Oracle Financial Consolidation and Close 2020 Implementation Essentials

Question 1

Which three tasks can users perform on Financial Consolidated Close Cloud data with Smart View in Excel? (Choose three.)

A. Run a rule such as Consolidate or Translate

B. Submit data

C. Retrieve data

D. Adjust data with Journals

Correct Answer: A,B,C

Question 2

Which statement is FALSE when enabling a Multi-GAAP application?

A. Additional GAAP adjustment can be created.

B. The system automatically creates an FCCS_IFRS member.

C. The Multi-GAAP dimension is optional.

D. Two custom dimensions are available after enabling Multi-GAAP.

Correct Answer: D

Question 3

P, Q, and R are children of a mid-level parent entity, AceCo. In February each entity has cash in the amounts of 10, 20, and 30, respectively, and AceCo has been consolidated and has cash of 60. A prior period adjustment to Q adjusts cash with a debit of 5.
Which statement regarding consolidation is correct?

A. January should be consolidated for the change and nothing needs to happen for February.

B. February should be consolidated, after which the cash at AceCo is now 65.

C. January and February should be consolidated.

D. There is no way to do a prior period entry like this.

Correct Answer: C

Question 4

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. A journal entry to reverse the adjusted Common Stock balance with the Data Source member FCCS_Journal Input.

B. 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.

C. 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.

D. Data entry to the Common Stock account with the Multi-GAAP FCCS_Adjustments member and the Data Source member FCCS_Data Input.

Correct Answer: A,D

Question 5

Which financial close related component is NOT a part of the Financial Consolidation and Close Cloud integrated product suite?

A. Financial Close Management

B. Data Management

C. Process Management

D. Account Reconciliation Management

E. Supplemental Data Management

Correct Answer: D

Question 6

For data load rules in Data Management, which two statements are FALSE?

A. If specified, the import format will be used; if not, then the location's format will be used.

B. End users can upload a file when running a data load rule.

C. Data load rules cannot be shared across locations.

D. A job must first run to import the data file before the user can run the data load rule.

E. Valid load types are Merge and Replace.

Correct Answer: D,E

Question 7

For your business process, you need to modify the results calculated by the Balance the Balance Sheet system rule.D18912E1457D5D1DDCBD40AB3BF70D5D Which is the proper method to modify the results of the default Balance the Balance Sheet calculation?

A. Edit the numbers using a web form or Smart View after consolidating.

B. Click Final Calculations on the Consolidation Process page and add a Configurable Calculation rule in Calculation Manager.

C. Click Configurable Consolidation on the Consolidation Process page and create a Configurable Consolidation rule-set.

D. Create an on-demand rule in Calculation Manager that you run after consolidation.

Correct Answer: C

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Question 8

In Financial Close Manager, when would you choose to define tasks in a Template rather than create a new Schedule each month?

A. when the tasks require multiple levels of approvers

B. when the tasks are repeatable over multiple close cycles

C. when the tasks require consistent definition across close schedules

D. when the tasks are often late in completion and they need to be monitored more closely

Correct Answer: B

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Oracle Financial Consolidation and Close 2020 Implementation Essentials - 1Z0-1081-20 Exam Practice Test

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