1Z0-1074-20 Online Practice Questions and Answers

Identify four characteristics of a cost element.

A. Users can define any number of cost elements.

B. It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing.

C. It is the granularity at which costs are tracked and accounted.

D. It is user-defined.

E. The mapping of cost components into cost elements is user-defined.

F. It uses date effectivity.

Identify three characteristics of cost component to cost element mapping.

A. You cannot modify, duplicate, or create user-defined cost components.

B. You can only define one cost component to cost element mapping for an installation.

C. It is one of the attributes you define as part of your cost profile definitions.

D. It is user-defined.

E. It lets you define how cost component level costs will map into cost elements.

Which three features are included in Receipt Accounting?

A. Analyze Standard Purchase Cost Variances

B. Create Receipt Accounting Distribution

C. Review Item Costs

D. Adjust Receipt Accrual Clearing Balances

E. Review Journal Entries

In which two scenarios would you define account rules based on value sets?

A. When a chart of accounts is assigned to the value set definition

B. When a secondary ledger has a different COA

C. In the absence of a chart of accounts on the accounting method

D. When there is a mapping set to convert the accounts

E. If a segment shares the same value set across multiple chart of accounts

There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line for it?

A. Sub ledger accounting is set up to accomplish this out-of-the-box.

B. Line Type must be set to Freight.

C. Account Class must be set to Freight.

D. Create a condition for a journal line for freight.

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

A. Orders

B. Cost Scenario

C. Charge Name

D. Routes

E. Trade Operation

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 Receiving to Costing, Transfer Costs to Cost Management

B. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

C. Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing

D. Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management

E. Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing

F. Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

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

A. Period end average cost

B. Actual cost (LIFO or Last In First Out)

C. Periodic average cost

D. Standard cost

E. Perpetual average cost

F. Actual cost (FIFO or First In First Out)

You are establishing the cost for a make assembly. When we run Cost Rollup, it is not rolling up and the Assembly shows "0" cost. However, item costs are available for child (buy) components. In the review work order cost, we are able to see child components costs, but not the rollup cost of the assembly. Identify two reasons this happened.

A. The item has no on-hand inventory.

B. The assembly item is marked as Perpetual Average costed.

C. Outstanding purchase orders have not been received.

D. The Work Definition is incomplete.

E. Burdens have not been established for the item

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?

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

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

C. They must create their valuation units manually.

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