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Oracle 1z0-1074-23 Oracle Cost Management Cloud 2023Implementation Essentials Exam Practice Test

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Total 79 questions
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Oracle Cost Management Cloud 2023Implementation Essentials Questions and Answers

Question 1

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?

Options:

A.

Run the Transactions from Procurement to Costing process.

B.

Run the Transfer Costs from Payables to Cost Management process.

C.

Run the Create Accounting process.

D.

Run the Clear Receipt Accrual Balances process.

E.

Run the Transactions from Receiving to Costing process.

Question 2

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?

Options:

A.

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.

B.

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

C.

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

D.

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

E.

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."

Question 3

A chart of accounts (COA) must be specified on the accounting method for which two situations?

Options:

A.

When using ledgers that have unique accounting requirements

B.

When using account combination rules

C.

When account combination rules use constants

D.

Every accounting method should have a COA.

E.

When using segment rules

Question 4

Your client has accounting rules that need specific customization. Which two options allow them to accomplish this? (Choose two)

Options:

A.

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

B.

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

C.

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

D.

Journal entry rule sets do not require accounting rules.

E.

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

Question 5

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

Options:

A.

Activate its journal entry rule set assignments.

B.

Transfer costs to Cost Management.

C.

Create Accounting.

D.

Transfer transactions from Receiving to Costing.

E.

Execute the Preprocessor.

Question 6

Identify four features provided by the Review Work Order Costs UI when displaying work order

Options:

A.

Scrap Costs

B.

Variable Costs

C.

Output Costs

D.

Incremental Costs

E.

Input Costs

F.

Standard Cost variances

Question 7

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?

Options:

A.

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

B.

Debit Accrued Liability, Credit Accounts Payable

C.

Debit Receiving Inspection, Credit Accrued Liability

D.

Debit Expense, Credit Receiving Inspection

E.

Debit Expense, Credit Expense Accrual

Question 8

Which two steps need to be completed to estimate landed costs?

Options:

A.

Transfer transactions from the Inventory to the Costing process.

B.

Transfer transactions from the Payables to the Costing process.

C.

Update standard costs.

D.

Allocate charges

E.

Prepare the Material Purchase Order Data process.

Question 9

Identify two characteristics of a cost profile.

Options:

A.

It is used for calculating the estimated cost of manufactured items under different scenarios.

B.

It is used for Receipt Accounting.

C.

It is where you define your Cost Accounting policies.

D.

It is where you define which cost method you want to use for the cost component to cost element mapping.

Question 10

Landed Cost Variance Analysis can be performed based on which three dimension combinations?

Options:

A.

Business Unit/Landed Cost Charge/Cost Organization

B.

Item/Business Unit/Route

C.

Item Category/Material Supplier/Landed Cost Charge

D.

Inventory Organization/Landed Cost Charge/Third Party Supplier

E.

Item Catalog/Inventory Organization/Business Unit

Question 11

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

Options:

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

Question 12

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

Options:

A.

Internal requisition number

B.

Shipment number

C.

Expense invoice number

D.

Bill of Lading

E.

Receipt number

Question 13

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?

Options:

A.

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

B.

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

C.

They must create their valuation units manually.

D.

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

Question 14

You have finished creating your sub ledger journal entry rule sets and see that they are still in the incomplete status. Which two steps will ensure that the journal entries are generated?

Options:

A.

Add the subledger journal entry rule sets to the Manage Journal Entry Rule Set task.

B.

Add the subledger journal entry rule sets to the Manage Accounting Methods task.

C.

Run the "Activate Subledger Journal Entry Rule Set Assignments" process.

D.

Run the "Activate Accounting Methods" process.

E.

Validate the subledger journal entry rule sets using Validate Journal Entry Rule Set.

Question 15

The process to map the AP invoices to the trade operation charges has completed. Which entity did the application use to do this?

Options:

A.

Material Receipts

B.

Charge Names

C.

PreReference Types

D.

Routes

E.

Trade Operation Template

Question 16

Which predefined report should you use from Oracle Business Intelligence Publisher to manage the balance of accrued supplier liabilities for a business unit?

Options:

A.

Accrual Supplier Liability Report

B.

Accrual Reconciliation Report

C.

Accrual Clearing Report

D.

Uninvoiced Receipt Accrual Report

E.

Receipt Accounting Real Time Report

Question 17

What are three cost method choices that are available in Cost Accounting?

Options:

A.

Period end average cost

B.

Actual cost (LIFO or Last In First Out)

C.

Periodic average cost

D.

Standard cost

E.

Perpetual average cost

F.

Actual cost (FIFO or First In First Out)

Question 18

Identify two ways that standard cost is calculated.

Options:

A.

Users must manually enter the cost of each configured item; the calculation is not automated.

B.

The standard cost is the sum of the cost of the selected option items.

C.

The cost of a configured item is calculated based on the work definition of the model item.

D.

The standard cost of the configured item is based on the purchase order price quoted by the

supplier for the configured item.

E.

The roll-up calculation can be performed to update standard costs for Cost Accounting purposes

Question 19

Your organization currently has the August period for this year open. They want to be able to open the September period, while keeping August open. When you try to open the target period, August of this year, you get an error.

What must you do to meet your customer's requirement and resolve this error?

Options:

A.

Perform cost account validations for August in Manage Cost Accounting Periods

B.

Run the Transfer Transactions to Costing process.

C.

Close the August period; you can never have two open periods at the same time.

D.

Change the number of maximum open periods in Manage Cost Organization Relationships

Question 20

You are establishing the cost for a make assembly. When we run Cost Rollup, it is not rolling up and the Assembly shows "0" cost. However, item costs are available for child (buy) components. In the review work order cost, we are able to see child components costs, but not the rollup cost of the assembly.

Identify two reasons this happened.

Options:

A.

The item has no on-hand inventory.

B.

The assembly item is marked as Perpetual Average costed.

C.

Outstanding purchase orders have not been received.

D.

The Work Definition is incomplete.

E.

Burdens have not been established for the item

Question 21

Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?

Options:

A.

Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.

B.

There is no difference between owned inventory and consigned inventory.

C.

The liability for a consigned item occurs when there is an ownership event.

D.

A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.

E.

The quantity is tracked in inventory but not as an asset until there is an ownership event

F.

Consigned items can appear on inventory reports with information about the eventual value of the consigned item

Question 22

Identify two characteristics of Landed Cost charge names.

Options:

A.

Duty is a seeded charge name for Landed Cost.

B.

You can modify a charge name until it is associated with a trade operation.

C.

Charge names cannot be used to tie an invoice to a trade operation.

D.

You can use multiple currencies within a trade operation for the same charge name on different lines.

E.

Charge names cannot be associated with a PO schedule.

Question 23

Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?

Options:

A.

Review their audit receipt accrual clearing balances.

B.

Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.

C.

Review their accrual balances and clear them.

D.

Review their Receipt Accounting processes that show whether any processes failed and why.

E.

Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.

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