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Oracle 1Z0-1060-20 Exam Syllabus Topics:

Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

1. Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company
'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?

A) Create an adjustment journal entry.
B) Set up multiperiod accounting journal lines.
C) Set up a transaction line reversal.
D) Set up automatic Journal line reversal.

2. What kind of sequence can be assigned to subledger journal entries at the time that the journal entries are created in final mode?

A) Accounting Sequence
B) Journal Entry Sequence
C) Document Sequence
D) Reporting Sequence

3. Given the business use case:
'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company
'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
How do you calculate discounts for use in the accounting rule?

A) Use mapping set rules
B) Use flexfield
C) Use analytical calculations
D) Use custom formulas

4. Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

A) Specify Ledger Options
B) Manage Subledger Accounting Options
C) Manage Accounting Attribute Assignments
D) Manage Reporting Currencies

5. You have been assigned to troubleshoot a Create Accounting error.
What is the first step you need to take to use the diagnostics framework features?

A) Set the "SLA: Diagnostics Enabled" profile option.
B) Run Create Accounting again to generate journal entries for the events that ended in error.
C) Submit the Accounting Event Diagnostics process.
D) Run the Accounting Events Diagnostic Report.

Solutions: