Oracle Cost Management Cloud 2017 Implementation Essentials (1z1-987) Free Practice Test

Question 1

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. Perform cost account validations for August in Manage Cost Accounting Periods

C. Run the Transfer Transactions to Costing process.

D. Close the August period; you can never have two open periods at the same time.

Correct Answer: C

Question 2

Your client originally used Quick Setup to configure Cost Accounting However, after reviewing their costing policies, they realize that they want to cost some of their lots differently then others What must they do to accomplish this?

A. They cannot change their current configuration; data generated by Quick Setup cannot be changed.

B. They must create their valuation units manually.

C. Quick Setup generates valuation units so they just have to access those valuation units and make their changes.

D. Quick Setup generates one valuation unit so they can access this to make changes and manually create new valuation units.

Correct Answer: A

Question 3

Your client wants to view Landed Cost Variance. Which pair of search options are available to view Landed Cost Variance?

A. Business Unit and Cost Organization

B. Business Unit and Inventory Organization Legal Entity and Cost Organization

C. Inventory Organization and Legal Entity

D. Business Unit and Legal Entity

E. Inventory Organization and Cost Organization

Correct Answer: B

Question 4

Your client has accounting rules that need specific customization. Which two options allow them to accomplish this"1

A. Use a different journal entry rule set for each ledger with a different accounting convention.

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. Copy and rename predefined subledger journal entry rule sets before modifying them.

E. The subledger journal entry rule set does not need the same accounting event type as the accounting method.

Correct Answer: E

Question 5

Which two steps need to be completed to estimate landed costs?

A. Prepare the Material Purchase Order Data process.

B. Update standard costs.

C. Allocate charges

D. Transfer transactions from the Inventory to the Costing process.

E. Transfer transactions from the Payables to the Costing process.

Correct Answer: A,E

Question 6

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. Transfer costs to Cost Management.

C. Execute the Preprocessor.

D. Create Accounting.

E. Activate its journal entry rule set assignments.

Correct Answer: D

Question 7

Your client wants their expense items to be accrued at receipt. Which two configurations support this requirement?

A. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.

B. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.

C. Product Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".

D. Product Information Management > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".

E. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to Period End.

F. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to At Receipt.

Correct Answer: A,B

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Oracle Cost Management Cloud 2017 Implementation Essentials (1z1-987) Free Practice Test