Oracle Accounting Hub Cloud 2020 Implementation Essentials (1Z0-1060-20) Free Practice Test

Question 1

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 entered amounts.

B. It appears correct.

C. It is not balanced by entered currency.

D. It is not balanced by balancing segment.

Correct Answer: D

Question 2

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. Summarize by GL Period

C. Transfer in Details

D. Group by GL Date

Correct Answer: D

Question 3

'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") / NumberofGLPeriod ("Effective Date", 'Expiry Date")

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

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

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

Correct Answer: A

Question 4

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 an account rule to derive amounts.

B. Use a custom formula in a supporting reference to derive amounts.

C. Use a custom formula in a journal line rule to derive amounts.

D. Use a custom formula in a description rule to derive amounts.

Correct Answer: C

Question 5

Which two can you use to view supporting reference balances?

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

B. Use the Supporting Reference Balance Inquiry page.

C. Submit the standard Supporting Reference Balances Report.

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

Correct Answer: B,D

Question 6

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 provides an audit trail by preserving the original subledger journal entry.

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

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

Correct Answer: B,D

Question 7

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.
What would the typical line information be?

A. Company

B. Customer Number

C. Transaction Date

D. Truck Type

Correct Answer: D

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Oracle Accounting Hub Cloud 2020 Implementation Essentials (1Z0-1060-20) Free Practice Test