Oracle Cost Management Cloud 2023 Implementation Essentials (1z0-1074-23) Free Practice Test

Question 1

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 roll-up calculation can be performed to update standard costs for Cost Accounting purposes

C. The standard cost is the sum of the cost of the selected option items.

D. The cost of a configured item is calculated based on the work definition of the model item.

E. The standard cost of the configured item is based on the purchase order price quoted by the supplier for the configured item.

Correct Answer: B,C

Question 2

Identify four features provided by the Review Work Order Costs UI when displaying work order

A. Output Costs

B. Scrap Costs

C. Variable Costs

D. Incremental Costs

E. Input Costs

F. Standard Cost variances

Correct Answer: A,B,E,F

Question 3

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 transactions from receiving.

B. Transfer transactions from payables.

C. Assign accruals to purchase order transactions.

D. Transfer to Sub ledger Accounting.

E. Create distributions.

Correct Answer: E

Question 4

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. Subledger Accounting is already set up to process it.

B. Create a foreign reporting currency to track gain/loss.

C. Turn on the Subledger Gain or Loss Option.

D. Create a secondary ledger to track gain/loss.

Correct Answer: C

Question 5

Your client wants to view Landed Cost Variance. Which pair of search options are available to view Landed Cost Variance?

A. Legal Entity and Cost Organization

B. Business Unit and Cost Organization

C. Inventory Organization and Legal Entity

D. Business Unit and Inventory Organization

E. Business Unit and Legal Entity

F. Inventory Organization and Cost Organization

Correct Answer: D

Question 6

Identify three Landed Cost Management tasks.

A. Capture Charges

B. Review Journal Entries

C. Perform Allocations

D. Manage Cost Scenarios

E. View Rolled Up Costs

F. Create Accounting

Correct Answer: A,C,F

Explanation: Only visible for TestSimulate members. You can sign-up / login (it's free).

Question 7

If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings?(Choose Three)

A. Query the transaction from Review Cost Accounting Distributions to see the error message.

B. Review errors in the Create Accounting Execution report.

C. Refer to the Accounting Event Diagnostic report.

D. Review errors in the Create Accounting Execution log.

E. Refer to the Accounting Event Diagnostic Log.

Correct Answer: A,B,C

Question 8

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 application will generate an error because there are two work definitions for the same item.

C. The application will use the work definition that is named Plan B.

D. 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.

E. The cost planning scenario will use both work definitions for the item.

Correct Answer: A

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Oracle Cost Management Cloud 2023 Implementation Essentials (1z0-1074-23) Free Practice Test