[Aug-2021] Oracle 1z0-1074-20 Dumps – Reduce Your Chance of Failure in 1z0-1074-20 Exam
To help you achieve your ultimate goal, we suggest the actual Oracle 1z0-1074-20 dumps for your Oracle Cost Management Cloud 2020 Implementation Essentials exam preparation to use as your guideline.
NEW QUESTION 32
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 Account Balances Report
B COGS Account Balances Report - B. Inventory Valuation Report
- C. Revenue and COGS Matching Report
- D. Costing Balances Report
Answer: A,C
NEW QUESTION 33
Which two steps need to be completed to estimate landed costs?
- A. Prepare the Material Purchase Order Data process.
- B. Allocate charges
- C. Transfer transactions from the Inventory to the Costing process.
- D. Transfer transactions from the Payables to the Costing process.
- E. Update standard costs.
Answer: B,E
NEW QUESTION 34
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. Turn on the Subledger Gain or Loss Option.
- C. Create a secondary ledger to track gain/loss.
- D. Create a foreign reporting currency to track gain/loss.
Answer: D
NEW QUESTION 35
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. Run the Transfer Transactions to Costing process.
- C. Perform cost account validations for August in Manage Cost Accounting Periods
- D. Close the August period; you can never have two open periods at the same time.
Answer: B
NEW QUESTION 36
What are three cost method choices that are available in Cost Accounting?
- A. Period end average cost
- B. Perpetual average cost
- C. Periodic average cost
- D. Actual cost (LIFO or Last In First Out)
- E. Actual cost (FIFO or First In First Out)
- F. Standard cost
Answer: B,D,E
NEW QUESTION 37
Your client has accounting rules that need specific customization. Which two options allow them to accomplish this"1
- A. Copy and rename predefined subledger journal entry rule sets before modifying them.
- 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. Use a different journal entry rule set for each ledger with a different accounting convention.
- E. The subledger journal entry rule set does not need the same accounting event type as the accounting method.
Answer: B
NEW QUESTION 38
How is the standard cost of a manufactured configured item calculated?
- A. The standard cost is calculated for every possible combination of options under a model
- B. The standard cost of a model item is calculated.
- C. It is based on the actual cost of the work order after it is completed.
- D. It is based on the material and resource requirements of a released work order.
Answer: B
NEW QUESTION 39
At what level can you define item cost profiles?
- A. Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.
- B. Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.
- C. Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.
- D. Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.
Answer: B
NEW QUESTION 40
Which three features are included in Receipt Accounting?
- A. Review Item Costs
- B. Adjust Receipt Accrual Clearing Balances
- C. Create Receipt Accounting Distribution
- D. Review Journal Entries
- E. Analyze Standard Purchase Cost Variances
Answer: B,C,D
Explanation:
https://docs.oracle.com/en/cloud/saas/supply-chain-management/r13-update17d/faims/implementing-receipt-accounting.html#FAIMS1921270
NEW QUESTION 41
When attempting to open costing periods, your customer is receiving the following error:
Error: You do not have the required permission. You can request that your help desk change your security settings.
What configuration needs to be done so your customer will be able to open the Cost Accounting period?
- A. Create Data Access on the Cost Accountant role for the correct inventory organization.
- B. Create Data Access on the Accounts Payable role for the correct inventory organization.
- C. Create Data Access on the Cost Accountant role for the correct cost organization.
- D. Create Data Access on the Accounts Payable role for the correct cost organization.
Answer: D
NEW QUESTION 42
You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?
- A. Transfer transactions from Receiving to Costing.
- B. Execute the Preprocessor.
- C. Activate its journal entry rule set assignments.
- D. Create Accounting.
- E. Transfer costs to Cost Management.
Answer: C
NEW QUESTION 43
Identify the four types of cost adjustments.
- A. Authorized users can manually create cost adjustments.
- B. A standard cost update will create an inventory value adjustment.
- C. A change to a requisition after the purchase order has been created will create a cost adjustment.
- D. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
- E. When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.
- F. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
Answer: A,C,D,F
NEW QUESTION 44
Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?
- A. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
- B. Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing
- C. Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management
- D. Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing
- E. Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management
- F. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
Answer: C
NEW QUESTION 45
Which statement is true regarding the cost cutoff date in Cost Accounting?
- A. It only affects whether or not you can process a cost adjustment.
- B. Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date.
- C. Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.
- D. Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.
Answer: C
NEW QUESTION 46
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 Transactions from Receiving to Costing process.
- B. Run the Transactions from Procurement to Costing process.
- C. Run the Transfer Costs from Payables to Cost Management process.
- D. Run the Create Accounting process.
- E. Run the Clear Receipt Accrual Balances process.
Answer: A
NEW QUESTION 47
A chart of accounts (COA) must be specified on the accounting method for which two situations?
- A. When using account combination rules
- B. When using segment rules
- C. When using ledgers that have unique accounting requirements
- D. Every accounting method should have a COA.
- E. When account combination rules use constants
Answer: B,D
NEW QUESTION 48
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?
- 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. Refer to the Accounting Event Diagnostic log.
E Review errors in the Create Accounting Execution log.
Answer: B
NEW QUESTION 49
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