Online Access Free 1Z0-1060 Exam Questions

You are explaining to an accountant that account override is an adjustment feature of Subledger Accounting.
Which two traits can help you explain this feature?

• A.The account override feature allows users to record a reason for the adjustment.
• B.The account override feature is only intended to correct subledger journals that have been posted.
• C.The account override feature adjusts the original source transaction.
• D.The account override feature provides an audit trail by preserving the original subledger journal entry.

Where do you define the currency conversion type to be used in converting accounted amount for reporting currency ledger?

• A.Specify Ledger Options
• B.Manage Subledger Accounting Options
• C.Manage Accounting Attribute Assignments
• D.Manage Reporting Currencies

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

'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.
Insurance premium Is 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.Multiperiod and Recognition
• B.Offsets and Recognition
• C.Reversal and Recognition
• D.Deferral and Recognition

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