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Oracle 1Z0-1060-21 Exam Syllabus Topics:

Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:

Question 1

The new billing source system has been registered into Accounting Hub Cloud. The subledger is in active state. At a later date, the business decides to bring in another legacy system (for example, a payment system) for accounting in Accounting Hub.
What two options do you have?

A. Add this as a new transaction type into existing registered subledger from the user interface.
B. Register it as a new source system.
C. Change the transaction data file.
D. Add this as a new transaction typo into existing subledger registration spreadsheet template.

Question 2

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?

A. Set up multiperiod accounting journal lines.
B. Set up a transaction line reversal.
C. Set up automatic Journal line reversal.
D. Create an adjustment journal entry.

Question 3

You have created a description rule. When you try to select this description rule to be displayed as a header description rule in a journal entry rule set, you are not able to find this rule in the list of values.
What is the possible reason for NOT finding the rule?

A. The source does not return any value; therefore the rule is not displayed.
B. The rule is built using a line level source.
C. The rule is built using a custom source.
D. The rule is built using a value set source.

Question 4

After registering a new source system into Accounting Hub and going live for a short period, your customer identified the need to add additional transaction sources. What should you do?

A. Add new transaction sources from the user interface.
B. Add new transaction sources in the current source system registration spreadsheet and re-upload the spreadsheet file.
C. Tell them thiscannot be implemented.
D. Register another source system that includes these new transaction sources.

Question 5

'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.

A. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")
B. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")
C. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date"
"Effective Date") + 1)
D. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)

Solutions: