2025 Updated Verified Pass 1z0-1060-24 Exam - Real Questions and Answers
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Oracle 1z0-1060-24 Exam Syllabus Topics:
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NEW QUESTION # 24
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. Two
- B. Four
- C. One
- D. Three
Answer: A
NEW QUESTION # 25
Which duty role is required to authorize access to the import accounting transactions process?
- A. Accounting Hub Create Accounting duty role
- B. Accounting Hub Create and Post Journal Entry duty role
- C. Accounting Hub Import duty role
- D. Accounting Hub Integration duty role
Answer: D
NEW QUESTION # 26
Your client, a banking organization, currently uses different transaction systems for various types of loans, including vehicle loans, personal loans, education loans, and housing loans. The client has already implemented other subledger applications including payable, assets, and expenses.
You have been hired as a consultant to help them implement the Accounting Hub solution for streamlining the accounting entries from the source system. One of their requirements is to track the overall loan amount disbursed by each loan officer. You decide to use the supporting references functionality to achieve this requirement. However, when you try to define the loan officer as a supporting reference, the add option is disabled.
What could be the reason for this issue?
- A. Supporting reference tracking was not enabled while registering the source system
- B. Supporting references can be used only with predefined applications, such as payable, assets, and expenses
- C. Thirty supporting references with balances have already been defined, so a new supporting reference cannot be added
- D. Subledger application name was not selected as a scope before defining the supporting reference
Answer: D
NEW QUESTION # 27
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. Multiperiod and Recognition
- B. Reversal and Recognition
- C. Deferral and Recognition
Answer: C
NEW QUESTION # 28
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. Four
- B. Three
- C. Two
- D. One
Answer: D
NEW QUESTION # 29
Which is an alternate way to implement a mapping set rule?
- A. Define a chart of account rule with conditions
- B. Define a lookup type rule with conditions
- C. Define a flexfield rule with conditions
- D. Define an account rule with conditions
Answer: D
NEW QUESTION # 30
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. A transaction type and its associated transaction data typically relate to a single document of transaction
- C. Use separate subledgers to provide more security across applications
- D. Use separate subledgers to share sub-ledger accounting rules
- E. Use separate subledgers to ensure less data processing in each run
Answer: B,C,E
NEW QUESTION # 31
Your client decides to:
Configure a primary ledger for local statutory reporting requirements and a secondary ledger to manage alternative accounting requirements.
Use Financial Reporting Studio to manage the financial reports that leverage the cube connections.
They are seeking your advice to understand the cubes that the system creates to store the balances for these two ledgers.
Based on which unique combination of ledger components are the cube connections generated?
- A. Chart of Accounts and Calendar
- B. Chart of Account and Convention
- C. Convention and Currency
- D. Chart of Account and Currency
- E. Calendar and Currency
Answer: A
NEW QUESTION # 32
While creating an accounting method, you are unable to select a journal entry rule set for a combination of event class and event type.
What could be the reason for this issue?
- A. Supporting references assigned to the journal entry rule set are not attached to the same chart of accounts to which the accounting method is attached
- B. Description rules assigned to the journal entry rule set are not attached to the same chart of accounts to which the accounting method is attached
- C. Journal line rules assigned to the journal entry rule set are not attached to the same chart of accounts to which the accounting method is attached
- D. The accounting method is either not attached to any chart of accounts or is attached to another chart of accounts than the journal entry rule set
Answer: D
NEW QUESTION # 33
What is NOT included in the minimum required accounting attribute assignments?
- A. Accounting Date
- B. First Distribution Identifier
- C. Distribution Type
- D. Second Distribution Identifier
Answer: D
NEW QUESTION # 34
Your client has operations in both the US and the UK, and they currently use a third-party billing system to process transactions like Complete an Invoice, Record a Payment, Record Late Charges, and Recognize Revenue. You are part of the implementation team of the Accounting Hub solution, and they request you to generate a dynamic description based on the following scenario:
"When Invoice Date is greater than or equal to 1st January 2018, concatenate Project Number and Invoice Number else concatenate Customer Name and Invoice Number." In which format would you enter the date in the user-defined formula to achieve this requirement?
- A. YY-MON-DD
- B. DD-MON-YYYY
- C. DD-MON-YY
- D. YYYY-MON-DD
Answer: D
NEW QUESTION # 35
Which TWO options can you use for reconciling subledger journal entries with the source system?
- A. Submit Period Close Exception Report
- B. Submit the Subledger Accounting Diagnostics report
- C. Tag supporting references with Journal Line Rules
- D. Submit the Subledger Accounting Diagnostics report
Answer: A,D
NEW QUESTION # 36
Which three duty roles are required to perform Accounting Hub setup tasks?
- A. Application Implementation Consultant
- B. Subledger Accounting Manager
- C. Accounting Hub Administration
- D. Accounting Hub Maintenance
- E. Accounting Hub Integration
Answer: A,B,E
NEW QUESTION # 37
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. The event type name cannot exceed 30 characters
- B. The event type name cannot exceed 25 characters
- C. You cannot add more than 30 sources when the Journal Display column is enabled
- D. You cannot add more than 10 sources when the Journal Display column is enabled
Answer: B,D
NEW QUESTION # 38
Your client provides loans to its customers. You are appointed as a consultant to implement Accounting Hub Cloud and standardize the accounting process. Your client needs to retrieve the segment values for the debit and credit side of journal entries based on different criteri a. You decide to set up three account rules to achieve this requirement.
Which THREE rule types are available for building account rules?
- A. Mapping set
- B. Lookup type
- C. Segment
- D. Account combination
- E. Value set
Answer: A,C,D
NEW QUESTION # 39
Your client, a banking organization, is currently using different transaction systems to take care of various 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.
Now the customer has asked 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 by using the update spreadsheet template.
- B. The source system should be registered again by including the Loan Interest Accrual Reversal event type.
- C. A new transaction type cannot be added after the source system is registered.
- D. Loan Interest Accrual Reversal can be added as a new event type from the user interface.
Answer: D
NEW QUESTION # 40
Your client provides loans to its customers. You are appointed as a consultant to implement Accounting Hub Cloud to standardize the accounting process. Your customer wants 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 an 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. Lookup types
- B. Segment values
- C. Chart of accounts segment
- D. Value sets
Answer: A,D
NEW QUESTION # 41
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. Four subledgers; one for each source system
- B. Two subledgers; one for home loan and auto loan and another for consumer loan and personal loan.
- C. Three subledgers; one for home loan and auto loan, second for consumer loan, and third for personal loan
- D. One subledger for all four source systems
Answer: D
NEW QUESTION # 42
Which two actions can you accomplish for a registered source system?
- A. Add new event classes through the user interface
- B. Revise source Information through the user interface and add more sources
- C. Import the source system registration spreadsheet template multiple times as long as there are no accounting rules created yet
- D. Modify the subledger application name as long as there are no pending accounting entries
Answer: B,C
NEW QUESTION # 43
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