Oracle Accounting Hub Cloud 2020 Implementation Essentials : 1Z0-1060-20 exam

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Oracle 1Z0-1060-20 Exam Syllabus Topics:

Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

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

2. 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.
How do you pass the calculated value for discount amounts in accounting rules to the corresponding journal line?

A) Assign it to an account rule.
B) Assign it to a transaction type.
C) Assign it to an accounting method.
D) Assign it to an accounting attribute.

3. 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) Assign a descriptive text and source on journal lines.
E) Set up reconciliation using the reconciliation reference accounting attribute.
F) Build a custom OTBI report.

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 a supporting reference to derive amounts.
B) Use a custom formula in a journal line rule to derive amounts.
C) Use a custom formula in a description rule to derive amounts.
D) Use a custom formula in an account rule to derive amounts.

5. How many transaction event classes can be set up for a subledger uploaded to Accounting Hub Cloud?

A) Unlimited
B) Two
C) One
D) Three

Solutions: