Online Access Free 1Z0-1074 Exam Questions

A manager has decided to close the period by not allowing any new transactions, except for correctionsand adjustments, which can happen any time before the period is closed permanently.
Which cost period status will allow the system to perform the transaction?

• A.Closed
• B.Open
• C.Never Opened
• D.Permanently Closed
• E.Close Pending

Which four predefined costing reports can you use to gatherinformation to review inventory value? (Choose four.)

• A.Costing Account Balances Report
• B.Layer Inventory Valuation Report
• C.In-transit Valuation Report
• D.COGS and Revenue Matching Report
• E.Cost Accounting Valuation Report
• F.Work in Process Inventory Valuation Report
• G.Inventory Valuation Report

Your organization currently has the August period for this year open. They want to be able to open the September period, while keeping August open. When you try to open the target period, August of this year, you get an error.
What must you do to meet your customer's requirement and resolve this error?

• A.Change the number of maximum open periods in Manage Cost Organization Relationships
• B.Perform cost account validations for August in Manage Cost Accounting Periods
• C.Close the August period; you can never have two open periods at the same time.
• D.Run the Transfer Transactions toCosting process.

Your client originally used Quick Setup to configure Cost Accounting However, after reviewing their costing policies, they realize that they want to cost some of their lotsdifferently then others What must they do to accomplish this?

• A.They cannot change their current configuration; data generated by Quick Setup cannot be changed.
• B.Quick Setup generates valuation units so they just have to access those valuation units and make their changes.
• C.Quick Setup generates one valuation unit so they can access this to make changes and manually create new valuation units.
• D.They must create their valuation units manually.

Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?

• A.Consigned items can appear on inventory reports with information about the eventual value of the consigned item
• B.Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.
• C.The quantity is tracked in inventory but not as an asset until there is an ownership event
• D.There is no difference between owned inventory and consigned inventory.
• E.A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.
• F.The liability for a consigned item occurs when there is an ownership event.