1Z0-1081-24 Exam Training Practice Tests (Oracle Financial Consolidation and Close 2024 Implementation Professional)]

Question 1

Security is enabled for the Account dimension, but you have not assigned member access rights to any users or groups.
What will be users' default access to members in the Account dimension?

A. None B. Write C. Read D. Comment

Correct Answer: C

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Question 2

Which statement correctly describes the Consolidation dimension?

A. The dimension allows users to view data in the parent currency. B. The dimension allows users to see input versus journal adjustment data. C. The dimension contains members to store non-controlling interest and joint venture data. D. The dimension uses a separate member for data from an entity's level-zero descendants.

Correct Answer: D

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Question 3

An entity's Common Stock balance is made up of data loaded through Data Management and an adjusting journal entry posted in the application. The Common Stock balance must not re-translate each month.
What two data entries need to happen to have the Common Stock balance bypass the default translation of equity accounts? (Choose two.)

A. Data entry to the Common Stock account with the Multi-GAAP FCCS_Adjustments member and the Data Source member FCCS_Data Input. B. A journal entry to reverse the adjusted Common Stock balance with the Data Source member FCCS_Journal Input. C. Data entry to the Common Stock account with the FCCS_Amount Override member of the Consolidation dimension and the Data Source member FCCS_Managed Data. D. A journal entry to the Common Stock account with the FCCS_Amount Override member of the Consolidation dimension and the Data Source member FCCS_Journal Input.

Correct Answer: A,B

Question 4

For which four dimensions does Financial Consolidation and Close maintain calculation status? (Choose four.)

A. Year B. Entity C. Scenario D. Data Source E. Period F. Consolidation

Correct Answer: A,B,C,E

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Question 5

Financial Consolidation Close Cloud maintains the status calculation for which combination of dimensions?

A. Scenario, View, Parent Entity and Account B. Period, Scenario, Base Entity and Parent Entity C. Year, Scenario, Base Entity and Account D. Scenario, Account, Base Entity and Parent Entity

Correct Answer: B

Question 6

Financial Consolidation and Close Cloud Service (FCCS) provides a consolidation path through which dimension combination?

A. Entity, Currency, Account B. Currency, Account, Movement C. Consolidation, Currency, Account D. Entity, Consolidation, Currency

Correct Answer: B

Question 7

A company
would like to capture Fixed Asset additions and disposals within the Movement dimension.
Which three tasks are necessary to achieve this goal?

A. Add custom members for Additions and Disposals as children of FCCS_Mvmts_CapitalExpenditures. B. Create a Roll Forward in the account dimension. C. Load detailed Fixed Asset data to Movement members. D. Build a custom Movement member for Fixed Assets with child members for Additions and Disposals. E. Add custom Movement members to the FCCS_CashFlow hierarchy.

Correct Answer: B,C,E

Question 8

What member of the Consolidation dimension aggregates the Proportion member and the Elimination members?

A. FCCS_Entity Consolidation B. FCCS_Contribution C. FCCS_Parent Currency D. FCCS_Entity Total

Correct Answer: B

Question 9

PQR Company has the ownership structure shown above.
If H_1 lends money to P_2, the intercompany elimination of H_1's receivable occurs as data from Hickory consolidates into PQR. What is this principle called?

A. First common parent B. Generation 0 C. Lowest common denominator D. First order relation

Correct Answer: A

Question 10

Company 123 is a public company that reports in US Dollars. Company 123 owns Company XYZ, a European company that consolidates in Euro. One of the Company XYZ's subsidiaries is Company IOU, headquartered in Switzerland with a functional currency of the Swiss Franc.
Which process produces USD balances for Company IOU?

A. A consolidation of Company XYZ B. A translation of Company XYZ to Parent Currency C. A consolidation of Company 123 D. A translation to the USD_Reporting currency member for Company IOU E. A translation of Company IOU

Correct Answer: B

Question 11

Which statement explains why, in the Consolidation dimension, the data for an entity in the FCCS_Entity Input member might be different from the data in the FCCS_Proportion member?

A. The parent entity has a different currency than the child. B. A rate was entered into the FCCS Rate Override account. C. An ownership percentage for the entity other than 100 was entered. D. An intercompany elimination was performed.

Correct Answer: C

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Question 12

What file type / file extension format extracts data exports from Financial Consolidation and Close (FCCS)?

A. The data export format / file extension is always extracted in a ZIP file format. B. The data export format / file extension is always extracted in a CSV file format. C. The data export format / file extension is always extracted in a DAT file format. D. The data export format / file extension is always extracted in a XLS file format.

Correct Answer: B

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Question 13

What is the Data Storage value for an account that must remain at a historical exchange rate and not retranslate with current rates?

A. Dynamic Calc and Store B. No Rate C. Store D. Dynamic E. Never Share

Correct Answer: C

Question 14

Which statement is FALSE about when Intercompany Data is enabled?

A. Tracking intercompany eliminations is optional. B. In order for intercompany data to be eliminated, intercompany entities must be children of the same parent. C. Intercompany accounts are assigned plug accounts. D. The Intercompany Entity attribute for an entity must be set to Yes to store intercompany data.

Correct Answer: B

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Question 15

For which three tasks can Data Management be used? (Choose three.)

A. loading data that is period-to-date or year-to-date B. drilling through from a web form or Smart View C. loading data from a fixed width or delimited text file D. writing back data to source systems E. loading a Metadata Import File

Correct Answer: B,C,D

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Oracle Financial Consolidation and Close 2024 Implementation Professional - 1Z0-1081-24 Exam Practice Test