1Z1-1024 by Oracle Actual Free Exam Q&As

Question 1

Identify the four types of cost adjustments.

A. A change to a requisition after the purchase order has been created will create a cost adjustment. B. A standard cost update will create an inventory value adjustment. C. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold. D. 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. E. Authorized users can manually create cost adjustments. F. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.

Discussion 0

Correct Answer: A,C,E,F Vote an answer

Question 2

An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed.
How do you get the journal line rule to calculate the gain or loss?

A. Create a secondary ledger to track gain/loss. B. Create a foreign reporting currency to track gain/loss. C. Turn on the Subledger Gain or Loss Option. D. Subledger Accounting is already set up to process it.

Discussion 0

Correct Answer: B Vote an answer

Question 3

If the accounting method on the Subledger Accounting method page has an assigned chart of accounts (COA), which two types of Journal entry rule sets can be used?

A. Rule sets where the accounting rules override the method rule set B. Rule sets assigned to a secondary ledger with a different COA C. Rule sets that use the same chart of accounts D. Rule sets that have a mapping set to convert the accounts E. Rule sets not associated with any chart of accounts

Discussion 0

Correct Answer: A,B Vote an answer

Question 4

Your customer wants to run a report to review account balances for both inventory valuation and cost of goods sold. Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances?

A. Inventory Account Balances Report
B COGS Account Balances Report B. Costing Balances Report C. Inventory Valuation Report D. Revenue and COGS Matching Report

Discussion 0

Correct Answer: A Vote an answer

Question 5

Identify two characteristics of an expense pool.

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

Discussion 0

Correct Answer: A,B Vote an answer

Question 6

After "Cost Accounting Processor" has processed the physical inventory classification of transactions which transaction types will it process next?

A. Adjustments B. Cost of Goods Sold C. In-transit D. Retro-reprice E. Overhead

Discussion 0

Correct Answer: E Vote an answer

Question 7

You can track costs at what granularity level in Cost Accounting for the actual costing method?

A. Grade, Subinventory, Locator, Serial B. Subinventory, Lot, Serial, Locator C. Grade, Serial, Group, Lot D. Subinventory, Make, Lot, Serial E. Subinventory. Lot, Serial, Grade

Discussion 0

Correct Answer: E Vote an answer

Question 8

Identify two characteristics of a cost profile.

A. It is where you define which cost method you want to use for the cost component to cost element mapping. B. It is used for calculating the estimated cost of manufactured items under different scenarios. C. It is where you define your Cost Accounting policies. D. It is used for Receipt Accounting.

Discussion 0

Correct Answer: C,D Vote an answer

Oracle Cost Management Cloud 2018 Implementation Essentials - 1Z1-1024 Exam Practice Test