2025 Updated Verified Pass 1z0-1060-25 Exam - Real Questions and Answers
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NEW QUESTION # 15
Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?
- A. Manage Subledger Accounting Options
- B. Manage Reporting Currencies
- C. Manage Accounting Attribute Assignments
- D. Specify Ledger Options
Answer: B
NEW QUESTION # 16
Which transaction source is used to link transaction header and line information?
- A. Transaction Key
- B. Transaction Date
- C. Transaction Number
- D. Transaction Type
Answer: C
NEW QUESTION # 17
Which predefined role allows a user to manage the period close activities in the General Ledger (GL) application?
- A. General Accountant
- B. Chief Financial Officer (CFO)
- C. Financial Analyst
- D. General Accounting Manager
Answer: D
NEW QUESTION # 18
Your customer has four external systems to manage their home loan, auto loan, consumer loan, and personal loan businesses. They decide to implement Accounting Hub to import their transactional data for generating journal entries from these source systems. While evaluating different possibilities, they ask for your suggestion about the sharing of accounting rules for these external systems.
Which implementation setup allows the sharing of accounting rules for all four external systems?
- A. Two subledgers; one for home loan and auto loan and another for consumer loan and personal loan.
- B. One subledger for all four source systems
- C. Four subledgers; one for each source system
- D. Three subledgers; one for home loan and auto loan, second for consumer loan, and third for personal loan
Answer: B
NEW QUESTION # 19
Your customer wants to monitor the balances of their key General Ledger (GL) accounts on a regular basis and asks your advice on the best reporting option.
Which reporting tool would you suggest?
- A. Oracle Transactional Business Intelligence
- B. Smart View
- C. Financial Reporting Studio
- D. Account Groups and Sunburst
Answer: D
NEW QUESTION # 20
Your customer needs to generate journal entries for the insurance premium collected from the sale of policies.
The different components of the premium collected by the company include Basic Premium and Tax.
While uploading the transaction details containing both Basic Premium and Tax amounts, which transaction source would you use to link the transaction header and line information?
- A. Transaction Number
- B. Document Key
- C. Document Sequence Number
- D. Transaction Type
Answer: A
NEW QUESTION # 21
Your client is involved in the sale of health, vehicle, and home insurance services. Currently, they process their transactions in a source system. You have been appointed as a consultant to implement Accounting Hub Cloud and standardize their accounting process. You decide to register their source system as a single application in Accounting Hub Cloud.
How many event classes will be generated by the system while registering the source system?
- A. Three
- B. Four
- C. Two
- D. One
Answer: D
NEW QUESTION # 22
Your client, a banking organization, is currently using different transaction systems for different types of loans including vehicle loans, personal loans, education loans, and housing loans. You recently uploaded the source system data that includes Loan Origination, Loan Interest Accrual, Loan Scheduled Payment, Loan Interest Adjusted, Loan Late Payment, and Loan Charge off as event types.
The customer now asks you to add another transaction type called Loan Interest Accrual Reversal.
What should be your response to the customer?
- A. Loan Interest Accrual Reversal can be added as a new event type from the user interface
- B. A new transaction type cannot be added after the source system is registered
- C. Loan Interest Accrual Reversal can be added as a new event type by using the update spreadsheet template
- D. The source system should be registered again by including the Loan Interest Accrual Reversal event type
Answer: A
NEW QUESTION # 23
You are implementing Accounting Hub for one of your client organizations in the US. The organization has two legal entities, loans and insurance. Both the legal entities have agreed to share the same chart of accounts and convention. However, the loans legal entity will use the January to December calendar, while the insurance legal entity will use the July to June calendar.
How many primary ledgers will you create to achieve this requirement?
- A. Three
- B. One
- C. Two
- D. Four
Answer: C
NEW QUESTION # 24
Your client has operations in the US and the UK, and they currently use a third-party billing system to process their transactions, such as Complete an Invoice, Record a Payment, Record Late Charges, and Recognize Revenue. As part of the Accounting Hub implementation, you have been asked to register the billing source system.
While registering the source system using the spreadsheet template, which TWO could be flagged as errors by the validation check process?
- A. You cannot add more than 10 sources when the Journal Display column is enabled
- B. The event type name cannot exceed 25 characters
- C. The event type name cannot exceed 30 characters
- D. You cannot add more than 30 sources when the Journal Display column is enabled
Answer: A,B
NEW QUESTION # 25
You design an income statement report with the help of Financial Reporting Web Studio. You add row numbers 3, 4, and 5 to reflect the balances for three different expense accounts and row number 6 to reflect the sum of row numbers 3, 4, and 5.
Which formula should be used on row number 6 to calculate the sum?
- A. ([3,5])
- B. ({3:5})
- C. ([3;5])
- D. ([3:5])
Answer: D
NEW QUESTION # 26
The company 'Insurance for Homes' provides home insurance services. It has an in-house system that processes home insurance payments received from customers. The end result of the process consists of a list of individual journal entries in a spreadsheet. The company wants to get all journal entries in a secure and auditable repository. Access will be limited to a select few staff members. Additionally, these staff members will need to be able to report and view the entries using an advanced reporting and analytical tool for slicing and dicing the journal entries.
Insurance premium is to be recognized as income across the coverage period of the insurance policy.
Which types of journal lines need to be set up to generate recurring journal entries for insurance premium in each accounting period?
- A. Reversal and Recognition
- B. Multiperiod and Recognition
- C. Deferral and Recognition
Answer: C
NEW QUESTION # 27
Challenge 2: Manage Account Rule
TASK
Create Account Rule with 3 priorities
Name of Account Rule: Revenue Account
Subledger Application: AHC Billing
Process Category: AHC Billing
Event Class: AHC Billing
Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement See the Explanation below for all the solution.
