The Best Practice Test Preparation for the 1Z0-1074-21 Certification Exam [Q41-Q65]

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The Best Practice Test Preparation for the 1Z0-1074-21 Certification Exam

1Z0-1074-21 Exam Dumps, Practice Test Questions BUNDLE PACK

Q41. Identify three Landed Cost Management tasks.

Capture Charges

View Rolled Up Costs

Manage Cost Scenarios

Perform Allocations

Create Accounting

Review Journal Entries

Q42. Assume today is November 15, 2015, and you are getting ready to implement new standard costs for the new year Your cost planning scenario has a January 1, 2016 effective date. An item has three work definitions. One work definition has an October l, 2015 effective date. A second work definition has a December 1, 2015 effective date. A third work definition has a January 2, 2016 effective date.
How will the application select the work definition?

It will use the work definition with the January 2, 2016 effective date.

Depending on the selection criteria, it will use the work definition with the December l, 2015 effective date or the work definition with the October l, 2015 effective date.

It must always use the work definition with the October 1, 2015 effective date.

You will receive an error because the application will detect that all three are plausible, and it will be unable to determine which one to choose.

Q43. Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)

Purchase Variance Summary

Journal Entries

Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing

Cost Processing

Work Order Costs

Inventory Valuation

Q44. Which statement is true regarding the cost cutoff date in Cost Accounting?

It only affects whether or not you can process a cost adjustment.

Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.

Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.

Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date.

Q45. Your client uses actual costing and needs to cost to the subinventory level. They have a few subinventories that hold normal goods and one subinventory that holds returned goods. They want their normal goods subinventories to be costed differently from their returned goods subinventory.
Which cost policy supports this requirement?

Create a separate cost book for the normal goods subinventories and one cost book for the returned goods subinventory Add both cost books to the same cost organization.

Create a separate cost organization for the normal goods subinventories and one cost organization for the returned goods subinventory.

Manually create one cost profile for the normal goods subinventories and one cost profile for the returned goods subinventory.

Manually create one valuation unit for the normal goods subinventories and one valuation unit for the returned goods subinventory.

EnaWe the inventory organization that holds the subinventories to be costed to the subinventory level by changing the organization parameter field from “Costing Level” to “Subinventory.”

Q46. You have configured your expense items to accrue at receipt. You have created a few purchase orders and want to verify that the supplier invoices have been created.
Which accounting entries signal this process has taken place?

Debit Charge Account (expense or inventory), Credit Receiving Inspection

Debit Accrued Liability, Credit Accounts Payable

Debit Receiving Inspection, Credit Accrued Liability

Debit Expense, Credit Receiving Inspection

Debit Expense, Credit Expense Accrual

Q47. You have made some changes to your subledger accounting setups for Costing and want to verify that the journal entries are showing up correctly.
How can you generate a report that allows you to see the subledger journal entries for transactions without actually transferring to the General Ledger?

Run the Create Accounting for Costing process with the following parameters: * Accounting Mode = Draft * Report Style = Detail* Transfer to General Ledger = No * Post in General Ledger = No

Run the Transfer Transactions from Inventory to Costing process with the following parameters: * Accounting Mode = Draft * Report Style = Detail * Transfer to General Ledger = No * Post in General Ledger = No

Run the Create Cost Accounting Distribution process with the following parameters: * Accounting Mode = Draft * Report Style = Detail * Transfer to General Ledger = No * Post in General Ledger = No

Run the Create Cost Accounting Distribution process with the following parameters: * Accounting Mode = Final * Report Style = No report* Transfer to General Ledger = No* Post in General Ledger = No

Run the Create Accounting for Costing process with the following parameters: * Accounting Mode = Final * Report Style = No report* Transfer to General Ledger = No* Post in General Ledger = No

Q48. You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?

Activate its journal entry rule set assignments.

Transfer costs to Cost Management.

Create Accounting.

Transfer transactions from Receiving to Costing.

Execute the Preprocessor.

Q49. How is the standard cost of a manufactured configured item calculated?

It is based on the material and resource requirements of a released work order.

The standard cost of a model item is calculated.

The standard cost is calculated for every possible combination of options under a model

It is based on the actual cost of the work order after it is completed.

Q50. Which four steps need to be completed to establish standard costs for a make item?

