Online Access Free 1Z1-1060 Exam Questions

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

'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. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?

• A.Recurring Journal class
• B.Multiperiod class
• C.Recognition Journal class
• D.Accounting class

What is NOT included in the minimum required accounting attribute assignments?

• A.First Distribution Identifier
• B.Second Distribution Identifier
• C.Accounting Date
• D.Distribution Type

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.Create a Smart View report using the query designer feature.
• C.Build a Financial Reporting Studio report that includes all dimensions.
• D.Build an OTBI analysis that includes a relevant subject area.

What are the tables or views from which the Create Accounting process takes source data that is used in accounting rules to create journal entries referred to as?

• A.Transaction objects
• B.Event entities
• C.Source objects
• D.Mapping sets