Answer:
Explanation:
Step-by-Step Guide to Create an Account Rule with 3 Priorities in Oracle Fusion Step 1: Navigate to Manage Account Rules
* Log into Oracle Fusion with appropriate privileges for Subledger Accounting.
* Go toSetup and Maintenance.
* In theFunctional Setup Manager (FSM), navigate to:
* Financials
* Subledger Accounting
* Manage Account Rules.
Step 2: Create the Account Rule
* ClickCreateto add a newAccount Rule.
* Enter the following details:
* Name: Revenue Account
* Subledger Application: AHC Billing
* Process Category: AHC Billing
* Event Class: AHC Billing
* Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement
* Rule Type: Account
* ClickSave, then proceed to definePriorities.
Step 3: Define Three Priorities for the Revenue Account Rule
Now, define three priorities for determining the revenue account:
Priority 1: Derived from Transaction Type
* ClickAdd Rowto definePriority 1.
* SetPriority Orderas1.
* DefineCondition:
* IfTransaction Type = "Customer Billing", thenAccount = 4000 (Revenue Account)
* Source Type: UseTransaction Typeas the basis.
* ClickSave.
Priority 2: Derived from Customer
* ClickAdd Rowto definePriority 2.
* SetPriority Orderas2.
* DefineCondition:
* IfCustomer Category = "Wholesale", thenAccount = 4010 (Wholesale Revenue)
* Source Type: UseCustomer Categoryas the basis.
* ClickSave.
Priority 3: Default Revenue Account
* ClickAdd Rowto definePriority 3.
* SetPriority Orderas3.
* DefineCondition:
* Default Revenue Account = 4999(for any other transactions)
* Source Type: UseConstant Value.
* ClickSave.
Step 4: Validate and Assign the Account Rule
* ClickValidateto ensure the rule has no errors.
* Navigate toManage Journal Entry Rule Sets.
* Locate theAHC BillingJournal Entry Rule Set.
* Assign the newly createdRevenue Account Ruleto theappropriate Journal Line Rule(such as Revenue or Income).
* ClickSave and Close.
Step 5: Test the Account Rule
* Go toSubledger Accounting > Accounting Entries.
* Generate accounting for different transactions:
* Customer Billingshould deriveAccount 4000.
* Wholesale Customer Billingshould deriveAccount 4010.
* Other transactionsshould deriveAccount 4999.
* Review and confirm that the correct accounts are assigned.
NEW QUESTION # 28
You recently created an analysis to review the periodic revenue amounts using Smart View. Your customer wants to use the drill-through option to get more details about the balances appearing in the analysis.
Which TWO drill-through options would meet the requirement?
- A. Drill to Account Inspector
- B. Drill to Detail Balances
- C. Drill to Account Group
- D. Drill to Financial Reporting Center
Answer: A,B
NEW QUESTION # 29
You are tasked with troubleshooting a Create Accounting error.
What is the first step you need to take to use the Diagnostics Framework features?
- A. Run Create Accounting again to generate journal entries for the events that ended in error
- B. Run the Accounting Events Diagnostic report
- C. Submit the Accounting Event Diagnostics process
- D. Set the "SLA: Enable Diagnostic" profile option
Answer: D
NEW QUESTION # 30
You are assigned to troubleshoot a Create Accounting error.
Which is the first step that you need to perform to use the Diagnostics Framework feature?
- A. Run the Accounting Event Diagnostic report.
- B. Submit the Accounting Event Diagnostic process.
- C. Set the 'SLA: Enable Diagnostic' profile option.
- D. Run Create Accounting again to generate journal entries for the events that ended in error.
Answer: C
NEW QUESTION # 31
Your client organization deals in providing loans to its customers. You are appointed as a consultant to implement Oracle Fusion Cloud Accounting Hub to standardize the accounting process. Your client has a requirement to retrieve the segment values for the debit and credit side of journal entries based on different criteria. You decide to create a mapping set to retrieve the value of the cost center segment based on loan type as the input source. Your client wants the values to be validated from a list while creating the input and output mappings.
Which two options allow the validation of input values on mapping sets?
- A. Segment values
- B. Chart of accounts segment
- C. Lookup types
- D. Value sets
Answer: C,D
NEW QUESTION # 32
Your company is part of the financial services industry and manages various types of transactions, such as Notional Amount on Trade Positions, Premium Amount, Premium Settlement, and Premium Sweep in their source system. While analyzing their source transaction system, you are asked to propose an event model, based on the activities performed by the company.
According to your analysis, what should the Notional Amount on Trade Positions, Premium Amount, Premium Settlement, and Premium Sweep transactions be defined as while registering the source system?
- A. Event classes
- B. Event types
- C. Source systems
- D. Journal sources
Answer: B
NEW QUESTION # 33
A banking organization is currently using different transaction systems for various types of loans, including vehicle loans, personal loans, education loans, and housing loans. You have been appointed as a consultant to implement Accounting Hub Cloud.
Which THREE points should you remember while registering the source system for the organization?
- A. Summarized Transaction type information cannot be sent for accounting transformation
- B. Use separate subledgers to share sub-ledger accounting rules
- C. Use separate subledgers to ensure less data processing in each run
- D. Use separate subledgers to provide more security across applications
- E. A transaction type and its associated transaction data typically relate to a single document of transaction
Answer: C,D,E
NEW QUESTION # 34
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