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Oracle 1Z0-1060-21 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Configure Accounting Rules | 20% | |
| Analyze Transaction Type Life Cycle | 15% | |
| Modeling Considerations | 10% | |
| Register and Update Source Systems | 15% | |
| Analyze Accounting, Reporting, Audit and Reconciliation Requirements | 20% | |
| Reporting, Auditing and Diagnostics | 10% | |
| Upload Transaction Data and Adjust Journal Entries | 10% |
Oracle Accounting Hub Cloud 2021 Implementation Essentials Sample Questions:
1. You are implementing Fusion Accounting Hub for your external Accounts Receivables system. The external system sends invoices billed and cash receipts in a flat file, along with the customer classificationinformation.
You want the accounting amounts to be tracked by customers too but you do not want to add a Customer segment to your chart of accounts.
What is the solution?
A) Capture customer information as the source and develop a custom report using Online Transactional Business Intelligence (OTBI).
B) Use the Open Account Balances Listing report that has balances by customer.
C) Use the Third Party Control Account feature.
D) Use Supporting References to capture customer classification information.
2. 'Insurances for Homes' company provide home insuranceservice. 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 for slicing and dicing the journal entries.
Insurance premiumIs to be recognized as income across the coverage period of the insurance policy. What are the two types of journal lines that need to be set up to generate recurring journal entries for insurance premium in each accounting period?
A) Deferral and Recognition
B) Offsets and Recognition
C) Multiperiod and Recognition
D) Reversal and Recognition
3. Invoices received from a source system need touse a specific account based on 30 different expense types.
However, if the invoice is from a certain supplier type, it needs to go to a default account regardless of the expense type.
What is the solution?
A) Create a 30 account combination rule with acondition of expense type.
B) Create two journal line rules with a condition of supplier type.
C) Create an account rule with 31 rule elements using one condition for each expense type and another for supplier type.
D) Create an account rule with three rule elements using one for expense type mapping, one for condition of supplier type, and the other one without any condition.
4. What kind of sequence can be assigned to subledger journal entries at the time thatthe journal entries are created in final mode?
A) Accounting Sequence
B) Document Sequence
C) Journal Entry Sequence
D) Reporting Sequence
5. Given the business use case:
'New Trucks' runs a fleet of trucks in a rentalbusiness 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: totalmaintenance 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 manyledgers are required to be set up?
A) Two primary ledgers
B) One primary ledger
C) One primary, one secondary ledger
D) One primary, one repotting currency ledger
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: B |




