Oracle 1Z0-1074-21 Actual Free Exam Questions & Community Discussion

Exam Code/Number: 1Z0-1074-21
Exam Name/Title: Oracle Cost Management Cloud 2021 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Cost Management Cloud

Exam Questions: 80
Updated On: Sep 08, 2026

Question #1

Identify two purposes of Sub ledger Accounting.

A. to maintain backward compatibility

B. to calculate costs for transactions

C. to create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger

D. to obtain detailed information for audit purposes since all sub ledger accounting is at the detail level

E. to centralize accounting string generation across all modules

Discussion 0

Correct Answer: B,C Vote an answer

Question #2

Which three features are included in Receipt Accounting?

A. Analyze Standard Purchase Cost Variances

B. Adjust Receipt Accrual Clearing Balances

C. Review Journal Entries

D. Review Item Costs

E. Create Receipt Accounting Distribution

Discussion 0

Correct Answer: B,C,E Vote an answer

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Question #3

Identify four processors available in the cost processor.

A. Cost Accounting Processor

B. Costing Period Processor

C. Cost Distribution Processor

D. Cost Reports Processor

E. Cost of Goods Sold Processor

F. Receipt Processor

Discussion 0

Correct Answer: A,C,D,E Vote an answer

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Question #4

There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line for it?

A. Account Class must be set to Freight.

B. Line Type must be set to Freight.

C. Create a condition for a journal line for freight.

D. Sub ledger accounting is set up to accomplish this out-of-the-box.

Discussion 0

Correct Answer: A,B Vote an answer

Question #5

You have configured your expense items to accrue at receipt. You have created a few purchase orders and want to verify that the supplier invoices have been created.
Which accounting entries signal this process has taken place?

A. Debit Expense, Credit Receiving Inspection

B. Debit Accrued Liability, Credit Accounts Payable

C. Debit Expense, Credit Expense Accrual

D. Debit Charge Account (expense or inventory), Credit Receiving Inspection

E. Debit Receiving Inspection, Credit Accrued Liability

Discussion 0

Correct Answer: D Vote an answer

Question #6

The process to map the AP invoices to the trade operation charges has completed. Which entity did the application use to do this?

A. Material Receipts

B. PreReference Types

C. Routes

D. Charge Names

E. Trade Operation Template

Discussion 0

Correct Answer: B Vote an answer

Question #7

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. Run the Transfer Transactions to Costing process.

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. Change the number of maximum open periods in Manage Cost Organization Relationships

Discussion 0

Correct Answer: A Vote an answer

Question #8

When running the Transfer Costs to Cost Management process, where will the primary default source for costs come from and what is the effect?

A. Purchase order costs; item catalog costs can be used.

B. Requisition costs; validated costs can be used.

C. Payables invoices; invoice price variance can be added to item cost.

D. Receivables invoices; actual cost can be used.

E. Receipt costs; costs include adjustments.

Discussion 0

Correct Answer: D Vote an answer

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