Oracle Cost Management Cloud 2023 Implementation Professional
Exam Number: 1Z0-1074-23
Format: Multiple Choice
Duration: 90 Minutes
Number of Questions: 55
Passing Score: 62%
Validation: This exam has been validated against 22A/22B/22C/22D/23A/23B.
Policy: Cloud Recertification
Earn associated certifications Passing this exam is required to earn these certifications. Select each certification title below to view full requirements.
Oracle Cost Management Cloud 2023 Certified Implementation Professional
Prepare to pass exam: 1Z0-1074-23
An Oracle Cost Management 2023 Certified Implementation Professional has demonstrated the knowledge required to manage landed costs, manage subledger accounting, manage cost scenarios, and configure costing methods and Project Enabled Supply Chain. Individuals who earn this certification are able to perform receipt accounting processes and analyze and resolve standard cost variances.
If you have a valid Oracle Cost Management Cloud Implementation Professional Certification, and your credential has not expired, you can maintain your certification by taking the corresponding shorter Delta exam.
Login to Oracle CertView to check if your certification credential has expired or is still valid.
Check the Oracle Recertification Policy to see if you qualify.
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Additional Preparation and Information
A combination of Oracle training and hands-on experience (attained via labs and/or field experience), in the learning subscription, provides the best preparation for passing the exam.
Review exam topics
Managerial Accounting Overview
Explain Cost Accounting and how it integrates with other modules
Describe the purpose of Cost Accounting, Receipt Accounting, and Landed Cost
Explain key implementation decision points
Receipt Accounting Overview
Describe the Receipt Accounting Work Area
Explain Receipt Accounting
Configure Accrue at period end
Receipt Accounting processes
Manage daily Receipt Accounting tasks
Cost Accounting Overview
Describe the Cost Accounting Work Area
Explain Cost Accounting
Configure Costing methods (Standard, Perpetual, Actual, and Periodic average cost methods)
Create Cost Accounting Key setups (Cost Org, Cost Book, Relationships, Elements, Components, Component Mappings, Valuation Structures, Cost Profiles, and Default Cost Profiles)
Explain the Role of Costing Key setups and Cost policies
Perform Cost Accounting processes & Reporting
Manage Daily Cost Accounting tasks
Standard Costs
Manage Cost scenarios
Create Standard Costs, Resource Rates, and Overhead Rates
Manage rolled-up Costs
Analyze and resolve Standard Cost variances
Landed Cost Overview
Describe the Landed Cost Work Area
Explain Landed Cost
Configure Landed Cost Management
Manage Charge Names, Reference types & Routes
Subledger Accounting
Explain the Receipt & Cost Accounting Subledger
Create Account Rules
Create Journal Line Rules
Create a Subledger Journal Entry Rule set
Create an Accounting Method
Explain the relationships of Subledger Components
Analyze and resolve errors and exceptions
Costing and Inventory Foundations
Explain Common Inventory Configurations
Projects Enabled Supply Chain
Explain Common Projects Enabled SCM Configurations
Manage Project enabled Work Orders
QUESTION 1
Select the two valid relationships between subledger components.
A. The accounting method holds the accounting rules by Event Class and Event Type.
B. The journal lines hold the journal entry rule sets.
C. The accounting method groups journal entry rule sets by Event Class and Event Type.
D. Journal entry rules are used to hold accounting rules.
E. Journal entry rule sets hold journal rules and accounting rules.
Answer: DE
QUESTION 2
The process to map the AP invoices to the trade operation charges has completed. Which entity did the application use to dothis?
A. Material Receipts
B. Charge Names
C. PreReference Types
D. Routes
E. Trade Operation Template
Answer: C
QUESTION 3
If the Create Accountingprocessendswitherrorsorwarnings, whichthree statements outline places you can go to get more detailed information about the specific errors and warnings?
A. Query the transaction from Review Cost Accounting Distributions to see the error message.
B. Review errors in the Create Accounting Execution report.
C. Refer to the Accounting Event Diagnostic report.
D. Refertothe Accounting Event Diagnosticlog.
E . Reviewerrorsinthe Create Accounting Execution log.
Answer: B
QUESTION 4
Which two types of costs are included in the cost of contract manufactured items?
A. The cost of Items that the contract manufacturer had to purchase to perform the contract manufacturing service, and the cost of resources used by the contract manufacturer
B. The cost of items that the original equipment manufacturer (OEM) owns and has provided to the contract manufacturer for use in the process of making the output Items
C. The cost of resources consumed at the OEM’s factory
D. The cost of the contract manufacturing service Item. This is the price that the contract
E. Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.
Answer: AB
QUESTION 5
Your client wants to set up some of their items as expense items and then enable them to be accrued at period end for one of their business units.
Which two configurations will support this request?
A. Product Information Item > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to “No”.
B. Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals > Set Accrue Expense Items to Period End.
C. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
D. Product Information Item> Search and select theexpense item> Specifications > Manufacturing > Verify that Inventory Asset Value is set to “Yes”.
E. Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt.
F. Manage Common Options for Payables and Procurement > Select thebusiness unit > Expense Accruals > Set Accrue Expense Items to At Receipt.
Answer: CF
QUESTION 6
Identify four characteristics of a cost element.
A. Users can define any number of cost elements.
B. It is the most granular level of cost captured by upstream systems such as procurement, accounts payable, and manufacturing.
C. It is the granularity at which costs are tracked and accounted.
D. It is user-defined.
E. The mapping of cost components into cost elements is user-defined.
F. It uses date effectivity.
Answer: BDEF
