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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. Which three are mandatory transaction source information?

A) Ledger Name
B) Transaction Line
C) Transaction Number
D) Distribution Link
E) Transaction Date

3. Which is an alternate way to implement a mapping set rule?

A) Define a chart of account rule with conditions.
B) Define an account rule with conditions.
C) Define a lookup type rule with conditions.
D) Define a flexfield rule with conditions.

4. 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. 'New Trucks' and' Fix Trucks' are located in the same country and share chart-of accounts and accounting conventions.
How many ledgers are required to be set up?

A) One primary ledger
B) Two primary ledgers
C) One primary, one repotting currency ledger
D) One primary, one secondary ledger

5. Given the subledger journal entry:

Note that the first segment is the primary balancing segment.
Which statement is True regarding this subledger journal entry?

A) It appears correct.
B) It is not balanced by entered amounts.
C) It is not balanced by entered currency.
D) It is not balanced by balancing segment.

Solutions: