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Cost Management Implementer
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Questions in this quiz (56)
1Identify three Landed Cost Management tasks.
- ACapture Charges
- BView Rolled Up Costs
- CManage Cost Scenarios
- DPerform Allocations
- ECreate Accounting
- FReview Journal Entries
2When attempting to open costing periods, your customer is receiving the following error:
Error: You do not have the required permission. You can request that your help desk change your security settings.
What configuration needs to be done so your customer will be able to open the Cost Accounting period?- ACreate Data Access on the Accounts Payable role for the correct cost organization.
- BCreate Data Access on the Accounts Payable role for the correct inventory organization.
- CCreate Data Access on the Cost Accountant role for the correct inventory organization
- DCreate Data Access on the Cost Accountant role for the correct cost organization
3Identify three characteristics of cost component to cost element mapping.
- AYou cannot modify, duplicate, or create user-defined cost components
- BYou can onlydefine one cost component to cost element mapping for an installation.
- CIt is one of the attributes you define as part of your cost profile definitions.
- DIt is user-defined
- EIt lets you define how cost component level costs will map into cost
4Select two ways to define the standard cost for an item from the Cost Accounting work area.
- AManage the Item Cost task
- BImport standard costs from receipt layers
- CManage the Standard Costtask
- DCreate Standard Cost in a spreadsheet.
5Identify the four types of cost adjustments.
- AA change to a requisitionafter the purchase order has been created will create a cost adjustment
- BA revenue recognition event, which in turn triggers a cost of goods sold recognition event, can cause a cost adjustment
- CA standard cost update will create an inventory value adjustment
- DAuthorized users can manually create cost adjustments
- EWhen a supplier invoice is processed in accounts payable, it can cause an adjustment to the inventory value and the cost of goods sold if the amounts processed for payment are differentfrom the estimated amount on the purchase order
- FA retroactive purchase order price adjustment can cause an adjustment to the inventory value and the cost of goods sold.
6Which three features are included in Receipt Accounting?
- AAnalyze Standard Purchase Cost Variances
- BCreate ReceiptAccounting Distribution
- CReview Item Costs
- DAdjust Receipt Accrual Clearing Balances
- EReview Journal Entries
7Which three cost planning tasks can be performed in the Cost Accounting work area?
- AReview Work Order Costs
- BReview Item Costs
- CAnalyzing and Comparing Costs
- DEstimating Standard Costs for Assemblies
- EManage Resource Rates
- FManage Cost Accounting Periods
8In which two scenarios would you define account rules based on value sets?
- AWhen a chart of accounts is assigned to the value set definition
- BWhen asecondary ledger has a different COA
- CIn the absence of a chart of accounts on the accounting method
- DWhen there is a mapping set to convert the accounts
- EIf a segment shares the same value set across multiple chart of accounts
9A manager has decided to close the period by not allowing any new transactions, except for correctionsand adjustments, which can happen any time before the period is closed permanently.
Which cost period status will allow the system to perform the transaction?- AOpen
- BClosed
- CPermanently Closed
- DNever Opened
- EClose Pending
10Trade events for physical shipmentsare interfaced into the Cost Accounting subledger from which module?
- AInventory
- BOrder Management
- CPurchasing
- DFinancial Orchestration
- EShipping
11Which four statements describe what is unique about Cost Accounting for items received into inventory as consigned?
- AConsigned items cannot appear on inventory reports with information about the eventual value of the consigned item.
- BThere is no difference between owned inventory and consigned inventory.
- CThe liability for a consigned item occurs when there is an ownership event
- DA consumption can automatically trigger a momentary ownership transaction before the consumption transaction
- EThe quantity is tracked in inventory but not as an asset until there is an ownership event.
- FConsigned items can appear on inventory reports with information about the eventual value of the consigned item
12Which four steps need to be completed to establish standard costs for a make item?
- ARun preprocessor.
- BComplete cost roll-up
- CPublish costs
- DExport item costs.
- EAdd standard costs to a cost scenario
- FCreate a new cost scenario
13Your client needs to import the relevant transactions and tax determinants for their expense items into ReceiptAccounting. What is the correct sequence of processes to accomplish this?
