Exam Name: Oracle Cost Management Cloud 2023 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Cost Management Cloud
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Oracle 1z0-1074-23 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Setup and Configuration | - Inventory valuation setup - Costing methods configuration - Cost organization and cost profiles setup |
| Topic 2: Cost Management Cloud Overview | - Key business processes and architecture - Integration with Oracle SCM Cloud |
| Topic 3: Cost Accounting and Processing | - Cost calculation processes - Cost accounting distributions - Period close and cost rollup |
| Topic 4: Inventory and Work Order Costing | - Manufacturing and work order costing - Inventory transactions costing |
| Topic 5: Reporting and Analysis | - Cost analysis reports - Cost reconciliation and audit |
Oracle Cost Management Cloud 2023 Implementation Essentials Sample Questions:
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. Close the August period; you can never have two open periods at the same time.
- C. Perform cost account validations for August in Manage Cost Accounting Periods
- D. Run the Transfer Transactions to Costing process.
Correct Answer: A 🗳️
Identify four features provided by the Review Work Order Costs UI when displaying work order
- A. Input Costs
- B. Output Costs
- C. Incremental Costs
- D. Variable Costs
- E. Scrap Costs
- F. Standard Cost variances
Correct Answer: A,B,E,F 🗳️
Identify the four types of cost adjustments.
- A. A standard cost update will create an inventory value adjustment.
- B. A retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
- C. Authorized users can manually create cost adjustments.
- 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 purchaseorder.
- E. A change to a requisition after the purchase order has been created will create a cost adjustment.
- F. A revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment.
Correct Answer: A,B,D,F 🗳️
If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings?(Choose Three)
- A. Review errors in the Create Accounting Execution report.
- B. Query the transaction from Review Cost Accounting Distributions to see the error message.
- C. Refer to the Accounting Event Diagnostic Log.
- D. Review errors in the Create Accounting Execution log.
- E. Refer to the Accounting Event Diagnostic report.
Correct Answer: A,B,E 🗳️
Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?
- A. The liability for a consigned item occurs when there is an ownership event.
- B. Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.
- C. Consigned items can appear on inventory reports with information about the eventual value of the consigned item
- D. The quantity is tracked in inventory but not as an asset until there is an ownership event
- E. There is no difference between owned inventory and consigned inventory.
- F. A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.
Correct Answer: A,B,C,E 🗳️
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