1Z0-1060-22 Online Practice Questions and Answers

What kind of sequence can be assigned to subledger journal entries at the time that the journal entries are created in final mode?

A. Reporting Sequence

B. Accounting Sequence

C. Journal Entry Sequence

D. Document Sequence

There is a business requirement to display supporting information with some text and source value at the journal line level that will vary depending on the entered amounts for the line.

What is the solution to implement this requirement?

A. define line description rule with condition

B. define journal line rules with conditions

C. define journal entry rule set with condition

D. define user transaction line identifier

'Insurances for Homes' company provide home insurance service. 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.

Which is a correct example for a formula to prorate amounts evenly across each period? Note that the NumberofGLPeriod is a predefined function that returns the number of non adjustment accounting periods between two dates.

A. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)

B. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")

C. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date" "Effective Date") + 1)

D. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")

You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classification information. You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts.

What is the solution?

A. Use the Open Account Balances Listing report that has balances by customer.

B. Use the Third Party Control Account feature.

C. Use Supporting References to capture customer classification information.

D. Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI).

Invoices received from a source system need to use a specific account based on 30 different expense types. However, if the invoice is from a certain supplier type, it needs to go to a default account regardless of the expense type.

What is the solution?

A. Create a 30 account combination rule with a condition of expense type.

B. Create an account rule with three rule elements using one for expense type mapping, one for condition of supplier type, and the other one without any condition.

C. Create two journal line rules with a condition of supplier type.

D. Create an account rule with 31 rule elements using one condition for each expense type and another for supplier type.

What is the recommended approach for a use case in which some parts of the transaction data must be processed before uploading them to Accounting Hub Cloud?

A. Use Oracle ERP Integration tool.

B. Use PaaS tools, for example, ICS - to perform ETL tasks.

C. Use Oracle OTBI tool.

D. Use a web service tool.

Which is used to track a specific transaction attribute on subledger journal entries?

A. value set rules

B. lookup value rules

C. supporting references

D. account rules

Which two actions can you accomplish for a registered source system?

A. Add new event classes through the user interface.

B. Modify the subledger application name as long as there are no pending accounting entries.

C. Import the source system registration spreadsheet template multiple times as long as there are no accounting rules created yet.

D. Revise source Information through the user interface and add more sources.

'Insurances for Homes' company provide home insurance service. 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 premium is to be recognized as income across the-coverage period of the insurance policy. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?

A. Recognition Journal class

B. Recurring Journal class

C. Accounting class

D. Multiperiod class

Which two can you use to view supporting reference balances?

A. Use the Supporting Reference Balance Inquiry page.

B. Submit the standard Supporting Reference Balances Report.

C. Use Oracle Transactional Business Intelligence to create an analysis using the Subledger Accounting - Supporting Reference Real Time subject area.

D. Use Business Intelligence Publisher to build a custom report.

Which four options are used to reconcile subledger journal entries?

A. Set up reconciliation using the reconciliation reference accounting attribute.

B. Assign a descriptive text and source on journal lines.

C. Run the Subledger Accounting Method Setups report.

D. Tag supporting references with journal entry lines.

E. Build a custom OTBI report.

F. Run the Subledger Accounting Diagnostics report.

You are explaining to an accountant that account override is an adjustment feature of Subledger Accounting.

Which two traits can help you explain this feature?

A. The account override feature provides an audit trail by preserving the original subledger journal entry.

B. The account override feature adjusts the original source transaction.

C. The account override feature is only intended to correct subledger journals that have been posted.

D. The account override feature allows users to record a reason for the adjustment.

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 can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?

A. Set up multiperiod accounting journal lines.

B. Set up a transaction line reversal.

C. Create an adjustment journal entry.

D. Set up automatic Journal line reversal.

Given the subledger journal entry:

Note that the first segment is the primary balancing segment. Which statement is True regarding this subledger journal entry?

A. It is not balanced by balancing segment.

B. It is not balanced by entered currency.

C. It is not balanced by entered amounts.

D. It appears correct.

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. 'New Trucks' and' Fix Trucks' are located in the same country and share chart-of accounts and accounting conventions.

How many ledgers are required to be set up?

A. Two primary ledgers

B. One primary ledger

C. One primary, one secondary ledger

D. One primary, one repotting currency ledger