Online 1Z0-1074-24 Practice Test

Question 1

Which four steps need to be completed to establish standard costs for a make item?

Options :

A : Run preprocessor.

B : Complete cost roll-up.

C : Publish costs

D : Export item costs.

E : Add standard costs to a cost scenario.

F : Create a new cost scenario.

Answer: B,C,E,F

Question 2

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?

Options :

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.

Answer: B,C,D

Question 3

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 lotsdifferently then others

What must they do to accomplish this?

Options :

A :

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

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

C : They must create their valuation units manually.

D :

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

Answer: C

Question 4

After all relevant transactions are in Receipt Accounting, which two tasks must be completed for these transactions to be transferred to the General Ledger?

Options :

A : Transfer to Sub ledger Accounting.

B : Transfer transactions from payables.

C : Transfer transactions from receiving.

D : Create distributions.

E : Assign accruals to purchase order transactions.

Answer: A,D

Question 5

Which statement is true regarding the cost cutoff date in Cost Accounting?

Options :

A : It only affects whether or not you can process a cost adjustment.

B :

Transactions 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.

C :

Transactions 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.

D :

Transactions 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.

Answer: B

EXPERTY DESIGNED 1Z0-1074-24 PRACTICE TEST