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.

What wil the typical transaction information be at the header level?

A. Line Type

B. Currency

C. Amount

D. Customer Number

In the process of analyzing data from a source system you find that there are no reliable amounts that can be used to build a subledger journal entry.

How can you resolve this challenge?

A. Use a custom formula in an account rule to derive amounts.

B. Use a custom formula in a description rule to derive amounts.

C. Use a custom formula in a journal line rule to derive amounts.

D. Use a custom formula in a supporting reference to derive amounts.

What is a user job role data context assignment?

A. Security privileges assignment to a user job role

B. Security data role context assignment to a user job role

C. Security data access context assignment to a user job role

D. Duty role context assignment to a user

You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classification information. You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts.

What is the solution?

A. Use the Open Account Balances Listing report that has balances by customer.

B. Use the Third Party Control Account feature.

C. Use Supporting References to capture customer classification information.

D. Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI).

A new source system has been registered into Accounting Hub Cloud. Users are actively using this new subledqer. Subsequently, the business signed up a contract with a new supplier. A new mapping value that maps suppliers with the accounts needs to be added. You make updates on the mappings in the existing mapping set rule by adding more mapping valued.

After saving the update, what is the next required action?

A. Activate the journal entry rule set.

B. Activate the accounting method.

C. There is no required action. The mapping addition is complete.

D. Download a new transaction data template.

While creating a journal entry rule set you are NOT able to use an account rule that was created recently.

Which two reasons can explain this?

A. The account rule is using sources that have not been assigned to the same event class that is associated to the journal entry rule set.

B. The account rule is defined with conditions that are not allowing the assignment.

C. The account rule does not return any valid account value.

D. The account rule is defined with a different chart of accounts from the journal entry rule set.

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

What is the duty role that needs to be assigned for authorizing accounting processing in Accounting Hub Cloud?

A. Accounting Hub Create Accounting Duty Role

B. Accounting Hub Import Duty Role

C. Accounting Hub Integration Duty Role

D. Accounting Hub Create and Post Journal Entry Duty Role

Which two can you use to view supporting reference balances?

A. Use the Supporting Reference Balance Inquiry page.

B. Submit the standard Supporting Reference Balances Report.

C. Use Oracle Transactional Business Intelligence to create an analysis using the Subledger Accounting - Supporting Reference Real Time subject area.

D. Use Business Intelligence Publisher to build a custom report.

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. 'New Trucks' and' Fix Trucks' are located in the same country and share chart-of accounts and accounting conventions.

How many ledgers are required to be set up?

A. Two primary ledgers

B. One primary ledger

C. One primary, one secondary ledger

D. One primary, one repotting currency ledger