
- B. Use flexfield
- C. Use analytical calculations
- D. Use mapping set rules
Answer: A
NEW QUESTION 11
'Insurances for Homes' company provide home insuranceservice. They have in-house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the journal entries.
Insurance premiumIs to be recognized as income across the coverage period of the insurance policy. What are the two types of journal lines that need to be set up to generate recurring journal entries for insurance premium in each accounting period?
- A. Offsets and Recognition
- B. Deferral and Recognition
- C. Reversal and Recognition
- D. Multiperiod and Recognition
Answer: D
NEW QUESTION 12
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 Truck' 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. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you set up an account rule that is based on leased and owned trucks?
- A. Set up a mapping set rule.
- B. Set up an account source in the source system file and derive the value.
- C. Set up a value set rule.
- D. Set up a lookup value.
Answer: A
NEW QUESTION 13
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 Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal sourcecode 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. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you calculate discounts for use in the accounting rule?
- A. Usecustom formulas
- B. Use flexfield
- C. Use analytical calculations
- D. Use mapping set rules
Answer: A
NEW QUESTION 14
Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. Themajority of the trucks are owned; however, in some cases, 'New Truck' 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. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you pass the calculated value for discount amounts in accounting rules to the corresponding journal line?
- A. Assign it to an accounting attribute.
- B. Assign it to a transaction type.
- C. Assign it to an accounting method.
- D. Assign it to an account rule.
Answer: A
NEW QUESTION 15
Given the business use case:
'New Trucks' runs a fleetof trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' 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 andrecognized 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. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs tobe able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
What would the typical line information be?
- A. TransactionDate
- B. Truck Type
- C. Company
- D. Customer Number
Answer: D
NEW QUESTION 16
Given the journal:
What is the terminology that is used to identify the "Account Number', 'Original Balance' , and 'Origination Date' fields?
- A. Attribute Identifier
- B. User Transaction Identifier
- C. Source System Identifier
- D. System Identifier
Answer: A
NEW QUESTION 17
Which two statements are true about the Accounting Hub Cloud?
- A. It does not allow publishing output files to PeopleSoft General Ledgers
- B. It brings together disparate accounting systems into a centrally-accessible source of truth
- C. It has a robust Accounting Engine which allows you to configure accounting rules
- D. Integration of information into the Accounting Hub Cloud is restricted to a maximum of three source systems
Answer: B,C
NEW QUESTION 18
Which component of the Accounting Method is used to store additional source information about transactions and is also useful for reconciliation of accounting to source systems, as well as reporting?
- A. Supporting References
- B. Journal Line Rules
- C. Description Rules
- D. Conditions
Answer: A
NEW QUESTION 19
Which tool will you use to review an account group in a graphical format from the Financial Reporting Center?
- A. Sunburst
- B. EPM
- C. BI Catalog
- D. BI Composer
Answer: C
NEW QUESTION 20
Based on a unique combination of which two components is a new standard Balance cube automatically created for a primary or secondary ledger?
- A. Chart of account and convention.
- B. Calendar and currency.
- C. Chart of account and currency.
- D. Chart of account and calendar.
Answer: D
NEW QUESTION 21
Which is an alternate way to implement a mapping set rule?
- A. Define an account rule with conditions.
- B. Define a lookup type rule with conditions.
- C. Define a chart of account rule with conditions.
- D. Define a flexfield rule with conditions.
Answer: A
NEW QUESTION 22
Which four components are created by the source system registration upload process in a single step?
- A. Event Model
- B. Journal Category
- C. Transaction Objects
- D. Description Rules
- E. Account Rules
- F. Journal Source
Answer: A,B,C,F
NEW QUESTION 23
What is "Opt-In," in the context of the Functional Setup Manager?
- A. It is a step where you enter the setup data necessary for your enabled offerings and functional areas
- B. It is a step where you move verified data into the production environment
- C. It is a step where you can select the offerings, functional areas, and features that best fit your business requirements
- D. It is a step where you will identify the offerings that you want to implement
Answer: A
NEW QUESTION 24
You have been assigned to troubleshoot a Create Accounting error.
What is the first step you need to take to use the diagnostics framework features?
- A. Run the Accounting Events Diagnostic Report.
- B. Run Create Accounting again to generate journal entries for the events that ended in error.
- C. Submit the Accounting Event Diagnostics process.
- D. Set the "SLA: Diagnostics Enabled" profile option.
Answer: D
NEW QUESTION 25
How many transaction event classes can be set up for a subledger uploaded to Accounting Hub Cloud?
- A. Two
- B. Three
- C. Unlimited
- D. One
Answer: D
NEW QUESTION 26
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