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Newest 1Z0-1050-24 Official Cert Guide | 1Z0-1050-24 100% Free Clearer Explanation

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Oracle - Updated 1Z0-1050-24 - Oracle Payroll Cloud 2024 Implementation Professional Official Cert Guide

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Oracle 1Z0-1050-24 Exam Syllabus Topics:

Topic
Details

Topic 1

Managing Employee Level Payroll Information: This section measures the expertise of HR Payroll Coordinators in managing employee-specific payroll data. It includes adding element entries, bank account details, and payroll frequency details for employees. Additionally, it covers managing absences, initializing payroll balances, and ensuring accurate costing for individuals.

Topic 2

Defining Earnings and Deductions: This section measures the skills of Compensation Analysts in creating and managing earnings and deduction elements. It covers the behavior of elements, creating element entry business rules, and configuring absence elements. Additionally, it includes adding eligibility rules for elements and creating rules for retroactive changes, ensuring accurate and timely payroll processing.

Topic 3

Configuring Payroll Payment Details: This section is designed for Payroll Administrators and focuses on setting up payment details for employees and third parties. It includes adding company payment details, configuring payslip reports, and ensuring accurate payment processing. These tasks are essential for delivering accurate and timely payments to employees and external entities.

Topic 4

Calculating, Validating, and Correcting Payroll Processes: This section evaluates the skills of Payroll Auditors in calculating, verifying, and correcting payroll processes. It includes confirming the status of payroll flows, verifying costing results, and reconciling payroll data. These tasks are essential for ensuring payroll accuracy and compliance with organizational and legal standards.

Topic 5

Describing Payroll Concepts: This section of the exam measures the skills of Payroll Specialists and covers foundational payroll concepts, including human resources and payroll person models. It also explains legislative data groups and payroll statutory units, which are essential for managing compliance and organizational structures. Additionally, this section includes creating payroll users and roles to ensure proper access and security within the payroll system.

Topic 6

Defining Payroll Costing Rules: This section evaluates the skills of Cost Accountants in setting up payroll costing rules. It includes configuring the Payroll Cost Flexfield, setting up various types of costing, and transferring data to subledger accounting for posting to the general ledger. These tasks ensure accurate financial reporting and cost allocation.

Oracle Payroll Cloud 2024 Implementation Professional Sample Questions (Q11-Q16):

NEW QUESTION # 11
As a general rule when costing an element created with a primary classification of standard earnings, what element and input value do you cost?

A. Result Element and input value of Earnings Calculated
B. Base Element and input value of Pay Value
C. Result Element and input value of Pay Value
D. Base Element and input value of Earning Calculated

Answer: A

Explanation:
For an element with a primary classification of standard earnings in Oracle Payroll Cloud, costing typically applies to the Result Element and its "Earnings Calculated" input value (Option D). The Result Element is generated by the payroll calculation process to store the final computed earnings after applying rules, formulas, and rates. The "Earnings Calculated" input value holds the monetary amount derived from these calculations, which is then costed. Option A and Option B refer to the Base Element, which is the initial element definition, not the processed result. Option C uses "Pay Value," which is more relevant for direct payments rather than calculated earnings. Oracle documentation specifies this costing convention for standard earnings elements.

NEW QUESTION # 12
Which legislative data group (LDG) description is incorrect?

A. An LDG can contain many legal entities that act as payroll statutory units.
B. An LDG marks a legislation in which payroll is processed.
C. An LDG can be associated to multiple cost allocation key flexfield structures.
D. An LDG is associated with a legislative code and currency.

Answer: C

Explanation:
A Legislative Data Group (LDG) in Oracle Payroll Cloud groups payroll data by legislation and is tied to a single legislative code and currency (Option D). It can include multiple legal entities acting as payroll statutory units (Option A) and marks the legislation under which payroll is processed (Option C). However, Option B is incorrect because an LDG is associated with only one cost allocation key flexfield structure at a time, not multiple. This structure defines how costs are allocated within the LDG, and associating multiple structures would violate the integrity of payroll costing rules within a single legislative context, as per Oracle's design.

NEW QUESTION # 13
The element template has created a "Results" element for a voluntary deduction element along with the base element.
Response:

A. Results element
B. Base element
C. Calculator element
D. Distributor element

Answer: B

NEW QUESTION # 14
A worker moves to a different legal employer within the same country. The HR uses performs a global transfer to meet this requirement.
What is the impact of the transfer on the worker's payroll relationship record?

A. It depends on the customer's payroll statutory unit and tax reporting structure.
B. There is no impact.
C. It depends on the customer's payroll statutory unit and legal employer structure.
D. The payroll relationship will be ended and a new relationship is created.

Answer: C

NEW QUESTION # 15
Which costing levels can you enter for an offset account?

A. Job
B. Department
C. Position
D. Element Eligibility

Answer: D

Explanation:
In Oracle Payroll Cloud, an offset account is used to balance costing entries (e.g., credits against debits). The costing levels available for defining an offset account are limited compared to regular cost accounts. The correct level is Element Eligibility (Option D), as offset accounts are tied to the eligibility rules of an element to ensure accurate balancing at that level. Options A (Department), B (Position), and C (Job) are valid for regular cost accounts but not specifically for offset accounts, which require a broader scope tied to the element's eligibility rather than organizational or job-specific levels. Oracle's costing hierarchy documentation specifies this distinction for offset accounts.

NEW QUESTION # 16
......

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