[Apr 14, 2023] Get New 1z0-1060-22 Practice Test Questions Answers
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NEW QUESTION 40
In the process of analyzing data from a source system you find that there are no reliable amounts that can be used to build a subledger journal entry.
How can you resolve this challenge?
- A. Use a custom formula in a journal line rule to derive amounts.
- B. Use a custom formula in an account rule to derive amounts.
- C. Use a custom formula in a supporting reference to derive amounts.
- D. Use a custom formula in a description rule to derive amounts.
Answer: A
NEW QUESTION 41
While creating a journal entry rule set you are NOT able to use an account rule that was created recently.
Which two reasons can explain this?
- A. The account rule does not return any valid account value.
- B. The account rule is using sources that have not been assigned to the same event class that is associated to the journal entry rule set.
- C. The account rule is defined with a different chart of accounts from the journal entry rule set.
- D. The account rule is defined with conditions that are not allowing the assignment.
Answer: B,C
NEW QUESTION 42
'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. Multiperiod and Recognition
- B. Deferral and Recognition
- C. Offsets and Recognition
- D. Reversal and Recognition
Answer: A
NEW QUESTION 43
Given the business requirement in the 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.
What are the key transaction types mentioned in the use case?
- A. Purchase Trucks and Pay Out Trucks
- B. Pay Insurance and Control Truck Services
- C. Purchase Trucks and Deploy Trucks
- D. Initiate Truck Rentals Contract and Pay Truck Maintenance
Answer: D
NEW QUESTION 44
Which four of the following are the mandatory parameters to search for a subledger journal on the Review Subledger Journals Page?
- A. Journal Source
- B. Date
- C. Transaction Number
- D. Status
- E. Ledger
- F. Event Type
Answer: A,B,D,E
NEW QUESTION 45
Which three duty roles are required to perform Accounting Hub setup tasks?
- A. Subledger Accounting Manager
- B. Accounting Hub Administration
- C. Accounting Hub Integration
- D. Accounting Hub Maintenance
- E. Application Implementation Consultant
Answer: A,C,E
NEW QUESTION 46
Which four components are related to the Accounting Hub?
- A. Financial Reporting
- B. Outbound Integration
- C. General Ledger
- D. Accounting Transformations
- E. Sub Ledgers
Answer: A,C,D,E
NEW QUESTION 47
A new source system has been registered into Accounting Hub Cloud. Users are actively using this new subledqer. Subsequently, the business signed up a contract with a new supplier. A new mapping value that maps suppliers with the accounts needs to be added. You make updates on the mappings in the existing mapping set rule by adding more mapping valued.
After saving the update, what is the next required action?
- A. There is no required action. The mapping addition is complete.
- B. Activate the journal entry rule set.
- C. Activate the accounting method.
- D. Download a new transaction data template.
Answer: A
NEW QUESTION 48
Given the business use case:
'Insurances for Homes' company provides home insurance services. They have an in-house built system that processes 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, the company need to be able to report and view the entries using advanced reporting and analytical tools for segmenting, viewing and understanding data in the journal entries.
The line information may contain more than one line for the same header.
When uploading transactions, which is a way to differentiate each Journal line?
- A. Assign a custom formula.
- B. Assign an accounting attribute.
- C. Assign a line classification or line type attribute.
- D. You do not need to do anything additional.
Answer: C
NEW QUESTION 49
Which four are the components of a Ledger?
- A. Chart of Accounts
- B. Currency
- C. Calendar
- D. Legal Entity
- E. Accounting Convention
Answer: A,B,C,E
NEW QUESTION 50
What attribute of a subledger journal entry is NOT transferred to GL?
- A. Accounting class
- B. Supporting references
- C. Accounting lines
- D. Accounted amounts
Answer: B
NEW QUESTION 51
A customer's business requirement demands a more granular view of transferred subledger journal entries in GL.
Which of the available General Ledger Journal Entry Summarization options meets this requirement?
- A. Summarize by GL Date
- B. Transfer in Details
- C. Summarize by GL Period
- D. Group by GL Date
Answer: D
NEW QUESTION 52
What is the required date format used to import accounting transactions to Accounting Hub Cloud?
- A. MM-DD-YYYY
- B. YYYY-MM-DD
- C. The user can customize the date format
- D. DD-MON-YYYY
Answer: B
NEW QUESTION 53
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 appears correct.
- B. It is not balanced by entered amounts.
- C. It is not balanced by entered currency.
- D. It is not balanced by balancing segment.
Answer: D
NEW QUESTION 54
How many transaction eventclasses can be set up for a subledger uploaded to Accounting Hub Cloud?
- A. One
- B. Two
- C. Three
- D. Unlimited
Answer: C
NEW QUESTION 55
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 is only intended to correct subledger journals that have been posted.
- B. The account override feature adjusts the original source transaction.
- C. The account override feature provides an audit trail by preserving the original subledger journal entry.
- D. The account override feature allows users to record a reason for the adjustment.
Answer: C,D
NEW QUESTION 56
You have recently registered a new source system and now the customer wants you to add another event type within this source system. What is the correct method to add another event type?
- A. Add the new Event Type from the User Interface by navigating to the Manage Subledger Application Page
- B. Create another source system with the new event type and merge it with the previous source system
- C. Download the template again with the source system data, add the new event type, and upload the data again
- D. Register the source system again by including the New Event Type
Answer: A
NEW QUESTION 57
Which two components are used by the Approvals Workflow in Oracle Cloud Applications?
- A. Calculation Manager
- B. OTBI
- C. SOA Suite
- D. BPM Worklist
Answer: C,D
NEW QUESTION 58
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