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Oracle 1z0-1060-24 Exam Overview:
| Certification Vendor: | Oracle |
|---|---|
| Exam Name: | Oracle Accounting Hub Cloud 2024 Implementation Professional |
| Exam Number: | 1z0-1060-24 |
| Passing Score: | 60% |
| Real Exam Qty: | 60 |
| Related Certifications: | Oracle Financials Cloud Oracle ERP Cloud |
| Exam Format: | Multiple Choice |
| Exam Duration: | 90 minutes |
| Certificate Validity Period: | No specific expiration - Oracle certifications typically remain valid |
| Available Languages: | English |
| Exam Price: | $245 USD |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Online proctored or in-person testing center |
| Pre Condition: | Oracle recommends having practical experience with Oracle Cloud ERP and accounting concepts; no mandatory prerequisite certifications required |
| Official Syllabus URL: | https://education.oracle.com/oracle-accounting-hub-cloud-2024-implementation-professional/ |
Oracle 1z0-1060-24 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Reporting and Audit | 12% | - Audit trail configuration - Generating accounting reports - Supporting audit compliance - Journal entry reporting |
| Introduction to Oracle Accounting Hub Cloud | 8% | - Architecture and components - Integration with Oracle ERP Cloud - Overview of Accounting Hub Cloud features and benefits |
| Accounting Configuration | 22% | - Setting up account combinations - Configuring accounting rules and templates - Managing accounting flexfields - Creating chart of accounts structures |
| Subledger Accounting | 28% | - Designing subledger accounting options - Creating journal line types - Configuring balancing segments - Setting up journal entry templates - Building accounting definitions |
| Implementation and Migration | 12% | - Data migration strategies - Testing and validation - Implementation methodology - Post-implementation support |
| Transaction Sources and Events | 18% | - Mapping sources to accounting - Configuring event classes and types - Defining transaction sources |
1z0-1060-24 Exam Facts, Digital Convenience and Global Support
- Implementation and Migration (12%)
- Accounting Configuration (22%)
- Reporting and Audit (12%)
Oracle Accounting Hub Cloud 2024 Implementation Professional Sample Questions:
SIMULATION
Challenge 3: Manage User Define Formulas
TASK
Create User Defined Formula for Admin Charges
Subledger Application: AHC Billing
Process Category: AHC Billing
Event Class: AHC Billing
Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement
Correct Answer:
See the Explanation below for all the solution
Explanation:
Step-by-Step Guide to Create a User Defined Formula for Admin Charges in Oracle Fusion Step 1: Navigate to Manage User Defined Formulas Log in to Oracle Fusion with privileges to configure Subledger Accounting.
Go to Setup and Maintenance.
In the Functional Setup Manager (FSM), navigate to:
Financials
Subledger Accounting
Manage User Defined Formulas.
Step 2: Create a New User Defined Formula
Click Create to define a new formula.
Enter the following details:
Name: Admin Charges Formula
Subledger Application: AHC Billing
Process Category: AHC Billing
Event Class: AHC Billing
Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement Data Type: Number Description: Formula to calculate admin charges for billing events.
Click Save, then proceed to define the logic.
Step 3: Define the Formula Logic
Example Formula for Admin Charges:
Assume Admin Charges are calculated as 5% of Transaction Amount, with a minimum charge of $10.
Enter the formula using Oracle's formula syntax:
CASE
WHEN {Transaction Amount} * 0.05 >= 10 THEN {Transaction Amount} * 0.05 ELSE 10 END Click Validate to check for errors.
Step 4: Assign the Formula to the Required Accounting Rules
Navigate to Manage Account Rules.
Find the Admin Charges Account Rule (or create one if needed).
In the Condition Definition, select User Defined Formula as the Source.
Choose Admin Charges Formula as the value.
Click Save and Close.
Step 5: Validate and Deploy the Formula
Click Validate to ensure correctness.
Deploy the formula by submitting the changes.
Attach the formula to relevant Journal Entry Rule Sets (if applicable).
Step 6: Test the User Defined Formula
Navigate to Subledger Accounting > Accounting Entries.
Generate accounting for different test transactions:
Example 1: If Transaction Amount = $500, Admin Charges = $25 (5% of 500).
Example 2: If Transaction Amount = $100, Admin Charges = $10 (since 5% of 100 = $5, but the minimum is $10).
Verify that the Admin Charges are correctly derived in accounting entries.
What is NOT included in the minimum required accounting attribute assignments?
- A. Distribution Type
- B. First Distribution Identifier
- C. Second Distribution Identifier
- D. Accounting Date
Correct Answer: C 🗳️
Which FOUR actions can you perform with the help of the Security Console?
- A. Compare Roles
- B. Create Roles
- C. Manage Data Access for Users
- D. Manage Automatic Data Provisioning
- E. Manage User Name Generation Rules and Password Policies
- F. Manage Password of other Users
Correct Answer: A,B,E,F 🗳️
Your client deals in Banking, Insurance, and Stock Trading. They have separate transaction systems to process their transactions. You have been appointed as a consultant to implement Accounting Hub Cloud to streamline and standardize the accounting process for each of the source systems.
The client wants to generate the following accounting entries:
Banking-related transactions on a daily basis
Stock trading transactions on alternate days
Insurance transactions on a weekly basis
Considering the nature of business, frequency of generating accounting entries, and the load on the system, how many source systems would you suggest?
- A. One
- B. Two
- C. Four
- D. Three
Correct Answer: D 🗳️
Your client has operations in both the US and the UK, and they currently use a third-party billing system to process transactions like Complete an Invoice, Record a Payment, Record Late Charges, and Recognize Revenue. You are part of the implementation team of the Accounting Hub solution, and they request you to generate a dynamic description based on the following scenario:
"When Invoice Date is greater than or equal to 1st January 2018, concatenate Project Number and Invoice Number else concatenate Customer Name and Invoice Number." In which format would you enter the date in the user-defined formula to achieve this requirement?
- A. DD-MON-YY
- B. DD-MON-YYYY
- C. YYYY-MON-DD
- D. YY-MON-DD
Correct Answer: C 🗳️
Phoenix
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Thanks for your great 1z0-1060-24 practice questions.
David
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