Oracle Financial Consolidation and Close 2021 Implementation Essentials

Question 1

A company is based in the United Kingdom and has an application currency set to GBP. The company collects data from a United States based subsidiary. The subsidiary's functional currency is USD.
Which two items facilitate the reporting ofthe subsidiary's Common Stock balance at an historical rate in the GBP reporting currency? (Choose two.)

A. Common Stock must have an Exchange Rate Type set to Historical Rate Override.

B. USD must be created as a reporting currency.

C. The subsidiary must have a parent entity with a GBP currency.

D. Common Stock must have a Data Storage property set to Never Share.

E. The subsidiary must have a balance not equal to zero in Common Stock.

Correct Answer: C,E

Question 2

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 3

What will Financial Consolidation and Close (FCCS) do when adding a new member that is an expense type account under a parent that is set as an income type account?

A. subtract amounts consolidated to the parent

B. you can't load data to this account

C. add amounts consolidated to the parent

D. this setting will not affect additions or subtractions to the next parent

Correct Answer: A

Question 4

If the Intercompany Property for an Entity is changed from marked to unmarked, which result occurs?

A. The alias of the associated Intercompany member must be manually changed.

B. The associated Intercompany member is automatically removed.

C. The associated Intercompany member must be manually removed.

D. The alias of the associated Intercompany member is automaticallyupdated.

Correct Answer: D

Question 5

When a Financial Consolidation and Close (FCCS) application was created, no intercompany options were enabled.
Which statement is true?

A. The ICP dimension will be omitted.

B. The FCCS_No Intercompany member of the ICP dimension will be used for all data.

C. An extra custom dimension will beavailable.

D. Data can be stored by intercompany partner but no eliminations will occur.

Correct Answer: A

Question 6

Which statement is FALSE when Intercompany Data is enabled?

A. In order for intercompany data to be eliminated, intercompany entities must be children of the same parent.

B. Tracking intercompany eliminations is optional.

C. The Intercompany Entity attribute for an Entity must be set to Yes to store intercompany data.

D. Intercompany accounts are assigned plug accounts.

Correct Answer: A

Question 7

Which statement is false regarding establishing security for Financial Consolidation and Close?

A. Security is mandatory for one dimension.

B. The Identity Domain Administrator inherits full access privileges.

C. Security can be assigned at a prevent level.

D. Security can be disabled for any dimension.

E. All members are accessiblefor dimensions with no security applied.

Correct Answer: E

Explanation: Only visible for Actualtests4sure members. You can sign-up / login (it's free).

Oracle Financial Consolidation and Close 2021 Implementation Essentials - 1Z0-1081-21 Exam Practice Test

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