All About Approved 1z0-1060-20 Questions

NEW QUESTION 1
You have created a description rule. When you try to select this description rule to be displayed as a header description rule in a journal entry rule set, you are not able to find this rule in the list of values.
What is the possible reason for NOT finding the rule?

• A. The rule is built using a value set source.
• B. The source does not return any value; therefore the rule is not displayed.
• C. The rule is built using a line level source.
• D. The rule is built using a custom source.

Answer: C

NEW QUESTION 2
'Insurances for Homes' company provide home insurance service. 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.
Which is a correct example for a formula to prorate amounts evenly across each period? Note that the NumberofGLPeriod is a predefined function that returns the number of non adjustment accounting periods between two dates.

• A. "Amount" *( NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") + 1)/ (NumberofGLPeriod ("Effective Date", "Expiiy Date") + 1)
• B. "Amount" - ("Last Day of Current Accounting Period" - "Effective Date" ) / ("Expiry Date" -"Effective Date")
• C. "Amount" * ("Last Day ol Current Accounting Period" - "Effective Date" + 1) / (("Expiry Date" "Effective Date") + 1)
• D. "Amount" * NumberofGLPeriod ("Effective Date", "Last Day of Current Accounting Period") / NumberofGLPeriod ("Effective Date", 'Expiry Date")

Answer: D

NEW QUESTION 3
Which transaction source is used to link transaction header and line information?

• A. Transaction Key
• B. Transaction Type
• C. Transaction Date
• D. Transaction Number

Answer: D

NEW QUESTION 4
Which is used to track a specific transaction attribute on subledger journal entries?

• A. value set rules
• B. lookup value rules
• C. supporting references
• D. account rules

Answer: C

NEW QUESTION 5
A customer has a business requirement to provide additional information about subledger Journals that cannot be found in a predefined report.
How can you meet this requirement?

• A. Use either Account Monitor or Account Inspector to get required Information.
• B. Build a Financial Reporting Studio report that includes all dimensions.
• C. Build an OTBI analysis that includes a relevant subject area.
• D. Create a Smart View report using the query designer feature.

Answer: C

NEW QUESTION 6
Given the business use case:
'Insurances for Homes' company provides home insurance services. They have an in-house built system that processes 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, the company need to be able to report and view the entries using advanced reporting and analytical tools for segmenting, viewing and understanding data in the journal entries.
The line information may contain more than one line for the same header. When uploading transactions, which is a way to differentiate each Journal line?

• A. Assign a custom formula.
• B. Assign an accounting attribute.
• C. You do not need to do anything additional.
• D. Assign a line classification or line type attribute.

Answer: D

NEW QUESTION 7
What kind of sequence can be assigned to subledger journal entries at the time that the journal entries are created in final mode?

• A. Reporting Sequence
• B. Accounting Sequence
• C. Journal Entry Sequence
• D. Document Sequence

Answer: B

NEW QUESTION 8
What is the required date format used to import accounting transactions to Accounting Hub Cloud?

• A. The user can customize the date format
• B. MM-DD-YYYY
• C. DD-MON-YYYY
• D. YYYY-MM-DD

Answer: D

NEW QUESTION 9
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 10
How do you enable diagnostics on subledger transaction sources?

• A. enable diagnostic profile
• B. enable diagnostic attribute
• C. enable diagnostic source
• D. enable transaction debug

Answer: A

NEW QUESTION 11
The new billing source system has been registered into Accounting Hub Cloud. The subledger is in active state. At a later date, the business decides to bring in another legacy system (for example, a payment system) for accounting in Accounting Hub.
What two options do you have?

• A. Add this as a new transaction type into existing registered subledger from the user interface.
• B. Register it as a new source system.
• C. Add this as a new transaction typo into existing subledger registration spreadsheet template.
• D. Change the transaction data file.

Answer: AB

NEW QUESTION 12
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 set up an account rule that is based on leased and owned trucks?

• A. Set up a mapping set rule.
• B. Set up a lookup value.
• C. Set up a value set rule.
• D. Set up an account source in the source system file and derive the value.

Answer: A

NEW QUESTION 13
Given the business requirement in the 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 are the key transaction types mentioned in the use case?

• A. Pay Insurance and Control Truck Services
• B. Initiate Truck Rentals Contract and Pay Truck Maintenance
• C. Purchase Trucks and Deploy Trucks
• D. Purchase Trucks and Pay Out Trucks

Answer: B

NEW QUESTION 14
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 pass the calculated value for discount amounts in accounting rules to the corresponding journal line?

• A. Assign it to an accounting method.
• B. Assign it to an account rule.
• C. Assign it to a transaction type.
• D. Assign it to an accounting attribute.

Answer: B

NEW QUESTION 15
There is a business requirement to display supporting information with some text and source value at the journal line level that will vary depending on the entered amounts for the line.
What is the solution to implement this requirement?

• A. define line description rule with condition
• B. define journal line rules with conditions
• C. define journal entry rule set with condition
• D. define user transaction line identifier

Answer: A

NEW QUESTION 16
Most of the accounting entries for transaction from the source system use TRANSACTION_AMOUNT as a source of the entered amount accounting attribute. For some events, you need to use the TAX_AMOUNT source.
At what level can you override the default accounting attribute assignment?

• A. Journal Entry
• B. Journal Entry Rule Set
• C. Event Class
• D. Journal Line Rule
• E. Event Type

Answer: D

NEW QUESTION 17
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