- ATransfer Transactions from Receiving to Costing, Transfer Costs to Cost Management
- BTransfer Costs to Cost Management, Transfer Transactions from Receiving to Costing
- CTransfer Transactions from Inventory to Costing, Transfer Costs to Cost Management
- DTransfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
- ETransfer Costs to Cost Management, Transfer Transactions from Inventory to Costing
14Identify four processors available in the cost processor.
- AReceipt Processor
- BCost Distribution Processor
- CCost Reports Processor
- DCost of Goods Sold Processor
- ECost Accounting Processor
- FCosting Period Processor
15Your client wants their expense items to be accrued at receipt. Which two configurations support this requirement?
- AManage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to At Receipt. - BConfigure ProcurementBusiness Function > Select the business unit > Set Select Receipt Close Point to Accrue at At Receipt
- CProduct Information Management > Search and select the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
- DConfigure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End
- EManage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
> Set Accrue Expense Items to Period End - FProduct Information Management > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".
- AManage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
16Which two rules determine whether a condition has been met for accounting rules?
- AWhen the condition is met, the rule associated with thatpriority is used
- BPriorities determine the order in which accounting rule conditions are examined
- CThe conditions are evaluated in the sequence they are defined in the accounting rule
- DAfter all conditions are tested, the final resulting value isused.
- EUse parenthesis to control the order of the condition evaluation
17You are verifying your distributions for yourtransactions. You Just ran the receipt accounting distribution process. However, your purchase order receipt is not showing up.
What do you need to do for your receipt to show up?- ARun the Transactions from Procurement to Costing process.
- BRun theTransfer Costs from Payables to Cost Management process
- CRun the Create Accounting process.
- DRun the Clear Receipt Accrual Balances process.
- ERun the Transactions from Receiving to Costing process
18Which statement is true regarding the cost cutoff date in Cost Accounting?
- AIt only affects whether or not you can process a cost adjustment
- BTransactions with a transaction date after the cost cutoff date will not be processed until the cost cutoffdate is changed to a date that is later than the transaction date
- CTransactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run
- DTransactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date
19Your client hasaccounting rules that need specific customization. Which two options allow them to accomplish this"1
- ACopy and rename predefined subledger journal entry rule sets before modifying them
- BUse a different journal entry rule set for each ledger with a different accounting convention
- CThe subledger journal entry rule set does not need the same accounting event class as the accounting method.
- DJournal entry rule sets do not require accounting rules
- EThe subledger journal entry rule set does not needthe same accounting event type as the accounting method.
20Identify two reference types used to tie a receipt trade operation to an expense invoicefor landing.
- AInternal requisition number
- BShipment number
- CExpense invoice number
- DBill of Lading
- EReceipt number
21Identify two characteristics of an expense pool. (Choose two.)
- AIt helps you analyze under-absorption and over-absorption of expenses that you want to capitalize onto thebalance sheet as inventory value
- BIt is a user-defined entity that represents a grouping of expenses that you want to absorb with resource and overhead rates.
- CYou can define the name of your expense pool, but you cannot define more than one
- DIt isused only for analyzing gross margins on noninventory sales of services.
22A chart of accounts (COA) must be specified on the accounting method for which two situations?
- AWhen using ledgers that have unique accounting requirements
- BWhen using account combination rules
- CWhen account combination rules use constants
- DEvery accounting method should have a COA
- EWhen usingsegment rules
23Select the two valid relationships between subledger components.
- AThe accounting method holds the accounting rules by Event Class andEvent Type
- BThe journal lines hold the journal entry rule sets.
- CThe accounting method groups journal entry rule sets by Event Class and Event Type
- DJournal entry rules are used to hold accounting rules.
- EJournal entry rule sets hold journal rules and accounting rules.
24Your client wants to turn on summary for GL posting, but they want the Subledger Accounting to contain every transaction unsummarized for detailed analysis and drill down.
How do you accomplish this?- ATurn off merge matching lines in the journal line rule
- BTurn off thesummarize flag in the journal line rule
- CWrite a custom report
- DTurn on detailed posting for GL in the ledger setup
- EExtract distribution accounting entries.
