Latest 1Z0-1060-21 Study Guides 2022 – With Test Engine PDF [Q24-Q46]

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Latest 1Z0-1060-21 Study Guides 2022 – With Test Engine PDF

Get New 1Z0-1060-21 Practice Test Questions Answers

NO.24 What is the required date format used to import accounting transactions to Accounting Hub Cloud?

The user can customize the date format

MM-DD-YYYY

DD-MON-YYYY

YYYY-MM-DD

NO.25 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?

Set up multiperiod accounting journal lines.

Set up a transaction line reversal.

Create an adjustment journal entry.

Set up automatic Journal line reversal.

NO.26 What are all the tabs that areavailable to be completed in the Register Source System spreadsheet?

Source System and Line Information

Source System and Transaction Information

Source System

Source System, Transaction Information, and Line Information

NO.27 Invoices received from a source system need touse a specific account based on 30 different expense types.
However, if the invoice is from a certain supplier type, it needs to go to a default account regardless of the expense type.
What is the solution?

Create a 30 account combination rule with acondition of expense type.

Create an account rule with three rule elements using one for expense type mapping, one for condition of supplier type, and the other one without any condition.

Create two journal line rules with a condition of supplier type.

Create an account rule with 31 rule elements using one condition for each expense type and another for supplier type.

NO.28 After supporting references balances setup component is tagged to subledger journal entries, what type of reports need to be created so that the information is available to users?

an Oracle Financial Reporting Studio report

a predefined Oracle Business Intelligence Publisher report

an Oracle Transactional Business Intelligence analysis

a Smart View Report

NO.29 Which transaction source is used to link transaction header and line information?

Transaction Key

Transaction Type

Transaction Date

Transaction Number

NO.30 A financial analyst at your workplace would like to frequently view Journal entries report with all line details attributes with user’s specific set of criteria and pivot table.
What is the solution to implement this requirement quickly?

Build a new data warehouse solution.

Build a custom Oracle Transactional Business Intelligence report on subledger accounting subject areas.

Request support team to download subledger Journal entry data.

Run predefined reports and filter the report with the available report parameters.

NO.31 Which two actions can you accomplish for a registered source system?

Add new event classes through the user interface.

Modify the subledger application name as long as thereare no pending accounting entries.

Import the source system registration spreadsheet template multiple times as long as there are no accounting rules created yet.

Revise source Information through the user interface and add more sources.

NO.32 ‘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.

“Amount” *( NumberofGLPeriod (“Effective Date”, “Last Day of Current Accounting Period”) + 1)/ (NumberofGLPeriod (“Effective Date”, “Expiiy Date”) + 1)

“Amount” – (“Last Day of Current Accounting Period” – “Effective Date” ) / (“Expiry Date” -“Effective Date”)

“Amount” * (“Last Day ol Current Accounting Period” – “Effective Date” + 1) / ((“Expiry Date”
“Effective Date”) + 1)

“Amount” * NumberofGLPeriod (“Effective Date”, “Last Day of Current Accounting Period”) / NumberofGLPeriod (“Effective Date”, ‘Expiry Date”)

NO.33 You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classificationinformation.
You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts.
What is the solution?

Use the Open Account Balances Listing report that has balances by customer.

Use the Third Party Control Account feature.

Use Supporting References to capture customer classification information.

Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI).

NO.34 What is NOT included in the minimum required accountingattribute assignments?

Second Distribution Identifier

First Distribution Identifier

Distribution Type

Accounting Date

NO.35 Given the business use case:
‘New Trucks’ runs a fleetof 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 andrecognized 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 tobe 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?

Customer Number

Truck Type

Company

TransactionDate

NO.36 What is the duty role that needs to be assigned for authorizing accounting processing in Accounting Hub Cloud?

Accounting Hub Create Accounting Duty Role

Accounting Hub Import Duty Role

Accounting HubIntegration Duty Role

Accounting Hub Create and Post Journal Entry Duty Role

NO.37 You have created a description rule. When you try to select this description rule to be displayed as a header description rule in a journal entry rule set, you are not able to find this rule in the list of values.
What is the possible reason for NOT finding the rule?

The rule is built using a value set source.

The source does not return any value; therefore the rule is not displayed.

The rule is built using a line level source.

The rule is built using a custom source.

NO.38 You are explaining to an accountant that account override is an adjustment featureof Subledger Accounting.
Which two traits can help you explain this feature?

The account override feature provides an audit trail by preserving the original subledger journal entry.

The account override feature adjusts the original source transaction.

The account override feature is only intended to correct subledger journals that have been posted.

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

NO.39 Which is an alternate way to implement a mappingset rule?

Define a chart of account rule with conditions.

Define a lookup type rule with conditions.

Define a flexfield rule with conditions.

Define an account rule with conditions.

NO.40 Which two options allow validating input values on mapping sets?

Segment values

Lookup types

Value sets

Chart of accounts segment

NO.41 Most of the accounting entries for transaction from the source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use the TAX_AMOUNT source.
At what level can you override the default accounting attribute assignment?

Journal Entry

Journal Entry Rule Set

Event Class

Journal Line Rule

Event Type

NO.42 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 sourcecode 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 calculate discounts for use in the accounting rule?

Use flexfield

Usecustom formulas

Use mapping set rules

Use analytical calculations

NO.43 ‘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 ofindividual 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.
Insurance premium is to be recognized as income across the-coverage period of the insurance policy. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?

Recognition Journal class

Recurring Journal class

Accounting class

Multiperiod class

NO.44 The new billing source system has been registered into Accounting Hub Cloud. The subledger is in active state. At a later date, the business decides to bring in another legacy system (for example, a payment system) for accounting in Accounting Hub.
What two options do you have?

Add this as a new transaction type into existing registered subledger from the user interface.

Add this as a new transaction typo into existing subledger registration spreadsheet template.

Change the transaction data file.

NO.45 Which three are mandatory transaction source information?

Transaction Number

Transaction Line

Ledger Name

Transaction Date

Distribution Link

NO.46 What can you override in a completed subledger journal entry?

the amounts

the descriptions