Practice 1z0-1060-24 Questions With Certification guide Q&A from Training Expert Prep4SureReview
Free Oracle 1z0-1060-24 Test Practice Test Questions Exam Dumps
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NEW QUESTION # 24
Your customer is engaged in the business of distributing different types of loans to their customers. They need to generate dynamic descriptions for journal lines based on the type of interest rates. The two types of interest rates are adjustable and fixed.
What would be your recommendation to the customer?
- A. Set up a single description rule with conditions defined for two priorities, one for adjustable rates and the other for fixed rates
- B. Set up separate description rules for adjustable and fixed rates
- C. Set up separate journal line rules for adjustable and fixed rates
- D. Define a separate journal entry rule set for each rate type
Answer: A,C
NEW QUESTION # 25
Your customer needs to generate journal entries for the insurance premium collected from the sale of policies. The different components of the premium collected by the company include Basic Premium and Tax.
While uploading the transaction details containing both Basic Premium and Tax amounts, which transaction source would you use to link the transaction header and line information?
- A. Document Key
- B. Transaction Number
- C. Document Sequence Number
- D. Transaction Type
Answer: B
NEW QUESTION # 26
Your client has a requirement to report directly from the transactional tables and return the results in real-time, in turn eliminating the need for a data warehouse.
Which tool would you suggest to your client for this purpose?
- A. Financial Reporting Studio
- B. Account Group
- C. Smart View
- D. Oracle Transactional Business Intelligence
Answer: D
NEW QUESTION # 27
The Insurance for Homes company provides home insurance services in the USA, the UK, France, and Italy. It is headquartered in the USA.
The entities in the UK, France, and Italy are subsidiaries of the USA entity.
The company decides to configure four primary ledgers, one each for the USA, the UK, France, and Italy. It also plans to configure three secondary ledgers under the UK, France, and Italy primary ledgers.
Which TWO statements are true about setting up secondary ledgers?
- A. Conversion levels available for a secondary ledger are Balance, Journal, Adjustment only, and Subledger
- B. A chart of accounts mapping is only required if a secondary ledger has a different chart of accounts than its primary ledger
- C. Conversion levels available for a secondary ledger are Balance, Journal, and Subledger only
- D. A chart of accounts mapping is always required between the chart of accounts of the primary ledger and the secondary ledger
Answer: A,B
NEW QUESTION # 28
You are explaining to an accountant that account override is an adjustment feature of subledger accounting.
Which two traits can help you explain this?
- A. It is intended to correct only the subledger journals that have been posted
- B. It adjusts the original source transaction
- C. It provides an audit trail by preserving the original subledger journal entry
- D. It enables users to record a reason for the adjustment
Answer: C,D
NEW QUESTION # 29
You have recently created an analysis to review periodic revenue amounts using Smart View. Your customer wants to use the drill-through option to get more details about the balances appearing in the analysis.
Which two drill-through options are available for use?
- A. Drill to Financial Reporting Center
- B. Drill to Detail Balances
- C. Drill to Account Inspector
- D. Drill to Account Group
Answer: A,B
NEW QUESTION # 30
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 Trucks" 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. "New Trucks" and "Fix Trucks" are located in the same country and share a chart of accounts and accounting conventions.
How many ledgers are required to be set up?
- A. One primary, one reporting currency ledger
- B. One primary, one secondary ledger
- C. One primary ledger
- D. Two primary ledgers
Answer: C
NEW QUESTION # 31
Your customer wants to monitor the balances of their key General Ledger (GL) accounts on a regular basis and asks your advice on the best reporting option.
Which reporting tool would you suggest?
- A. Financial Reporting Studio
- B. Account Groups and Sunburst
- C. Oracle Transactional Business Intelligence
- D. Smart View
Answer: B
NEW QUESTION # 32
You are designing an income statement report with the help of Financial Reporting Studio. You add row numbers 3, 4, and 5 to reflect the balances for three different expense accounts and row number 6 to reflect the sum of row numbers 3, 4, and 5.