25You have finished creating your sub ledger journal entry rule sets and see that they are still in the incomplete status. Which two steps will ensure that the journal entries are generated?
- ARun the "Activate Accounting Methods" process
- BValidate the sub ledger journal entry rule sets using Validate Journal Entry Rule Set
- CRun the "Activate Sub ledger Journal Entry Rule Set Assignments" process
- DAdd the sub ledger journal entry rule sets to the Manage Journal Entry Rule Set task
- EAdd the sub ledger journal entry rule sets to the Manage Accounting Methods task.
26Which two statements are true about Cost Accounting books? (Choose two.)
- AA cost organization can use secondary books to perform Cost Accounting for different purposes such as currencies, regulatory reporting, or management reporting.
- BA cost organization has one book that posts to the primary ledger
- CEvery cost organization must use different book names; they cannot be shared
- DSecondary books can post accounting entries into any ledger, including the primary ledgeror any secondary ledger
27You can track costs at what granularity level in Cost Accounting for the actual costing method?
- ASubinventory, Make, Lot, Serial
- BGrade, Serial, Group, Lot
- CSubinventory. Lot, Serial, Grade
- DGrade, Subinventory, Locator, Serial
- ESubinventory, Lot, Serial, Locator
28Your client would like to accrue expense items at period end. What subledger journal entry rule set must be created in order for the expense accrual Journal entries to be successfully generated?
- AEvent Class: Expense Accrual Event Type: Expense Accrual
- BEvent Class: Period End Accrual Event Type: Period End Accrual
- CEvent Class: Expense Accrual Event Type: Period End Accrual
- DEvent Class:Purchase Order Price Adjustment Event Type: Period End Accrual
- EEvent Class: Purchase Order Price Adjustment Event Type: Expense Accrual
29Your customer has asked you to create a report so they can view their receipt accounting distributions along with their receipt accounting transactions.
Which subject areawould you select to create this report?- AReceipt Accounting- Receipt Accounting Distributions Real Time
- BReceipt Accounting-- Receipt Accounting Transactions Real Time
- CCosting –Receipt Accounting Real Time
- DFinancials-Subledger Accounting-DetailTransactions
- ECosting-Cost Accounting Real Time
30Your client is using Quick Setup to implement Costing. They have a requirement to track costs for manufacturing overhead. How can you make sure that this requirement is met?
- AComplete Quick Setup and then create the user-defined cost using the Manage Cost Component task
- BThis requirement will already be met by the default data generated when using Quick Setup
- CCreate the cost in Manage Cost Scenarios.
- DYou can only track costs for Direct Labor and Direct Equipment; this requirement cannot be met.
31When running the Transfer Costs to Cost Management process,where will the primary default source for costs come from and what is the effect?
- AReceivables invoices; actual cost can be used
- BPayables invoices; invoice price variance can be added to item cost
- CReceipt costs; costs include adjustments.
- DRequisition costs; validated costs can be used
- EPurchase order costs; item catalog costs can be used.
32Your client wants to view Landed Cost Variance. Which pair of search options are available to view Landed Cost Variance?
- ABusiness Unit and Cost Organization
- BInventory Organization and Legal Entity
- CBusiness Unit and Legal Entity
- DBusiness Unit and Inventory Organization
- ELegal Entity and Cost Organization
- FInventory Organization and Cost Organization
33Which three predefined areas can you review on the Overview page of Cost Accounting? (Choose three.)
- APurchase Variance Summary
- BJournal Entries
- CItem CostIdentify two reference types used to tie a receipt trade operation to an expense invoice for landing
- DCost Processing
- EWork Order Costs
- FInventory Valuation
34You need to simulateand estimate landed cost charges associated with purchase order receipts of material.
What must you create to make this possible?- AOrders
- BCost Scenario
- CCharge Name
- DRoutes
- ETrade Operation
35What are three cost method choices that are available in Cost Accounting?
- APeriod end average cost
- BActual cost (LIFO or Last In First Out)
- CPeriodic average cost
- DStandard cost
- EPerpetual average cost
- FActual cost (FIFO or First In First Out)
36Which two steps need to be completed to estimate landed costs?
