Exam Name: Oracle Accounting Hub Cloud 2021 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud
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Oracle 1Z0-1060-21 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Subledger Accounting and Rules | - Accounting rules definition - Mapping sets and conditions - Journal generation process |
| Topic 2: Setup and Configuration | - Configuration of accounting methods - Security and role configuration - Implementation setup tasks |
| Topic 3: Accounting Hub Cloud Overview | - Key business benefits and use cases - Concepts and architecture of Accounting Hub Cloud |
| Topic 4: Source Systems Integration | - Data ingestion and transformation - Integrating external source systems |
| Topic 5: Accounting Hub Data Processing | - Import and validation of transactions - Event model and processing flow |
| Topic 6: Reporting and Reconciliation | - Financial reporting outputs - Reconciliation processes |
Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:
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?
- A. Download a new transaction data template.
- B. Activate the accounting method.
- C. There is no required action. The mapping addition is complete.
- D. Activate the journal entry rule set.
Correct Answer: C 🗳️
Which two actions can you accomplish for a registered source system?
- A. Revise source Information through the user interface and add more sources.
- B. Modify the subledger application name as long as thereare no pending accounting entries.
- C. Import the source system registration spreadsheet template multiple times as long as there are no accounting rules created yet.
- D. Add new event classes through the user interface.
Correct Answer: A,C 🗳️
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?
- A. The account rule is defined with a different chart of accounts from the journal entry rule set.
- B. The account rule is defined with conditions that are not allowing the assignment.
- C. The account rule does not return any valid account value.
- 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.
Correct Answer: A,D 🗳️
Which four options are used to reconcile subledger journal entries?
- A. Build a custom OTBIreport.
- B. Assign a descriptive text and source on journal lines.
- C. Run the Subledger Accounting Method Setups report.
- D. Tag supporting references with journal entry lines.
- E. Run the Subledger Accounting Diagnostics report.
- F. Set up reconciliation using the reconciliation reference accounting attribute.
Correct Answer: A,B,D,F 🗳️
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 thirdparties 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 intercompany balancing option
- B. Enable legal entity rule
- C. Enable chart of accounts rule
- D. Enable balancing rules
Correct Answer: A 🗳️
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