Simulate the Real Exam with Oracle 1z0-1060-24 Practice Exams

The web-based 1z0-1060-24 practice test is accessible via any browser. This 1z0-1060-24 mock exam simulates the actual Oracle Accounting Hub Cloud 2024 Implementation Professional (1z0-1060-24) exam and does not require any software or plugins. Compatible with iOS, Mac, Android, and Windows operating systems, it provides all the features of the desktop-based 1z0-1060-24 Practice Exam software.

Oracle 1z0-1060-24 Exam Syllabus Topics:

Topic	Details
Topic 1	Describing Functional Setup Manager: This section targets Functional Analysts and explains the components of Functional Setup Manager used in configuring applications. It emphasizes understanding how to manage setups effectively within an organization. A critical skill assessed is explaining setup processes clearly.
Topic 2	Analyzing and Creating Financial Reporting Structures and Ledgers: This section measures the skills of Financial Controllers in analyzing configuration requirements for legal entities, financial reporting structures, and ledgers. It includes understanding how to set up these structures to meet organizational needs. A key skill measured is designing effective financial reporting frameworks.
Topic 3	Registering Source System and PaaS (ICS) Integration: This section focuses on Integration Specialists and covers managing transaction information, line information worksheets, and integrating source systems with PaaS (ICS). It emphasizes the importance of seamless data integration for accurate financial reporting. A significant skill assessed is managing integration processes effectively.
Topic 4	Configuring Accounting Rules: This section targets Accounting Managers and focuses on managing various accounting rules such as intercompany journal lines, multiperiod journal entries, and accrual reversals. It emphasizes the importance of accurate rule configuration for financial accuracy. A critical skill assessed is configuring accounting rules effectively.
Topic 5	Updating Registered Source System: This section measures the skills of Systems Administrators in updating accounting attribute assignments, sources, and event types within registered source systems. It includes ensuring that all updates align with organizational standards. A key skill measured is maintaining accurate system configurations.
Topic 6	Describing Security: This section measures the skills of Security Administrators in explaining users and role-based access control within financial systems. It covers the security console's functionality to manage user permissions effectively. A key skill measured is implementing robust security measures for system access control.
Topic 7	Analyzing Transaction Type Lifecycle: This section measures the skills of Financial Analysts and focuses on analyzing and identifying the transaction lifecycle within source systems. It covers the stages from transaction initiation to completion, ensuring all aspects of the lifecycle are understood. A key skill measured is effectively mapping the transaction lifecycle.
Topic 8	Accessing Accounting, Reporting, Audit, and Reconciliation Requirements: This section targets Accounting Professionals and analyzes the requirements for accounting, reporting, auditing, and reconciliation related to transaction types. It emphasizes understanding compliance and accuracy in financial reporting. A critical skill assessed is evaluating audit and reconciliation needs thoroughly.
Topic 9	Adjusting Journal Entries: This section measures the skills of Accountants in creating sub-ledger journals that include overrides and adjustments as necessary. It covers techniques for ensuring journal entries reflect true financial positions. A key skill measured is accurately adjusting journal entries to maintain integrity.

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Oracle Accounting Hub Cloud 2024 Implementation Professional Sample Questions (Q53-Q58):

NEW QUESTION # 53
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 # 54
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. 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
C. 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
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 # 55
SIMULATION
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

Answer:

Explanation:
See the Explanation below for all the solution
Explanation:
Step-by-Step Guide to Create an Account Rule with 3 Priorities in Oracle Fusion Step 1: Navigate to Manage Account Rules Log in to Oracle Fusion with appropriate privileges for Subledger Accounting.
Go to Setup and Maintenance.
In the Functional Setup Manager (FSM), navigate to:
Financials
Subledger Accounting
Manage Account Rules.
Step 2: Create the Account Rule
Click Create to add a new Account 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 Click Save, then proceed to define Priorities.
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
Click Add Row to define Priority 1.
Set Priority Order as 1.
Define Condition:
If Transaction Type = "Customer Billing", then Account = 4000 (Revenue Account) Source Type: Use Transaction Type as the basis.
Click Save.
Priority 2: Derived from Customer
Click Add Row to define Priority 2.
Set Priority Order as 2.
Define Condition:
If Customer Category = "Wholesale", then Account = 4010 (Wholesale Revenue) Source Type: Use Customer Category as the basis.
Click Save.
Priority 3: Default Revenue Account
Click Add Row to define Priority 3.
Set Priority Order as 3.
Define Condition:
Default Revenue Account = 4999 (for any other transactions)
Source Type: Use Constant Value.
Click Save.
Step 4: Validate and Assign the Account Rule
Click Validate to ensure the rule has no errors.
Navigate to Manage Journal Entry Rule Sets.
Locate the AHC Billing Journal Entry Rule Set.
Assign the newly created Revenue Account Rule to the appropriate Journal Line Rule (such as Revenue or Income).
Click Save and Close.
Step 5: Test the Account Rule
Go to Subledger Accounting > Accounting Entries.
Generate accounting for different transactions:
Customer Billing should derive Account 4000.
Wholesale Customer Billing should derive Account 4010.
Other transactions should derive Account 4999.
Review and confirm that the correct accounts are assigned.

NEW QUESTION # 56
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. Use separate subledgers to share sub-ledger accounting rules
B. Use separate subledgers to provide more security across applications
C. Use separate subledgers to ensure less data processing in each run
D. A transaction type and its associated transaction data typically relate to a single document of transaction
E. Summarized Transaction type information cannot be sent for accounting transformation

Answer: B,C,D

NEW QUESTION # 57
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 the source transaction system, you are asked to propose an event model based on the activities performed by the company.
Based on 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 types
B. Source systems
C. Event classes
D. Journal sources

Answer: A

NEW QUESTION # 58
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