Oracle 1z1-987 Actual Free Exam Questions & Community Discussion

Exam Code/Number: 1z1-987
Exam Name/Title: Oracle Cost Management Cloud 2017 Implementation Essentials
Certification Provider: Oracle
Corresponding Certification: Oracle Cost Management Cloud

Exam Questions: 70
Updated On: Sep 05, 2026

Question #1

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. Item cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.

D. Cost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles.

Discussion 0

Correct Answer: A Vote an answer

Question #2

Select two ways to define the standard cost for an item from the Cost Accounting work

A. Manage the Item Cost task.

B. Manage the Standard Cost task.

C. Create Standard Cost in a spreadsheet.

D. Import standard costs from receipt layers.

Discussion 0

Correct Answer: A,C Vote an answer

Question #3

You are explaining the characteristics of a "profit in inventory" cost element to a client. Which three statements describe true characteristics of this cost element?

A. It is only used when you do not need to maintain an arm's length relationship.

B. It can help you understand true margins and value added by internal business units through the internal supply chain.

C. It can help you with consolidated financial reporting.

D. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in different business units.

E. It is a special type of cost element that helps you keep track of internal markups when inventory is transferred between inventory organizations that are in the same business unit.

Discussion 0

Correct Answer: C,D,E Vote an answer

Question #4

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. Quick Setup generates one valuation unit so they can access this to make changes and manually create new valuation units.

B. They must create their valuation units manually.

C. They cannot change their current configuration; data generated by Quick Setup cannot be changed.

D. Quick Setup generates valuation units so they just have to access those valuation units and make their changes.

Discussion 0

Correct Answer: C Vote an answer

Question #5

Which two things must your customer check daily in order to ensure that all their purchase order transactions from that day have been accounted for in Receipt Accounting Distribution?

A. Review their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected.

B. Review their audit receipt accrual clearing balances.

C. Review their Receipt Accounting processes that show whether any processes failed and why.

D. Review their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.

E. Review their accrual balances and clear them.

Discussion 0

Correct Answer: D,E Vote an answer

Question #6

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 #7

Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?

A. Consigned items can appear on inventory reports with information about the eventual value of the consigned item

B. A consumption can automatically trigger a momentary ownership transaction before the consumption transaction.

C. There is no difference between owned inventory and consigned inventory.

D. The liability for a consigned item occurs when there is an ownership event.

E. Consigned items cannot appear on inventory reports with information about the eventual value of the consigned item.

F. The quantity is tracked in inventory but not as an asset until there is an ownership event

Discussion 0

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

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