Online Access Free 1Z1-1024 Exam Questions

At what level can you define item cost profiles?

• A.Item cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.
• B.Different items within an inventory organization can use different cost profiles, but items within an item category must all use the same cost profile because that is the level at which the default cost profile is defined.
• C.Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.
• D.Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.

Identify four processors available in the cost processor.

• A.Cost Reports Processor
• B.Cost Accounting Processor
• C.Receipt Processor
• D.Costing Period Processor
• E.Cost Distribution Processor
• F.Cost of Goods Sold Processor

Identify the four types of cost adjustments.

• A.Authorized users can manually create cost adjustments.
• B.A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
• C.A standard cost update will create an inventory value adjustment.
• D.When a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are different from the estimated amount on the purchase order.
• E.A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
• F.A change to a requisition after the purchase order has been created will create a cost adjustment.

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 lots differently then others What must they do to accomplish this?

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

Which two statements are true about Cost Accounting books?

• A.A cost organization has one book that posts to the primary ledger.
• B.Secondary books can post accounting entries into any ledger, including the primary ledger or any secondary ledger.
• C.A cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
• D.Every cost organization must use different book names; they cannot be shared.