Oracle Cost Management Cloud 2021 Implementation Essentials (1Z0-1074-21) Free Practice Test

Question 1

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 Create Accounting process.

B. Run the Transactions from Procurement to Costing process.

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

D. Run the Transactions from Receiving to Costing process.

E. Run the Clear Receipt Accrual Balances process.

Correct Answer: D

Question 2

Your customer wants to run a report to review account balances for both inventory valuation and cost of goods sold. Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances?

A. Inventory Valuation Report

B. Revenue and COGS Matching Report

C. Inventory Account Balances Report
B COGS Account Balances Report

D. Costing Balances Report

Correct Answer: C,D

Question 3

Your client has accounting rules that need specific customization. Which two options allow them to accomplish this"1

A. Use a different journal entry rule set for each ledger with a different accounting convention.

B. The subledger journal entry rule set does not need the same accounting event class as the accounting method.

C. Journal entry rule sets do not require accounting rules.

D. Copy and rename predefined subledger journal entry rule sets before modifying them.

E. The subledger journal entry rule set does not need the same accounting event type as the accounting method.

Correct Answer: B

Question 4

Identify two characteristics of an expense pool. (Choose two.)

A. It is used only for analyzing gross margins on noninventory sales of services.

B. It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.

C. You can define the name of your expense pool, but you cannot define more than one.

D. It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto the balance sheet as inventory value.

Correct Answer: B,D

Question 5

Your organization currently has the August period for this year open. They want to be able to open the September period, while keeping August open. When you try to open the target period, August of this year, you get an error.
What must you do to meet your customer's requirement and resolve this error?

A. Change the number of maximum open periods in Manage Cost Organization Relationships

B. Perform cost account validations for August in Manage Cost Accounting Periods

C. Run the Transfer Transactions to Costing process.

D. Close the August period; you can never have two open periods at the same time.

Correct Answer: C

Question 6

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 Clearing Report

B. Receipt Accounting Real Time Report

C. Accrual Supplier Liability Report

D. Uninvoiced Receipt Accrual Report

E. Accrual Reconciliation Report

Correct Answer: E

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Question 7

You need to simulate and estimate landed cost charges associated with purchase order receipts of material.
What must you create to make this possible?

A. Orders

B. Charge Name

C. Trade Operation

D. Cost Scenario

E. Routes

Correct Answer: C

Question 8

You have configured the application as follows:
* Expense items are set to accrue at receipt.
* Receipt Close tolerance is set to 75 percent.
* Purchasing Line types are set to 2-way match.
When you create a purchase order, the Accrue on Receipt check box is automatically selected when a line is added.
Which two configurations changes will ensure the Accrue on Receipt check box is not selected by default?

A. Change inventory items to accrue at period end.

B. Change the Purchasing Line types to 3-way match.

C. Change the Purchasing Line types to 4-way match.

D. Change expense items to accrue at period end.

E. Change the Receipt Close tolerance so it is 100 percent.

Correct Answer: B,C

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Oracle Cost Management Cloud 2021 Implementation Essentials (1Z0-1074-21) Free Practice Test