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Latest updates Oracle 1Z0-1024 exam
If the accounting method does not have an assigned chart of accounts (COA), which option is valid?
A. The accounting method may only be used by ledgers without a COA.
B. The accounting method must have a mapping set to convert the accounts.
C. Any secondary ledger that uses the method cannot have a COA.
D. The accounting method can be assigned to any ledger.
E. Accounting rules cannot override the accounting method.
Correct Answer: E
Select the two valid relationships between subledger components. (Choose two.)
A. Journal entry rule sets hold journal rules and accounting rules.
B. Journal entry rules are used to hold accounting rules.
C. The accounting method groups journal entry rule sets by Event Class and Event Type.
D. The accounting method holds the accounting rules by vent Class and Event Type.
E. The journal lines hold the journal entry rule sets.
Correct Answer: AC
How is the standard cost of a manufactured configured item calculated?
A. It is based on the material and resource requirements of a released work order.
B. The standard cost is calculated for every possible combination of options under a model item.
C. The standard cost of a model item is calculated.
D. It is based on the actual cost of the work order after it is completed.
Correct Answer: C
Your client wants their expense items to be accrued at receipt.
Which two configurations support this requirement? (Choose two.)
A. Product Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory
Asset Value is set to “No”.
B. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set
Accrue Expense Items to At Receipt.
C. Product Information Management > Search and select the expense item > Specifications > Manufacturing > Verify
that Inventory Asset Value is set to “Yes”.
D. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set
Accrue Expense Items to Period End.
E. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at
F. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at
Correct Answer: EF
Your client wants to turn on summary for GL posting, but they want the Subledger Accounting to contain every
transaction unsummarized for detailed analysis and drill down.
How do you accomplish this?
A. Write a custom report.
B. Extract distribution accounting entries.
C. Turn off merge matching lines in the journal line rule.
D. Turn on detailed posting for GL in the ledger setup.
E. Turn off the summarize flag in the journal line rule.
Correct Answer: C
Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)
A. Purchase Variance Summary
B. Journal Entries
C. Item Costs
D. Cost Processing
E. Work Order Costs
F. Inventory Valuation
Correct Answer: CDF
You have made some changes to your subledger accounting setups for Costing and want to verify that the journal
entries are showing up correctly.
How can you generate a report that allows you to see the subledger journal entries for transactions without actually
transferring to the General Ledger?
A. Run the Create Accounting for Costing process with the following parameters:
Correct Answer: A
Which four predefined costing reports can you use to gather information to review inventory value? (Choose four.)
A. Costing Account Balances Report
B. In-transit Valuation Report
C. COGS and Revenue Matching Report
D. Work in Process Inventory Valuation Report
E. Layer Inventory Valuation Report
F. Cost Accounting Valuation Report
G. Inventory Valuation Report
Correct Answer: ABCD
What are three cost method choices that are available in Cost Accounting? (Choose three.)
A. Standard cost
B. Actual cost (FIFO or First In First Out)
C. Periodic average cost
D. Actual cost (LIFO or Last In First Out)
E. Perpetual average cost
F. Period end average cost
Correct Answer: ABE
A manager has decided to close the period by not allowing any new transactions, except for corrections and
adjustments, which can happen any time before the period is closed permanently.
Which cost period status will allow the system to perform the transaction?
A. Never Opened
E. Close Pending
Correct Answer: C
Which two types of costs are included cost of contract manufactured in the items? (Choose two.)
A. The cost of resources consumed at the OEM\\’s
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