Which formula should be used on row number 6 to calculate the sum?
- A. [3;5][3;5][3;5]
- B. [3:5][3:5][3:5]
- C. 3:5{3:5}3:5
- D. [3,5][3,5][3,5]
Answer: B
NEW QUESTION # 33
Which two options can you use to reconcile subledger journal entries with the source system?
- A. Tag supporting references with Journal Line Rules
- B. Submit the Period Close Exception Report
- C. Create and submit the Oracle Transactional BI Report to review supporting reference balances.
- D. Submit the Subledger Accounting Diagnostics report
Answer: B,D
NEW QUESTION # 34
Your client deals in Banking, Insurance, and Stock Trading. They have separate transaction systems to process their transactions. You have been appointed as a consultant to implement Accounting Hub Cloud to streamline and standardize the accounting process for each of the source systems.
The client wants to generate the following accounting entries:
Banking-related transactions on a daily basis
Stock trading transactions on alternate days
Insurance transactions on a weekly basis
Considering the nature of business, frequency of generating accounting entries, and the load on the system, how many source systems would you suggest?
- A. One
- B. Three
- C. Two
- D. Four
Answer: B
NEW QUESTION # 35
Your customer needs to generate journal entries for the insurance premium collected from the sale of policies. The different components of the premium collected by the company include Basic Premium and Tax. You decide to set up three separate journal line rules to account for Basic Premium, Tax Amount, and Total Amount.
Which attribute in a journal line rule allows you to classify these three journal entry lines?
- A. Rounding Class
- B. Business Flow Class
- C. Accounting Class
- D. Event Class
Answer: D
NEW QUESTION # 36
Your client, a banking organization, is currently using different transaction systems to take care of various types of loans, including vehicle loans, personal loans, education loans, and housing loans.
You recently uploaded the source system data that includes Loan Origination, Loan Interest Accrual, Loan Scheduled Payment, Loan Interest Adjusted, Loan Late Payment, and Loan Charge Off as event types.
Now the customer has asked you to add another transaction type called Loan Interest Accrual Reversal.
What should be your response to the customer?
- A. The source system should be registered again by including the Loan Interest Accrual Reversal event type.
- B. Loan Interest Accrual Reversal can be added as a new event type from the user interface.
- C. A new transaction type cannot be added after the source system is registered.
- D. Loan Interest Accrual Reversal can be added as a new event type by using the update spreadsheet template.
Answer: B
NEW QUESTION # 37
Which statement is true about journal entry rule sets?
- A. Description rules can be assigned at both the header and the line level of a journal entry rule set
- B. Description rules can be assigned only at the header level of a journal entry rule set
- C. Description rules can be assigned only at the header level of a journal entry rule set
- D. Description rules must carry the same chart of accounts that is attached to the journal entry rule set
Answer: A
NEW QUESTION # 38
You recently created an analysis to review the periodic revenue amounts using Smart View. Your customer wants to use the drill-through option to get more details about the balances appearing in the analysis.
Which TWO drill-through options would meet the requirement?
- A. Drill to Financial Reporting Center
- B. Drill to Detail Balances
- C. Drill to Account Inspector
- D. Drill to Account Group
Answer: B,C
NEW QUESTION # 39
Your client is involved in the sale of health, vehicle, and home insurance services. Currently, they process their transactions in a source system. You have been appointed as a consultant to implement Accounting Hub Cloud and standardize their accounting process. You decide to register their source system as a single application in Accounting Hub Cloud. Your customer wants to know the changes that are allowed after registering a source system.
Which THREE actions can be performed after registering a source system?