- ATransfer transactions from the Inventory to the Costing process
- BTransfer transactions from the Payables to the Costing process
- CUpdate standard costs
- DAllocate charges
- EPrepare the Material Purchase Order Data process.
37After "Cost AccountingProcessor" has processed the physical inventory classification of transactions which transaction types will it process next?
- AIn-transit
- BRetro-reprice
- CAdjustments
- DOverhead
- ECost of Goods Sold
38Landed Cost Variance Analysis can be performed based on which three dimension combinations?
- ABusiness Unit/Landed Cost Charge/Cost Organization
- BItem/Business Unit/Route
- CItem Category/Material Supplier/Landed Cost Charge
- DInventoryOrganization/Landed Cost Charge/Third Party Supplier
- EItem Catalog/Inventory Organization/Business Unit
39Which two types of costs are included in the cost of contract manufactured items?
- AThe cost of Items that the contract manufacturer had to purchase to eprform the contract manufacturing service, and the cost of resources used by the contract manufacturer.
- BThe cost of items that the original equipment manufacturer (OEM) for use in the process of making the output Items.
- CThe cost of resources consumed at the OEM's factory
- DThe cost of the contract manufacturing service Item. This is the price that the contract
- EManufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.
40Which four predefined costing reports can you use to gatherinformation to review inventory value? (Choose four.)
- ACosting Account Balances Report
- BIn-transit Valuation Report
- CCOGS and Revenue Matching Report
- DWork in Process Inventory Valuation Report
- ELayer Inventory Valuation Report
- FCost Accounting Valuation Report
- GInventory Valuation Report
41An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed.
How do you get the journal line rule to calculate the gain or loss?- ACreate a foreign reporting currency to track gain/loss.
- BCreate a secondary ledger to track gain/loss.
- CTurn on the Subledger Gain or LossOption
- DSubledger Accounting is already set up to process it
42How is the standard cost of a manufactured configured item calculated?
- AIt is based on the material and resource requirements of a released work order
- BThe standard cost of a model item is calculated
- CThe standard cost is calculated for every possible combination of options under a model
- DIt is based on the actual cost of the work order after it is completed
43Assume today is November 15, 2015, and you are getting ready to implement new standard costs for the new year Your cost planning scenario has a January 1, 2016 effective date. An item has three work definitions. One work definition has an October l, 2015effective date. A second work definition has a December 1, 2015 effective date. A third work definition has a January 2, 2016 effective date.
How will the application select the work definition- AIt will use the work definition with the January 2, 2016effective date.
- BDepending on the selection criteria, it will use the work definition with the December l, 2015 effective date or the work definition with the October l, 2015 effective date.
- CIt must always use the work definition with the October 1, 2015 effective date
- DYou will receive an error because the application will detect that all three are plausible, and it will be unable to determine which one to choose
44Which two outcomes can happen in create accounting when an account combination returned is end dated?
- AThe original account is stored on the journal line.
- BSuspense accounts cannot be used
- CAn alternate account will be used if provided
- DAn error will always occur
- EThe preprocessor willpre-warn about this error.
45You 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?- ADebit Charge Account (expense or inventory), Credit Receiving Inspection
- BDebit Accrued Liability, Credit Accounts Payable
- CDebit Receiving Inspection, Credit Accrued Liability
- DDebit Expense, Credit Receiving Inspection
- EDebit Expense, Credit Expense Accrual
46You have made some changes to your subledger accounting setups for Costing and want to verify that the journal entries are showing up correctly.
