1Z0-1060-22 Online Practice Questions and Answers

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 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?

A. Use flexfield

B. Use custom formulas

C. Use mapping set rules

D. Use analytical calculations

Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

A. Specify Ledger Options

B. Manage Accounting Attribute Assignments

C. Manage Reporting Currencies

D. Manage Subledger Accounting Options

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?

A. The rule is built using a value set source.

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

C. The rule is built using a line level source.

D. The rule is built using a custom source.

'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 for slicing 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 two dates.

A. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)

B. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")

C. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date" "Effective Date") + 1)

D. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")

What is the recommended approach for a use case in which some parts of the transaction data must be processed before uploading them to Accounting Hub Cloud?

A. Use Oracle ERP Integration tool.

B. Use PaaS tools, for example, ICS - to perform ETL tasks.

C. Use Oracle OTBI tool.

D. Use a web service tool.

What is the terminology that is used to refer to the number of transactions processed by Create Accounting in one commit cycle?

A. Virtual Machine Processing Size

B. Accounting Unit Commit Size

C. Buffer Unit Size

D. Processing Unit Size

Given the journal: What is the terminology that is used to identify the "Account Number', 'Original Balance' , and 'Origination Date' fields?

A. User Transaction Identifier

B. Attribute Identifier

C. Source System Identifier

D. System Identifier

How do you enable diagnostics on subledger transaction sources?

A. enable diagnostic profile

B. enable diagnostic attribute

C. enable diagnostic source

D. enable transaction debug

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?

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

B. Register it as a new source system.

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

D. Change the transaction data file.

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

A. Set up a mapping set rule.

B. Set up a lookup value.

C. Set up a value set rule.

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