oracle 1z0-1074-21 practice test

Oracle Cost Management Cloud 2021 Implementation Essentials Exam


Question 1

You are configuring Landed Cost Management for client proof of concept and only want to set up
required tasks. Which task must be completed?

  • A. Charge Name
  • B. Reference Types
  • C. Trade Operation Templates
  • D. Routes
  • E. Trade Operation
Answer:

B

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Question 2

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

  • A. It only affects whether or not you can process a cost adjustment.
  • B. 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.
  • C. 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.
  • D. 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.
Answer:

B

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Question 3

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

  • A. Purchase Variance Summary
  • B. Journal Entries
  • C. Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
  • D. Cost Processing
  • E. Work Order Costs
  • F. Inventory Valuation
Answer:

C,D,F

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Question 4

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?

  • A. 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
  • B. 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
  • C. 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
  • D. 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
  • E. 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
Answer:

A

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Question 5

Identify two characteristics of an expense pool. (Choose two.)

  • A. It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto the balance sheet as inventory value.
  • B. It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.
  • C. You can define the name of your expense pool, but you cannot define more than one.
  • D. It is used only for analyzing gross margins on noninventory sales of services.
Answer:

A,B

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Question 6

Your customer has asked you to create a report so they can view their receipt accounting
distributions along with their receipt accounting transactions.
Which subject area would you select to create this report?

  • A. Receipt Accounting- Receipt Accounting Distributions Real Time
  • B. Receipt Accounting-- Receipt Accounting Transactions Real Time
  • C. Costing –Receipt Accounting Real Time
  • D. Financials-Subledger Accounting-Detail Transactions
  • E. Costing-Cost Accounting Real Time
Answer:

D

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Question 7

Which four predefined costing reports can you use to gather information to review inventory value?
(Choose four.)

  • A. Costing Account Balances Report
  • B. In-transit Valuation Report
  • C. COGS and Revenue Matching Report
  • D. Work in Process Inventory Valuation Report
  • E. Layer Inventory Valuation Report
  • F. Cost Accounting Valuation Report
  • G. Inventory Valuation Report
Answer:

A,B,C,D

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Question 8

You have an item with two work definitions. One work definition is production priority 1 and named
Plan

  • A. The scenario will choose the work definition that is production priority 1.
  • B. The cost planning scenario will use both work definitions for the item.
  • C. The application will generate an error because there are two work definitions for the same item.
  • D. The application will use the work definition that is named Plan B.
  • E. 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.
Answer:

A

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Question 9

Which two statements are true about Cost Accounting books? (Choose two.)

  • A. A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
  • B. A cost organization has one book that posts to the primary ledger.
  • C. Every cost organization must use different book names; they cannot be shared.
  • D. Secondary books can post accounting entries into any ledger, including the primary ledger or any secondary ledger.
Answer:

A,B

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Question 10

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

  • A. Run preprocessor.
  • B. Complete cost roll-up.
  • C. Publish costs
  • D. Export item costs.
  • E. Add standard costs to a cost scenario.
  • F. Create a new cost scenario.
Answer:

ABCD

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