- A. Assign a named segment from the chart of accounts to the sources that correspond to the accounting flexfield identifiers
- B. Assign and update value set and lookup type assignments to sources
- C. Add new event classes through the user interface
- D. Revise source names and add more sources through the user interface
- E. Modify the subledger application name as long as there are no pending accounting entries
Answer: B,C,D
NEW QUESTION # 40
In Functional Setup Manager, if setup data is segmented by a specific context, you can perform the setup task iteratively, such as assigning different ledger options to different primary ledgers.
Which action should you take to specify the context?
- A. Select the value for a Feature
- B. Select the value for a Functional Area.
- C. Select the value for a Scope
- D. Select the value for a Lookup Code
Answer: C
NEW QUESTION # 41
Which FOUR actions can you perform with the help of the Security Console?
- A. Manage User Name Generation Rules and Password Policies
- B. Compare Roles
- C. Manage Automatic Data Provisioning
- D. Manage Password of other Users
- E. Manage Data Access for Users
- F. Create Roles
Answer: A,B,D,F
NEW QUESTION # 42
Your client, a banking organization, currently uses different transaction systems for various types of loans, including vehicle loans, personal loans, education loans, and housing loans. The client has already implemented other subledger applications including payable, assets, and expenses.
You have been hired as a consultant to help them implement the Accounting Hub solution for streamlining the accounting entries from the source system. One of their requirements is to track the overall loan amount disbursed by each loan officer. You decide to use the supporting references functionality to achieve this requirement. However, when you try to define the loan officer as a supporting reference, the add option is disabled.
What could be the reason for this issue?
- A. Thirty supporting references with balances have already been defined, so a new supporting reference cannot be added
- B. Supporting references can be used only with predefined applications, such as payable, assets, and expenses
- C. Subledger application name was not selected as a scope before defining the supporting reference
- D. Supporting reference tracking was not enabled while registering the source system
Answer: C
NEW QUESTION # 43
The cloud client wants to drive an efficient transfer of accounting entries between Subledger Accounting and their General Ledgers. Hence, they are skipping the Post Subledger Journal Entries and Journal Import processes.
Under what three conditions are the improvements to transfer of Subledger Accounting entries to General Ledger enhancement ignored?
- A. When the Multiperiod Accounting process is submitted
- B. When the Create Accounting process is submitted in Final and Post modes
- C. When online accounting is submitted from the transaction pages
- D. When accounting is transferred outside of Fusion General Ledger
Answer: A,B,C
NEW QUESTION # 44
You are implementing Accounting Hub Cloud for one of your clients. Your client has agreed to have six segments for the chart of accounts: Company, Line of Business, Account, Department, Product, and Intercompany.
For one of the journal line rules, your client requests you to assign a common account rule for Company, Line of Business, Account, and Intercompany. However, for Department and Product, they want to use segment-specific rules.
How will you achieve this while setting up the journal entry rule set?
- A. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while creating the supporting references
- B. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while creating the accounting method
- C. Assign Common Account Rule in the Account Combination rule field and assign Department and Product segment rules in the segment rules section
- D. Assign Common Account Rule to all the segments and create overriding rules for the Department and Product segment while assigning the accounting method to the ledger
Answer: C
NEW QUESTION # 45
The Unified Migration option helps move functional setup data from one instance to another.
Which TWO statements are true about Unified Migration?
- A. You need to manually download the configuration set from the source and manually upload it into the target
- B. The Unified Migration option requires registration of the target environment in the source environment
- C. There is no need to import the migration set into a sandbox instance before it is applied to the target environment
- D. You can optionally migrate only the new changes if both environments are synchronized
Answer: B,D
NEW QUESTION # 46
Your client is involved in the sale of health, vehicle, and home insurance services. Currently, they process their transactions in a source system. You have been appointed as a consultant to implement Accounting Hub Cloud and standardize their accounting process. You decide to register their source system as a single application in Accounting Hub Cloud.
How many event classes will be generated by the system while registering the source system?
- A. One
- B. Two
- C. Four
- D. Three
Answer: A
NEW QUESTION # 47
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