Run preprocessor.

Complete cost roll-up.

Publish costs

Export item costs.

Add standard costs to a cost scenario.

Create a new cost scenario.

Q51. You are verifying your distributions for your transactions. You Just ran the receipt accounting distribution process. However, your purchase order receipt is not showing up.
What do you need to do for your receipt to show up?

Run the Transactions from Procurement to Costing process.

Run the Transfer Costs from Payables to Cost Management process.

Run the Create Accounting process.

Run the Clear Receipt Accrual Balances process.

Run the Transactions from Receiving to Costing process.

Q52. Your client wants to set up some of their items as expense items and then enable them to be accrued at period end for one of their business units.
Which two configurations will support this request?

Product Information Item > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to “No”.

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

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

Product Information Item > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to “Yes”.

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

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

Q53. Your client would like to accrue expense items at period end. What subledger journal entry rule set must be created in order for the expense accrual Journal entries to be successfully generated?

Event Class: Expense Accrual Event Type: Expense Accrual

Event Class: Period End Accrual Event Type: Period End Accrual

Event Class: Expense Accrual Event Type: Period End Accrual

Event Class: Purchase Order Price Adjustment Event Type: Period End Accrual

Event Class: Purchase Order Price Adjustment Event Type: Expense Accrual

Q54. If the accounting method does not have an assigned chart of accounts (COA), which option is valid?

The accounting method must have a mapping set to convert the accounts.

Accounting rules cannot override the accounting method.

The accounting method can be assigned to any ledger.

Any secondary ledger that uses the method cannot have a COA.

The accounting method may only be used by ledgers without a COA.

Q55. 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?

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

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

They must create their valuation units manually.

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

Q56. Identify two criteria to select a specific work definition in an inventory organization when defining a cost estimation in a Cost Planning scenario

Work definitions without alternates

Work definitions with specific unit numbers

Work definitions with the highest production priority

Work definitions with the lowest production cost

Work definitions with the highest costing priority

Q57. Your client has accounting rules that need specific customization. Which two options allow them to accomplish this”1

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

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

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

Journal entry rule sets do not require accounting rules.

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

Q58. You have an item with two work definitions. One work definition is production priority 1 and named Plan A.
Another work definition is production priority 2 and named Plan B.
In your cost planning scenario, you have specified the work definition selection criteria as name and then production priority, and you have defined the name as Plan B.
How will the application select the work definition?

The scenario will choose the work definition that is production priority 1.

The cost planning scenario will use both work definitions for the item.

The application will generate an error because there are two work definitions for the same item.

The application will use the work definition that is named Plan B.

While you can have more than one work definition for the same item, the cost scenario has no way to unambiguously select one of them.

Q59. Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?

Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management

Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing

Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management

Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

Q60. Which three cost planning tasks can be performed in the Cost Accounting work area?

Review Work Order Costs

Review Item Costs

Analyzing and Comparing Costs

Estimating Standard Costs for Assemblies

Manage Resource Rates

Manage Cost Accounting Periods

Q61. Identify two reference types used to tie a receipt trade operation to an expense invoice for landing.

Internal requisition number

Shipment number

Expense invoice number

Bill of Lading

Receipt number

Q62. At what level can you define item cost profiles?

Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.

Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.

Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.

Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.

Q63. Identify four processors available in the cost processor.

Receipt Processor

Cost Distribution Processor

Cost Reports Processor

Cost of Goods Sold Processor

Cost Accounting Processor

Costing Period Processor

Q64. Your client wants to view Landed Cost Variance. Which pair of search options are available to view Landed Cost Variance?

Business Unit and Cost Organization

Inventory Organization and Legal Entity

Business Unit and Legal Entity

Business Unit and Inventory Organization

Legal Entity and Cost Organization

Inventory Organization and Cost Organization

Q65. Identify the four types of cost adjustments.

A change to a requisition after the purchase order has been created will create a cost adjustment.

A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.

A standard cost update will create an inventory value adjustment.

Authorized users can manually create cost adjustments.

When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.

A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.

Prepare for the Actual Cost Management Cloud 1Z0-1074-21 Exam Practice Materials Collection: https://www.prepawaytest.com/Oracle/1Z0-1074-21-practice-exam-dumps.html

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