1z0-1074-20 Exam Training Practice Tests (Oracle Cost Management Cloud 2020 Implementation Essentials)]

Question 1

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

A. Inventory Valuation B. Cost Processing C. Item CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing D. Journal Entries E. Work Order Costs F. Purchase Variance Summary

Correct Answer: A,B,C

Question 2

Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?

A. Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management B. Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing C. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing D. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing E. Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management F. Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

Correct Answer: E

Question 3

Identify two characteristics of a cost profile.

A. It is where you define which cost method you want to use for the cost component to cost element mapping. B. It is used for calculating the estimated cost of manufactured items under different scenarios. C. It is where you define your Cost Accounting policies. D. It is used for Receipt Accounting.

Correct Answer: C,D

Question 4

Identify two characteristics of Landed Cost charge names.

A. Charge names cannot be used to tie an invoice to a trade operation. B. You can use multiple currencies within a trade operation for the same charge name on different lines. C. Duty is a seeded charge name for Landed Cost. D. Charge names cannot be associated with a PO schedule. E. You can modify a charge name until it is associated with a trade operation.

Correct Answer: B,E

Question 5

Your organization currently has the August period for this year open. They want to be able to open the September period, while keeping August open. When you try to open the target period, August of this year, you get an error.
What must you do to meet your customer's requirement and resolve this error?

A. Change the number of maximum open periods in Manage Cost Organization Relationships B. Perform cost account validations for August in Manage Cost Accounting Periods C. Close the August period; you can never have two open periods at the same time. D. Run the Transfer Transactions to Costing process.

Correct Answer: D

Question 6

Select two ways to define the standard cost for an item from the Cost Accounting work area.

A. Manage the Item Cost task. B. Import standard costs from receipt layers. C. Manage the Standard Cost task. D. Create Standard Cost in a spreadsheet.

Correct Answer: A,D

Question 7

You have just finished modifying an accounting method. What is the final step to complete the accounting method configuration?

A. Transfer costs to Cost Management. B. Transfer transactions from Receiving to Costing. C. Create Accounting. D. Activate its journal entry rule set assignments. E. Execute the Preprocessor.

Correct Answer: D

Question 8

Which four predefined costing reports can you use to gather information to review inventory value? (Choose four.)

A. Cost Accounting Valuation Report B. COGS and Revenue Matching Report C. Inventory Valuation Report D. Work in Process Inventory Valuation Report E. In-transit Valuation Report F. Costing Account Balances Report G. Layer Inventory Valuation Report

Correct Answer: B,D,E,F

Oracle Cost Management Cloud 2020 Implementation Essentials - 1z0-1074-20 Exam Practice Test