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Question 1:

You have an item with two work definitions. One work definition is production priority 1 and named Plan A. Another work definition is production priority 2 and named Plan B. In your cost planning scenario, you have specified the work

definition selection criteria as name and then production priority, and you have defined the name as Plan B.

How will the application select the work definition?

A. The scenario will choose the work definition that is production priority 1.

B. The cost planning scenario will use both work definitions for the item.

C. The application will generate an error because there are two work definitions for the same item.

D. The application will use the work definition that is named Plan B.

E. While you can have more than one work definition for the same item, the cost scenario has no way to unambiguously select one of them.

Correct Answer: A


Question 2:

Identify two criteria to select a specific work definition in an inventory organization when defining a cost estimation in a Cost Planning scenario. (Choose two.)

A. Work definitions with the highest costing priority

B. Work definitions with the lowest production priority

C. Work definitions with specific unit numbers

D. Work definitions without alternates

E. Work definitions with the highest production priority

Correct Answer: BC


Question 3:

Identify three Landed Cost Management tasks. (Choose three.)

A. Create Accounting

B. Capture Charges

C. Perform Allocations

D. View Rolled Up Costs

E. Manage Cost Scenarios

F. Review Journal Entries

Correct Answer: ABC


Question 4:

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

B. Open

C. Closed

D. Permanently

E. Close Pending

Correct Answer: C


Question 5:

You are explaining the characteristics of a “profit in inventory” cost element to a client.

Which three statements describe true characteristics of this cost element? (Choose three.)

A. It can help you understand true margins and value added by internal business units through the internal supply chain.

B. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.

C. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.

D. It can help you with consolidated financial reporting.

E. It is only used when you do not need to maintain an arm\’s length relationship.

Correct Answer: ABD


Question 6:

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. Run the Transfer Transactions to Costing process.

B. Change the number of maximum open periods in Manage Cost Organization Relationships.

C. Close the August period; you can never have two open periods at the same time.

D. Perform cost account validations for August in Manage Cost Accounting Periods.

Correct Answer: A


Question 7:

When attempting to open costing periods, your customer is receiving the following error:

Error: You do not have the required permission. You can request that your help desk change your security settings.

What configuration needs to be done so your customer will be able to open the Cost Accounting period?

A. Create Data Access on the Accounts Payable role for the correct inventory organization.

B. Create Data Access on the Cost Account role for the correct inventory organization.

C. Create Data Access on the Cost Accountant role for the correct cost organization.

D. Create Data Access on the Accounts Payable role for the correct cost organization.

Correct Answer: D


Question 8:

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


Question 9:

Identify two characteristics of an expense pool. (Choose two.)

A. It helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto the balance sheet as inventory value.

B. It is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.

C. You can define the name of your expense pool, but you cannot define more than one.

D. It is used only for analyzing gross margins on noninventory sales of services.

Correct Answer: AB


Question 10:

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


Question 11:

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


Question 12:

Identify two reference types used to tie a receipt trade operation to an expense invoice for landing. (Choose two.)

A. Shipment number

B. Bill of Landing

C. Internal requisition number

D. Expense invoice number

E. Receipt number

Correct Answer: AC


Question 13:

Identify four processors available in the cost processor. (Choose four.)

A. Cost Distribution Processor

B. Cost Reports Processor

C. Costing Period Processor

D. Cost of Goods Sold Processor

E. Receipt Processor

F. Cost Accounting Processor

Correct Answer: ABDF


Question 14:

At what level can you define item cost profiles?

A. Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.

B. Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.

C. Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.

D. Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.

Correct Answer: B


Question 15:

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 Period End.

F. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.

Correct Answer: EF