1Z0-1074 Online Practice Questions and Answers

An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the

currency conversion rate has changed.

How do you get the journal line rule to calculate the gain or loss?

A. Create a foreign reporting currency to track gain/loss.

B. Create a secondary ledger to track gain/loss.

C. Turn on the Subledger Gain or Loss Option.

D. Subledger Accounting is already set up to process it.

Identify two characteristics of a cost profile.

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

B. It is used for Receipt Accounting.

C. It is where you define your Cost Accounting policies.

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

Identify two ways that standard cost is calculated.

A. Users must manually enter the cost of each configured item; the calculation is not automated.

B. The standard cost is the sum of the cost of the selected option items.

C. The cost of a configured item is calculated based on the work definition of the model item.

D. The standard cost of the configured item is based on the purchase order price quoted by the supplier for the configured item.

E. The roll-up calculation can be performed to update standard costs for Cost Accounting purposes

Identify two characteristics of Landed Cost charge names.

A. Duty is a seeded charge name for Landed Cost.

B. You can modify a charge name until it is associated with a trade operation.

C. Charge names cannot be used to tie an invoice to a trade operation.

D. You can use multiple currencies within a trade operation for the same charge name on different lines.

E. Charge names cannot be associated with a PO schedule.

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?

A. Run the "Activate Accounting Methods" process.

B. Validate the sub ledger journal entry rule sets using Validate Journal Entry Rule Set.

C. Run the "Activate Sub ledger Journal Entry Rule Set Assignments" process.

D. Add the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task

E. Add the sub ledger journal entry rule sets to the Manage Accounting Methods task.

What are the predefined areas that give you visibility into the status of Receipt Accounting, on the overview page in the Receipt Accounting work area?

A. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Transactions

B. Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Transactions

C. Receipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Period Validation Status

D. Receipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Period Validation Status

E. Receipt Accounting Processes, Accrual Schedule, Review Journal Entries, Receipt Accounting Transactions

If the accounting method on the Subledger Accounting method page has an assigned chart of accounts (COA), which two types of Journal entry rule sets can be used?

A. Rule sets assigned to a secondary ledger with a different COA

B. Rule sets that have a mapping set to convert the accounts

C. Rule sets not associated with any chart of accounts

D. Rule sets where the accounting rules override the method rule set

E. Rule sets that use the same chart of accounts

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?

A. Review their audit receipt accrual clearing balances.

B. 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.

C. Review their accrual balances and clear them.

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

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

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.

Which statement is true regarding the cost cutoff date in Cost Accounting?

A. It only affects whether or not you can process a cost adjustment.

B. Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.

C. Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.

D. Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date.