2022 Valid 1Z0-1060-21 Real Exam Questions, practice Oracle Financials Cloud [Q12-Q33]

QUESTION 12
Given the business use case:
‘New Trucks’ runs a fleet of trucks in a rentalbusiness 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: totalmaintenance 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 manyledgers are required to be set up?

QUESTION 13
Where do you define the currency conversion type to be used in converting accountedamount for reporting currency ledger?

QUESTION 14
What is theterminology that is used to refer to the number of transactions processed by Create Accounting in one commit cycle?

QUESTION 15
What can you override in a completed subledger journal entry?

QUESTION 16
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?

QUESTION 17
What is the key attribute that is used to query journalentries of a registered source system?

QUESTION 18
You need to build a complex account rule. Which four value typescanyou use in yourdefinition?

QUESTION 19
You are explaining to an accountant that account override is an adjustment featureof Subledger Accounting.
Which two traits can help you explain this feature?

QUESTION 20
What is NOT included in the minimum required accountingattribute assignments?

QUESTION 21
A customer has a business requirement to provide additional information about subledger Journals that cannot be found in a predefined report.
How can you meet this requirement?

QUESTION 22
While creating a journal entry rule set you are NOT able to use an account rule that was createdrecently.
Which two reasons can explain this?

QUESTION 23
What are the tables or views from which the CreateAccounting process takes source data that is used in accounting rules to create journal entries referred to as?

QUESTION 24
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 thatmaps 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?

QUESTION 25
Invoices received from a source system need touse a specific account based on 30 different expense types.
However, if the invoice is from a certain supplier type, it needs to go to a default account regardless of the expense type.
What is the solution?

QUESTION 26
‘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 forslicing 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 twodates.

QUESTION 27
A customer’s business requirement demands a more granular view of transferred subledger journal entries in GL.
Which of the available General LedgerJournal Entry Summarization options meets this requirement?

QUESTION 28
How do you enable diagnostics on subledger transaction sources?

QUESTION 29
What are all the tabs that areavailable to be completed in the Register Source System spreadsheet?

QUESTION 30
What attribute of a subledger journal entry is NOT transferred to GL?

QUESTION 31
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 inthe 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, ‘NewTrucks’ needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How can the automatic recognition of insurance income be implemented in AccountingHub Cloud?

QUESTION 32
Which two actions can you accomplish for a registered source system?

QUESTION 33
Given the business requirement in the 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 sourcecode 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 are the key transaction types mentioned in the use case?