Study HIGH Quality 1Z0-1074-26 Free Study Guides and Exams Tutorials [Q42-Q64]

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Study HIGH Quality 1Z0-1074-26 Free Study Guides and Exams Tutorials

Download Oracle 1Z0-1074-26 Exam Dumps to Pass Exam Easily

QUESTION 42
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

QUESTION 43
Identify four processors available in the cost processor.

Receipt Processor

Cost Distribution Processor

Cost Reports Processor

Cost of Goods Sold Processor

Cost Accounting Processor

Costing Period Processor

QUESTION 44
You have configured your expense items to accrue at receipt. You have created a few purchase orders and want to verify that the supplier invoices have been created.
Which accounting entries signal this process has taken place?

Debit Charge Account (expense or inventory), Credit Receiving Inspection

Debit Accrued Liability, Credit Accounts Payable

Debit Receiving Inspection, Credit Accrued Liability

Debit Expense, Credit Receiving Inspection

Debit Expense, Credit Expense Accrual

QUESTION 45
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 Subledger Journal Entry Rule Set Assignments” process.

Add the subledger journal entry rule sets to the Manage Journal Entry Rule Set task.

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

Run the “Activate Accounting Methods” process.

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

QUESTION 46
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)

Purchase Variance Summary

Journal Entries

Item Costs

Cost Processing

Work Order Costs

Inventory Valuation

QUESTION 47
If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings? (Choose Three)

Refer to the Accounting Event Diagnostic report.

Review errors in the Create Accounting Execution log.

Review errors in the Create Accounting Execution report.

Query the transaction from Review Cost Accounting Distributions to see the error message.

Refer to the Accounting Event Diagnostic Log.

QUESTION 48
You need to simulate and estimate landed cost charges associated with purchase order receipts of material. What must you create to make this possible?

Orders

Cost Scenario

Charge Name

Routes

Trade Operation

QUESTION 49
When attempting to open costing periods, your customer is receiving the following error:
Error: You do not have the required permission. You can request that your help desk change your security settings.
What configuration needs to be done so your customer will be able to open the Cost Accounting period?

Create Data Access on the Accounts Payable role for the correct inventory organization.

Create Data Access on the Cost Accountant role for the correct inventory organization.

Create Data Access on the Accounts Payable role for the correct cost organization.

Create Data Access on the Cost Accountant role for the correct cost organization.

QUESTION 50
What are three cost method choices that are available in Cost Accounting?

Period end average cost

Actual cost (LIFO or Last In First Out)

Periodic average cost

Standard cost

Perpetual average cost

Actual cost (FIFO or First In First Out)

QUESTION 51
Which four steps need to be completed to establish standard costs for a make item?

Export item costs

Run preprocessor

Complete cost roll-up

Publish costs

Create a new cost scenario

Add standard costs to a cost scenario

QUESTION 52
Identify two characteristics of an expense pool. (Choose two.)

It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto the balance sheet as inventory value.

It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.

You can define the name of your expense pool, but you cannot define more than one.

It is used only for analyzing gross margins on noninventory sales of services.

QUESTION 53
Identify two characteristics of a cost profile.

It is used for calculating the estimated cost of manufactured items under different scenarios.

It is used for Receipt Accounting.

It is where you define your Cost Accounting policies.

It is where you define which cost method you want to use for the cost component to cost element mapping.

QUESTION 54
After all relevant transactions are in Receipt Accounting, which two tasks must be completed for these transactions to be transferred to the General Ledger?

Transfer to Sub ledger Accounting.

Transfer transactions from payables.

Transfer transactions from receiving.

Create distributions.

Assign accruals to purchase order transactions.

QUESTION 55
How is the standard cost of a manufactured configured item calculated?

It is based on the material and resource requirements of a released work order.

The standard cost of a model item is calculated.

The standard cost is calculated for every possible combination of options under a model

It is based on the actual cost of the work order after it is completed.

QUESTION 56
Which two statements are true about Cost Accounting books? (Choose two.)

A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.

A cost organization has one book that posts to the primary ledger.

Every cost organization must use different book names; they cannot be shared.

Secondary books can post accounting entries into any ledger, including the primary ledger or any secondary ledger.

QUESTION 57
Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?

Review their audit receipt accrual clearing balances.

Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.

Review their accrual balances and clear them.

Review their Receipt Accounting processes that show whether any processes failed and why.

Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.

QUESTION 58
Your client wants to set up some of their items as expense items and then enable them to be accrued at period end for one of their business units.
Which two configurations will support this request?

Product Information Item > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to “No”.

Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to Period End.

Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.

Product Information Item > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to “Yes”.

Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.

Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to At Receipt.

QUESTION 59
When running the Transfer Costs to Cost Management process, where will the primary default source for costs come from and what is the effect?

Receivables invoices; actual cost can be used.

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

Receipt costs; costs include adjustments.

Requisition costs; validated costs can be used.

Purchase order costs; item catalog costs can be used.

QUESTION 60
At what level can you define item cost profiles?

Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.

Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.

Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.

Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.

QUESTION 61
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.

QUESTION 62
Which three tasks can be completed in the Receipt Accounting work area?

Review and Approve Item Cost Profiles

Review Item Costs

Create Receipt Accounting Distributions

Review Cost Accounting Distributions

Manage Accrual Clearing Rules

Create Accounting

QUESTION 63
Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?

Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.

There is no difference between owned inventory and consigned inventory.

The liability for a consigned item occurs when there is an ownership event.

A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.

The quantity is tracked in inventory but not as an asset until there is an ownership event

Consigned items can appear on inventory reports with information about the eventual value of the consigned item

QUESTION 64
Your client originally used Quick Setup to configure Cost Accounting However, after reviewing their costing policies, they realize that they want to cost some of their lots differently then others What must they do to accomplish this?

Quick Setup generates valuation units so they just have to access those valuation units and make their changes.

They cannot change their current configuration; data generated by Quick Setup cannot be changed.

They must create their valuation units manually.

Quick Setup generates one valuation unit so they can access this to make changes and manually create new valuation units.