[Dec-2022 Newly Released] 1Z0-1060-21 Dumps for Oracle Financials Cloud Certified [Q27-Q51] – IT Certification Exam Questions & Answers

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[Dec-2022 Newly Released] 1Z0-1060-21 Dumps for Oracle Financials Cloud Certified

Updated Verified 1Z0-1060-21 dumps Q&As – 100% Pass

Q27. Which four options are used to reconcile subledger journal entries?

Set up reconciliation using the reconciliation reference accounting attribute.

Assign a descriptive text and source on journal lines.

Run the Subledger Accounting Method Setups report.

Tag supporting references with journal entry lines.

Build a custom OTBIreport.

Run the Subledger Accounting Diagnostics report.

Q28. 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 andloss 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 set up an account rule that is based on leased and owned trucks?

Set up a mapping set rule.

Set up a lookup value.

Set up a value set rule.

Set up an account source in the source system file and derive the value.

Q29. A new source system has been registered into Accounting Hub Cloud. Users are actively using this new subledqer. Subsequently, the business signed up a contract with a new supplier. A new mapping value thatmaps suppliers with the accounts needs to be added. You make updates on the mappings in the existing mapping set rule by adding more mapping valued.
After saving the update, what is the next required action?

Activate the journal entry rule set.

Activate the accounting method.

There is no required action. The mapping addition is complete.

Download a new transaction data template.

Q30. 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.

Q31. What attribute of a subledger journal entry is NOT transferred to GL?

Accounting class

Accounting lines

Accounted amounts

Supporting references

Q32. 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.

Q33. Which three duty roles are required to perform Accounting Hub setup tasks?

Accounting Hub Maintenance

Subledger Accounting Manager

Accounting Hub Administration

Application Implementation Consultant

Accounting Hub Integration

Q34. 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

Q35. How many transaction eventclasses can be set up for a subledger uploaded to Accounting Hub Cloud?

Two

One

Three

Unlimited

Q36. Which transaction source is used to link transaction header and line information?

Transaction Key

Transaction Type

Transaction Date

Transaction Number

Q37. Which is used to track a specific transaction attribute on subledger journal entries?

value set rules

lookup value rules

supporting references

account rules

Q38. A customer’s business requirement demands a more granular view of transferred subledger journal entries in GL.
Which of the available General LedgerJournal Entry Summarization options meets this requirement?

Summarize by GL Date

Summarize by GL Period

Group by GL Date

Transfer in Details

Q39. In the process of analyzing data from a source system you find that there are no reliable amounts that canbe used to build a subledger journal entry.
How can you resolve this challenge?

Use a custom formula in an account rule to derive amounts.

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

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

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

Q40. What can you override in a completed subledger journal entry?

the amounts

the descriptions

the account

the supporting Information

Q41. You have been assigned to troubleshoot a Create Accounting error.
What is the first step you need to take to use the diagnostics framework features?

Set the “SLA: Diagnostics Enabled” profile option.

Run Create Accounting again to generate journal entries for the events that ended in error.

Submit the Accounting Event Diagnostics process.

Run the Accounting Events DiagnosticReport.

Q42. While creating a journal entry rule set you are NOT able to use an account rule that was createdrecently.
Which two reasons can explain this?

The account rule is using sources that have not been assigned to the same event class that is associated to the journal entry rule set.

The account rule is defined with conditions that are not allowing the assignment.

The account rule does not return any valid account value.

The account rule is defined with a different chart of accounts from the journal entry rule set.

Q43. ‘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

Q44. 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.

Q45. ‘Insurances for Homes’ company provide home insuranceservice. 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.
Insurance premiumIs to be recognized as income across the coverage period of the insurance policy. What are the two types of journal lines that need to be set up to generate recurring journal entries for insurance premium in each accounting period?

Offsets and Recognition

Deferral and Recognition

Reversal and Recognition

Multiperiod and Recognition

Q46. What is the key attribute that is used to query journalentries of a registered source system?

Ledger Name

Transaction Date

Journal Source

Accounting Date

Q47. 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.

Q48. Which two options allow validating input values on mapping sets?

Segment values

Lookup types

Value sets

Chart of accounts segment

Q49. 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

Q50. A customer has a business requirement to provide additional information about subledger Journals that cannot be found in a predefined report.
How can you meet this requirement?

Use either Account Monitor or Account Inspector to getrequired Information.

Build a Financial Reporting Studio report that includes all dimensions.

Build an OTBI analysis that includes a relevant subject area.

Create a Smart View report using the query designer feature.