Oracle Cost Management Cloud 2017 Implementation Essentials

Question 1

Identify four features provided by the Review Work Order Costs UI when displaying work order

A. Standard Cost variances

B. Scrap Costs

C. Input Costs

D. Output Costs

E. Incremental Costs

F. Variable Costs

Correct Answer: A,C,D,F

Question 2

Which two types of costs are included in the cost of contract manufactured items?

A. The cost of resources consumed at the OEM's factory

B. Manufacturer will charge to make the outputs and would normally be enough to cover their costs and include a fair profit.

C. 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

D. The cost of the contract manufacturing service Item. This is the price that the contract

E. 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

Correct Answer: C,E

Question 3

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 Expense Accrual

B. Debit Expense, Credit Receiving Inspection

C. Debit Accrued Liability, Credit Accounts Payable

D. Debit Receiving Inspection, Credit Accrued Liability

E. Debit Charge Account (expense or inventory), Credit Receiving Inspection

Correct Answer: E

Question 4

Your client only wants to cost inventory items and third party costs. Which two modules are they required to implement to ensure this functionality?

A. Inventory Management

B. Landed Cost Management

C. Cost Accounting

D. Receipt Accounting

E. Product Model

Correct Answer: A

Question 5

Identify two ways that standard cost is calculated.

A. The roll-up calculation can be performed to update standard costs for Cost Accounting purposes

B. The standard cost is the sum of the cost of the selected option items.

C. The standard cost of the configured item is based on the purchase order price quoted by the supplier for the configured item.

D. Users must manually enter the cost of each configured item; the calculation is not automated.

E. The cost of a configured item is calculated based on the work definition of the model item.

Correct Answer: A,B

Question 6

Identify four reasons to use the set ID when defining Cost Accounting setups.

A. You can take advantage of the business unit-to-set ID mapping defined in Cost Accounting.

B. You can streamline your setup effort.

C. You can share definitions across multiple cost organizations.

D. You don't have to create any definitions for cost books.

E. You have the option to share setup data across all cost organizations using the common set.

F. You can control which definitions are visible to different cost organizations

Correct Answer: A,B,C,E

Question 7

Which three cost planning tasks can be performed in the Cost Accounting work area?

A. Estimating Standard Costs for Assemblies

B. Manage Cost Accounting Periods

C. Analyzing and Comparing Costs

D. Review Work Order Costs

E. Manage Resource Rates

F. Review Item Costs

Correct Answer: A,D,E

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Oracle Cost Management Cloud 2017 Implementation Essentials - 1z1-987 Exam Practice Test

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