Online Access Free 1Z0-1074-21 Practice Test

What are three cost method choices that are available in Cost Accounting?

• A.Actual cost (FIFO or First In First Out)
• B.Actual cost (LIFO or Last In First Out)
• C.Periodic average cost
• D.Standard cost
• E.Period end average cost
• F.Perpetual average cost

You can track costs at what granularity level in Cost Accounting for the actual costing method?

• A.Subinventory, Make, Lot, Serial
• B.Grade, Serial, Group, Lot
• C.Subinventory, Lot, Serial, Locator
• D.Subinventory. Lot, Serial, Grade
• E.Grade, Subinventory, Locator, Serial

Your client needs to import the relevant transactions and tax determinants for their expense items into Receipt Accounting. What is the correct sequence of processes to accomplish this?

• A.Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
• B.Transfer Costs to Cost Management, Transfer Transactions from Receiving to Costing
• C.Transfer Transactions from Inventory to Costing, Transfer Costs to Cost Management
• D.Transfer Transactions from Receiving to Costing, Transfer Transactions from Inventory to Costing
• E.Transfer Transactions from Receiving to Costing, Transfer Costs to Cost Management
• F.Transfer Costs to Cost Management, Transfer Transactions from Inventory to Costing

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 the expense item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "Yes".
• 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 At Receipt.
• D.Configure Procurement Business Function > Select the business unit > Set Select Receipt Close Point to Accrue at Period End.
• E.Manage Common Options for Payables and Procurement > Select the business unit > Expense Accruals
  > Set Accrue Expense Items to At Receipt.
• F.Product Information Item > Search and select item > Specifications > Manufacturing > Verify that Inventory Asset Value is set to "No".

There are freight charges on an invoice. Which two setups are required to get create accounting to enter a separate accounting line for it?

• A.Line Type must be set to Freight.
• B.Account Class must be set to Freight.
• C.Create a condition for a journal line for freight.
• D.Sub ledger accounting is set up to accomplish this out-of-the-box.