Oracle 1Z0-1060-21

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Oracle 1Z0-1060-21 Exam Syllabus Topics:

Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:

1. What is the recommended approach for a use case in which some parts of the transaction data must be processed before uploading them to Accounting Hub Cloud?

A) Use PaaS tools, for example, ICS - to perform ETL tasks.
B) Use Oracle ERP Integration tool.
C) Use a web service tool.
D) Use Oracle OTBI tool.

2. '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 forslicing 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 twodates.

A) "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date"
"Effective Date") + 1)
B) "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy 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") / NumberofGLPeriod ("Effective Date", 'Expiry Date")

3. 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 inthe 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, 'NewTrucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How can the automatic recognition of insurance income be implemented in AccountingHub Cloud?

A) Set up multiperiod accounting journal lines.
B) Set up a transaction line reversal.
C) Create an adjustment journal entry.
D) Set up automatic Journal line reversal.

4. Which four options are used to reconcile subledger journal entries?

A) Run the Subledger Accounting Diagnostics report.
B) Tag supporting references with journal entry lines.
C) Run the Subledger Accounting Method Setups report.
D) Build a custom OTBIreport.
E) Set up reconciliation using the reconciliation reference accounting attribute.
F) Assign a descriptive text and source on journal lines.

5. What attribute of a subledger journal entry is NOT transferred to GL?

A) Supporting references
B) Accounting lines
C) Accounting class
D) Accounted amounts

Solutions: