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Oracle 1Z0-1060-21 Exam Syllabus Topics:

SectionObjectives
Reporting and Reconciliation- Reconciliation processes
- Financial reporting outputs
Accounting Hub Data Processing- Event model and processing flow
- Import and validation of transactions
Accounting Hub Cloud Overview- Concepts and architecture of Accounting Hub Cloud
- Key business benefits and use cases
Setup and Configuration- Implementation setup tasks
- Security and role configuration
- Configuration of accounting methods
Source Systems Integration- Data ingestion and transformation
- Integrating external source systems
Subledger Accounting and Rules- Accounting rules definition
- Mapping sets and conditions
- Journal generation process

Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:

Given the business use case:
'Insurances for Homes' company provides home insurance services. They have an in-house built system that processes insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all Journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, the company need to be able to report and view the entries using advanced reporting and analytical tools for segmenting, viewing and understanding data in the journal entries.
The line information may contain more than one line for the same header.
When uploading transactions, which is a way to differentiate each Journalline?

  • A. Assign a custom formula.
  • B. Assign a line classification or line type attribute.
  • C. You do not need to do anything additional.
  • D. Assign an accounting attribute.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

What is a user job role data context assignment?

  • A. Security data access context assignment to a user job role
  • B. Security privileges assignment to a user job role
  • C. Security data role context assignment to auser job role
  • D. Duty role context assignment to a user
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

A customer has a business requirement to provide additional information about subledger Journals that cannot be found in a predefined report.
How can you meet this requirement?

  • A. Build an OTBI analysis that includes a relevant subject area.
  • B. Create a Smart View report using the query designer feature.
  • C. Build a Financial Reporting Studio report that includes all dimensions.
  • D. Use either Account Monitor or Account Inspector to getrequired Information.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

'Insurances for Homes' company provide home insurance service. They have in-house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools forslicing and dicing the Journal entries.
Which is a correct example for a formula to prorate amounts evenly across each period? Note that the NumberofGLPeriod is a predefined function that returns the number of non adjustment accounting periods between twodates.

  • A. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date"
    "Effective Date") + 1)
  • B. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")
  • C. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")
  • D. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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 inthe 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, 'NewTrucks' 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 AccountingHub Cloud?

  • A. Set up multiperiod accounting journal lines.
  • B. Set up automatic Journal line reversal.
  • C. Set up a transaction line reversal.
  • D. Create an adjustment journal entry.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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