How can you generate a report that allows you to see the subledger journal entries for transactions without actually transferring to the General Ledger?- ARun the Create Accounting for Costing process with the following parameters: • Accounting Mode = Draft •Report Style = Detail• Transfer to General Ledger = No • Post in General Ledger = No
- BRun the Transfer Transactions from Inventory to Costing process with the following parameters: • Accounting Mode = Draft • Report Style = Detail • Transfer to General Ledger = No • Post in General Ledger = No
- CRun the Create Cost Accounting Distribution process with the following parameters: • Accounting Mode = Draft • Report Style = Detail • Transfer to General Ledger = No • Post in General Ledger = No
- DRun the Create Cost Accounting Distribution process with the following parameters: • Accounting Mode = Final • Report Style = No report• Transfer to General Ledger = No• Post in General Ledger = No
- ERun the Create Accounting for Costing process with the following parameters: • Accounting Mode = Final • Report Style = No report• Transfer to General Ledger = No• Post in General Ledger = No
47Identify two purposes of Sub ledger Accounting.
- ATo maintain backward compatibility
- BTo obtain detailed information for auditpurposes since all sub ledger accounting is at the detail level
- CTo calculate costs for transactions
- DTo create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger
- ETo centralize accounting string generation across all modules
48Your customer wants to run a report to review account balances for bothinventory valuation and cost of goods sold. Which two Oracle Transactional Business Intelligence reports would you run so the customer can review these balances?
- AInventory Account Balances Report
- BCOGS Account Balances Report
- CRevenue and COGS Matching Report
- DCosting Balances Report
- EInventory Valuation Report
49Identify two characteristics of Landed Cost charge names.
- ADuty is a seededcharge name for Landed Cost.
- BYou can modify a charge name until it is associated with a trade operation.
- CCharge names cannot be used to tie an invoice to a trade operation.
- DYou can use multiple currencies within a trade operation for the samecharge name on different lines.
- ECharge names cannot be associated with a PO schedule
50What are the predefined areas that give youvisibility into the status of Receipt Accounting, on the overview page in the Receipt Accounting work area?
- AReceipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Transactions
- BReceipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Transactions
- CReceipt Accounting Processes, Accrual Schedule, Receiving Balances, Receipt Accounting Period Validation Status
- DReceipt Accounting Processes, Cleared Accruals, Receiving Balances, Receipt Accounting Period Validation Status
- EReceipt Accounting Processes, Accrual Schedule, Review Journal Entries, Receipt Accounting Transactions
51Which 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?
- AReview their audit receipt accrual clearing balances
- BReview their journal entries, including their sub-ledger accounting events and class where the charges from the purchase orders are going to be charged to.
- CReview their accrual balances and clear them
- DReview their Receipt Accounting processes that show whether any processes failed and why
- EReview their distributions that show the debit and credit information specific to the Receipt Accounting transaction selected
52If the Create Accounting process ends with errors or warnings, which three statements outline places you can go to get more detailed information about the specific errors and warnings?
- AQuery the transaction from Review Cost Accounting Distributions to see the error message
- BReview errors in the Create Accounting Execution report.
- CRefer to the Accounting Event Diagnostic report
- DRefer to the Accounting Event Diagnostic log
- EReview errors in the Create Accounting Execution log
53The process to map the APinvoices to the trade operation charges has completed. Which entity did the application use to do this?
- AMaterial Receipts
- BCharge Names
- CPreReference Types
- DRoutes
- ETrade Operation Template
54At what level can you define item cost profiles?
- AItem cost profiles are defined within an inventory organization. There can be only one cost method for an inventory organization.
- BCost profiles are ultimately defined at the item level. Different items within the same inventory organization can use different cost profiles
- CItem cost profiles are defined at the cost organization level. All items within a cost organization must use the same cost profile.
- DDifferent 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
55Your client only wants to cost inventory items and third party costs. Which two modules are they required to implement to ensure this functionality?
- AReceipt Accounting
- BCost Accounting
- CLanded Cost Management
- DInventory Management
- EProduct Model
56Identify four reasons to usethe set ID when defining Cost Accounting setups. (Choose four)
- AYou can share definitions across multiple cost organizations
- BYou can control which definitions are visible to different cost organizations
- CYou can streamline your setup effort
- DYou have the option to share setup data across all cost organizations using the common set.
- EYou can take advantage of the business unit-to-set ID mapping defined in Cost Accounting
- FYou don't have to create any definitions for cost books.
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- Otro Cost Management Implementer Quiz on Cost Management Implementer, created by Verisure Verisure on 08/02/2022.
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