1Z0-1060-22 Online Practice Questions and Answers

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.

What wil the typical transaction information be at the header level?

A. Line Type

B. Currency

C. Amount

D. Customer Number

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 flexfield

B. Use custom formulas

C. Use mapping set rules

D. Use analytical calculations

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 Accounting Attribute Assignments

C. Manage Reporting Currencies

D. Manage Subledger Accounting Options

What attribute of a subledger journal entry is NOT transferred to GL?

A. Accounting class

B. Accounting lines

C. Accounted amounts

D. Supporting references

While creating a journal entry rule set you are NOT able to use an account rule that was created recently.

Which two reasons can explain this?

A. The account rule is using sources that have not been assigned to the same event class that is associated to the journal entry rule set.

B. The account rule is defined with conditions that are not allowing the assignment.

C. The account rule does not return any valid account value.

D. The account rule is defined with a different chart of accounts from the journal entry rule set.

How many transaction event classes can be set up for a subledger uploaded to Accounting Hub Cloud?

A. Two

B. One

C. Three

D. Unlimited

What feature is NOT provided by Fusion Accounting Hub Reporting Cloud Service (FAHRC)?

A. transfer Balances to FAH Reporting Cloud Service

B. synchronize setup data from Oracle R12 E-Business Suite to FAH Reporting Cloud Service

C. upload transaction data into FAH Reporting Cloud Service

D. provide real-time visibility to financial reports in FAH Reporting Cloud Service

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. Set up multiperiod accounting journal lines.

B. Set up a transaction line reversal.

C. Create an adjustment journal entry.

D. Set up automatic Journal line reversal.