Oracle Oracle Financials Cloud 1Z0-1060-20

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Oracle 1Z0-1060-20 Exam Syllabus Topics:

Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

1. 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 do you do to enable costs flow from 'New Truck' to 'Fix Truck'?

A) Enable chart of accounts rule
B) Enable intercompany balancing option
C) Enable balancing rules
D) Enable legal entity rule

2. 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 a journal line rule to derive amounts.
B) Use a custom formula in a description rule to derive amounts.
C) Use a custom formula in a supporting reference to derive amounts.
D) Use a custom formula in an account rule to derive amounts.

3. 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) One primary, one repotting currency ledger
B) One primary, one secondary ledger
C) Two primary ledgers
D) One primary ledger

4. 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 does not return any valid account value.
B) The account rule is defined with conditions that are not allowing the assignment.
C) The account rule is defined with a different chart of accounts from the journal entry rule set.
D) 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.

5. A customer has four external systems: Consumer Loan, Auto Loan, Home Loan and Insurance. Functional users are allowed to process and view transactions and accounting for all these systems.
Which two implementations allow similar accounting rules to be shared?

A) One subledger for the 3 Loan systems and one subledger for Insurance.
B) One subledger for all 4 source systems.
C) One subledger for each source system.
D) One subledger for Consumer Loan and Auto Loan, and one subledger for Home Loan and Insurance.

Solutions: