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Oracle 1Z0-1060-20 exam : Oracle Accounting Hub Cloud 2020 Implementation Essentials

1Z0-1060-20 Exam Simulator
  • Exam Code: 1Z0-1060-20
  • Exam Name: Oracle Accounting Hub Cloud 2020 Implementation Essentials
  • Updated: Oct 21, 2026
  • Q & A: 62 Questions and Answers
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Oracle 1Z0-1060-20 exam simulator

Oracle 1Z0-1060-20 Exam Syllabus Topics:

SectionObjectives
Configuration and Setup- Initial setup tasks
  • 1. Source system configuration
    • 2. Ledger and accounting setup considerations
      Accounting Rules and Mapping- Accounting rule definition
      • 1. Mapping sets and derivation rules
        • 2. Rules-based accounting configuration
          Implementation and Administration- Deployment and maintenance
          • 1. Security and roles setup
            • 2. Troubleshooting and monitoring
              Reporting and Reconciliation- Financial reporting outputs
              • 1. Reconciliation processes
                • 2. Journal and subledger reporting
                  Data Integration and Processing- Transaction processing
                  • 1. Accounting entry generation process
                    • 2. Importing source transactions
                      Accounting Hub Cloud Overview- Architecture and key components
                      • 1. Accounting Hub Cloud positioning and use cases
                        • 2. Integration with Oracle Financials Cloud

                          Oracle Accounting Hub Cloud 2020 Implementation Essentials Sample Questions:

                          Question #1

                          'Insurances for Homes' company provide home insurance service. They have in house built system that processes home insurance payments received from customers. The end result of the process consists of a listing of individual journal entries in a spreadsheet. They have requirements for getting all journal entries in a secure and auditable repository. Access will be limited to selective staff members. Additionally, be able to report and view the entries using an advanced reporting and analytical tools for slicing and dicing the Journal entries.
                          Insurance premium is to be recognized as income across the-coverage period of the insurance policy. How do you link the two journal lines in the recurring journal entries cases, so that these two journal lines are identified by the accounting process to create recurring Journal entries?

                          • A. Recognition Journal class
                          • B. Multiperiod class
                          • C. Recurring Journal class
                          • D. Accounting class
                          Reveal Solution  Discussion  0

                          Correct Answer: B  🗳️

                          Question #2

                          Given the business use case:
                          'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company
                          'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
                          How do you calculate discounts for use in the accounting rule?

                          • A. Use custom formulas
                          • B. Use flexfield
                          • C. Use analytical calculations
                          • D. Use mapping set rules
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

                          Question #3

                          A customer's business requirement demands a more granular view of transferred subledger journal entries in GL.
                          Which of the available General Ledger Journal Entry Summarization options meets this requirement?

                          • A. Group by GL Date
                          • B. Summarize by GL Period
                          • C. Transfer in Details
                          • D. Summarize by GL Date
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

                          Question #4

                          Which transaction source is used to link transaction header and line information?

                          • A. Transaction Number
                          • B. Transaction Type
                          • C. Transaction Date
                          • D. Transaction Key
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

                          Question #5

                          Given the business use case:
                          'New Trucks' runs a fleet of trucks in a rental business In the U.S. The majority of the trucks are owned; however, in some cases, 'New Truck' may procure other trucks by renting them from third parties to their customers. When trucks are leased, the internal source code is 'L'. When trucks are owned, the internal source code is 'O'. This identifies different accounts used for the Journal entry. Customers sign a contract to initiate the truck rental for a specified duration period. The insurance fee is included in the contract and recognized over the rental period. For maintenance of the trucks, the "New Trucks* company has a subsidiary company
                          'Fix Trucks' that maintains its own profit and loss entity. To track all revenue, discounts, and maintenance expenses, 'New Trucks' needs to be able to view: total maintenance fee, total outstanding receivables, rental payment discounts, and total accrued and recognized insurance fee income.
                          How can the automatic recognition of insurance income be implemented in Accounting Hub Cloud?

                          • A. Set up multiperiod accounting journal lines.
                          • B. Set up automatic Journal line reversal.
                          • C. Set up a transaction line reversal.
                          • D. Create an adjustment journal entry.
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

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