Latest [Jun 24, 2022] 1Z0-1074-21 Exam with Accurate Oracle Cost Management Cloud 2021 Implementation Essentials PDF Questions [Q31-Q49]

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Latest [Jun 24, 2022] 1Z0-1074-21 Exam with Accurate Oracle Cost Management Cloud 2021 Implementation Essentials PDF Questions

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Oracle 1Z0-1074-21 Exam Syllabus Topics:

Topic	Details
Topic 1	Explain the Receipt & Cost Accounting Subledger Managerial Accounting Overview
Topic 2	Explain Cost Accounting and how it integrates with other modules Explain Common Inventory Configurations
Topic 3	Explain the Role of Costing Key setups and Cost policies Analyze and resolve Standard Cost variances
Topic 4	Describe the purpose of Cost Accounting, Receipt Accounting, and Landed Cost Explain the relationships of Subledger Components
Topic 5	Create Standard Costs, Resource Rates, and Overhead Rates Describe the Receipt Accounting Work Area
Topic 6	Perform Cost Accounting processes & Reporting Analyze and resolve errors and exceptions

NEW QUESTION 31
Select two ways to define the standard cost for an item from the Cost Accounting work area.

Manage the Item Cost task.

Import standard costs from receipt layers.

Manage the Standard Cost task.

Create Standard Cost in a spreadsheet.

NEW QUESTION 32
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)

Purchase Variance Summary

Journal Entries

Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing

Cost Processing

Work Order Costs

Inventory Valuation

NEW QUESTION 33
Identify two characteristics of Landed Cost charge names.

Duty is a seeded charge name for Landed Cost.

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

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

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

Charge names cannot be associated with a PO schedule.

NEW QUESTION 34
When running the Transfer Costs to Cost Management process, where will the primary default source for costs come from and what is the effect?

Purchase order costs; item catalog costs can be used.

Receivables invoices; actual cost can be used.

Receipt costs; costs include adjustments.

Requisition costs; validated costs can be used.

Payables invoices; invoice price variance can be added to item cost.

NEW QUESTION 35
Which two outcomes can happen in create accounting when an account combination returned is end dated?

The original account is stored on the journal line.

Suspense accounts cannot be used.

An alternate account will be used if provided.

An error will always occur.

The preprocessor will pre-warn about this error.

Explanation
https://docs.oracle.com/en/cloud/saas/financials/18b/faisl/subledger-accounting-setup.html#FAISL212668

NEW QUESTION 36
Identify four characteristics of a cost element.

Users can define any number of cost elements.

It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing.

It is the granularity at which costs are tracked and accounted.

It is user-defined.

The mapping of cost components into cost elements is user-defined.

It uses date effectivity.

NEW QUESTION 37
You are explaining the characteristics of a “profit in inventory” cost element to a client. Which three statements describe true characteristics of this cost element?

It is only used when you do not need to maintain an arm’s length relationship.

It can help you understand true margins and value added by internal business units through the internal supply chain.

It can help you with consolidated financial reporting.

It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.

It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.

NEW QUESTION 38
If the accounting method does not have an assigned chart of accounts (COA), which option is valid?

The accounting method must have a mapping set to convert the accounts.

Accounting rules cannot override the accounting method.

The accounting method can be assigned to any ledger.

Any secondary ledger that uses the method cannot have a COA.

The accounting method may only be used by ledgers without a COA.

NEW QUESTION 39
Which two rules determine whether a condition has been met for accounting rules?

When the condition is met, the rule associated with that priority is used.

Priorities determine the order in which accounting rule conditions are examined.

The conditions are evaluated in the sequence they are defined in the accounting rule.

After all conditions are tested, the final resulting value is used.

Use parenthesis to control the order of the condition evaluation.

NEW QUESTION 40
Your client wants to turn on summary for GL posting, but they want the Subledger Accounting to contain every transaction unsummarized for detailed analysis and drill down.
How do you accomplish this?

Turn off merge matching lines in the journal line rule.

Turn off the summarize flag in the journal line rule.

Write a custom report.

Turn on detailed posting for GL in the ledger setup.

Extract distribution accounting entries.

NEW QUESTION 41
Which statement is true regarding the cost cutoff date in Cost Accounting?

It only affects whether or not you can process a cost adjustment.

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.

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.

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.

NEW QUESTION 42
Identify two criteria to select a specific work definition in an inventory organization when defining a cost estimation in a Cost Planning scenario

Work definitions without alternates

Work definitions with specific unit numbers

Work definitions with the highest production priority

Work definitions with the lowest production cost

Work definitions with the highest costing priority

NEW QUESTION 43
Your client is using Quick Setup to implement Costing. They have a requirement to track costs for manufacturing overhead. How can you make sure that this requirement is met?

Complete Quick Setup and then create the user-defined cost using the Manage Cost Component task.

This requirement will already be met by the default data generated when using Quick Setup.

Create the cost in Manage Cost Scenarios.

You can only track costs for Direct Labor and Direct Equipment; this requirement cannot be met.

NEW QUESTION 44
Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?

Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management

Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing

Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management

Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

NEW QUESTION 45
Which four predefined costing reports can you use to gather information to review inventory value? (Choose four.)

Costing Account Balances Report

In-transit Valuation Report

COGS and Revenue Matching Report

Work in Process Inventory Valuation Report

Layer Inventory Valuation Report

Cost Accounting Valuation Report

Inventory Valuation Report

NEW QUESTION 46
After “Cost Accounting Processor” has processed the physical inventory classification of transactions which transaction types will it process next?

In-transit

Retro-reprice

Adjustments

Overhead

Cost of Goods Sold

NEW QUESTION 47
Which four steps need to be completed to establish standard costs for a make item?

Run preprocessor.

Complete cost roll-up.

Publish costs

Export item costs.

Add standard costs to a cost scenario.

Create a new cost scenario.

NEW QUESTION 48
You have configured the application as follows:
* Expense items are set to accrue at receipt.
* Receipt Close tolerance is set to 75 percent.
* Purchasing Line types are set to 2-way match.
When you create a purchase order, the Accrue on Receipt check box is automatically selected when a line is added.
Which two configurations changes will ensure the Accrue on Receipt check box is not selected by default?

Change expense items to accrue at period end.

Change the Purchasing Line types to 4-way match.

Change inventory items to accrue at period end.

Change the Purchasing Line types to 3-way match.

Change the Receipt Close tolerance so it is 100 percent.

NEW QUESTION 49
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?

Run the “Activate Accounting Methods” process.

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

Run the “Activate Sub ledger Journal Entry Rule Set Assignments” process.

Add the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task

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

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