Free Oracle Cloud 1z0-1081-23 Ultimate Study Guide (Updated 60 Questions)
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NEW QUESTION # 19
Which two rate account options are available when configuring default translation methods for Flow and Balance accounts? (Choose two.)
- A. FX Rates - Ending
- B. FX Rates - None
- C. FX Rates - Opening
- D. FX Rates - Average
- E. FX Rates - Historical
Answer: A,D
Explanation:
Explanation
When configuring default translation methods for Flow and Balance accounts, two rate account options are available: FX Rates - Average and FX Rates - Ending. These rate account options determine which exchange rate is used to translate data from local currency to reporting currency. FX Rates - Average uses the average exchange rate for the period, which is suitable for flow accounts that capture movements within the period. FX Rates - Ending uses the ending exchange rate for the period, which is suitable for balance accounts that represent a point in time. The other rate account options, such as FX Rates - Historical, FX Rates - Opening, and FX Rates - None, are not available when configuring default translation methods for Flow and Balance accounts. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 48; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 5-2.
NEW QUESTION # 20
Which two rate accounts are available in the seeded exchange rate forms? (Choose two.)
- A. Local Rate
- B. Average Rate
- C. Ending Rate
- D. Opening Rate
Answer: B,C
Explanation:
Explanation
The seeded exchange rate forms display two rate accounts: Average Rate and Ending Rate. These rate accounts show the exchange rates used for translating data from local currency to reporting currency. The Average Rate account shows the average exchange rate for the period, which is used for translating flow accounts. The Ending Rate account shows the ending exchange rate for the period, which is used for translating balance accounts. The other rate accounts, such as Local Rate, Opening Rate, and Historical Rate, are not available in the seeded exchange rate forms. References: Oracle Financial Consolidation and Close
2023 Implementation Essentials Study Guide, page 49-50; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 5-4.
NEW QUESTION # 21
When using the Copy Data feature to copy data, for which two dimensions is member selection NOT available? (Choose two.)
- A. Account
- B. Consolidation
- C. Movement
- D. View
Answer: B,D
Explanation:
Explanation
When using the Copy Data feature to copy data from one scenario, year, or period to another, member selection is not available for the Consolidation and View dimensions. These dimensions are automatically set to Entity Input and Periodic, respectively. Member selection is available for other dimensions, such as Movement, Account, etc., depending on the application settings and security access. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 55; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 7-13.
NEW QUESTION # 22
When you set the Intercompany Account attribute for an account to Yes, which additional attribute must also be set in order for the account to be included in the elimination process?
- A. Is Plug Account
- B. Intercompany Entity
- C. Intercompany Account
- D. Plug Account
Answer: D
Explanation:
Explanation
https://docs.oracle.com/en/cloud/saas/financial-consolidation-cloud/agfcc/EPM-INFORMATION-DEVELOPME
NEW QUESTION # 23
Which customization can you perform on the Navigation Flows page?
- A. Select a data form to display at start up based on user group.
- B. Select a color scheme.
- C. Add or Hide cards.
- D. Set a default POV by user group.
Answer: C
Explanation:
Explanation
The customization that you can perform on the Navigation Flows page is to add or hide cards. Cards are the icons that link to different features or functions of the application. You can customize which cards are visible or hidden for each user group by using the Navigation Flows page. The other options are not customizations that you can perform on the Navigation Flows page. You cannot set a default POV by user group, select a color scheme, or select a data form to display at start up based on user group from this page. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 19; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 2-5.
NEW QUESTION # 24
Which statement correctly describes the Consolidation dimension?
- A. The dimension allows users to see input versus journal adjustment data.
- B. The dimension contains members to store non-controlling interest and joint venture data.
- C. The dimension allows users to view data in the parent currency.
- D. The dimension uses a separate member for data from an entity's level-zero descendants.
Answer: D
Explanation:
Explanation
The Consolidation dimension is used to store data at different levels of consolidation, such as Entity Input, Entity Currency, Parent Currency, etc. The dimension uses a separate member for data from an entity's level-zero descendants, which is called the Contribution member. This member shows the data from the children entities before any adjustments or eliminations are applied. The other statements are not correct descriptions of the Consolidation dimension. The dimension does not allow users to view data in the parent currency (this is done by the Currency dimension), to see input versus journal adjustment data (this is done by the Data Source dimension), or to store non-controlling interest and joint venture data (this is done by the Ownership dimension). References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 15-16; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 2-8.
NEW QUESTION # 25
Where do you set the Intercompany Entities Aggregation option?
- A. On the Properties page of the Intercompany dimension
- B. In the member properties of the Intercompany Top member
- C. In the member properties of the Intercompany Entities member
- D. In the Setup Wizard during business process creation
Answer: C
Explanation:
Explanation
The place where you set the Intercompany Entities Aggregation option is in the member properties of the Intercompany Entities member. This is a system member in the Entity dimension that represents all entities that have intercompany data. You can set its aggregation option to either Dynamic Calc or Store, depending on whether you want to calculate or store its values. The other options are not places where you set the Intercompany Entities Aggregation option. In the member properties of the Intercompany Top member, you can set other options related to intercompany data, such as Intercompany Partner, Intercompany Elimination Entity, and Intercompany Elimination Method, but not Intercompany Entities Aggregation. On the Properties page of the Intercompany dimension, you can set options related to intercompany matching reports, such as Report Currency and Report Precision, but not Intercompany Entities Aggregation. In the Setup Wizard during business process creation, you can enable or disable intercompany data for your business process, but not set Intercompany Entities Aggregation. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 35; Oracle Financial Consolidation and Close Cloud Service User's Guide, page 5-11.
NEW QUESTION # 26
Which two statements are true about shared members in Valid Intersection rules? (Choose two.)
- A. Selecting a shared member for a rule does not include its primary instance.
- B. If the primary instance of the member is selected for a rule, all shared members for the instances are included.
- C. Selecting the primary instance of a member does not include shared members.
- D. If a shared member is selected for a rule, the primary instance of the member is selected as well.
Answer: A,B
Explanation:
Explanation
The following statements are true about shared members in Valid Intersection rules:
If the primary instance of the member is selected for a rule, all shared members for the instances are included. This means that data can be entered or calculated for any shared member of the primary member.
Selecting a shared member for a rule does not include its primary instance. This means that data can be entered or calculated only for the specific shared member, not for the primary member or other shared members. The other statements are not true about shared members in Valid Intersection rules. If a shared member is selected for a rule, the primary instance of the member is not selected as well. Selecting the primary instance of a member does include shared members. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 69; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 9-6.
NEW QUESTION # 27
Which two conditions are required for foreign currency translation to take place during the default consolidation process? (Choose two.)
- A. To specify exchange rates you must set up multiple currencies when creating an application.
- B. Reporting currencies have been defined in the Currency dimension.
- C. The default currency of the child is different from the default currency of the parent.
- D. The child entity is NOT a shared entity.
Answer: B,C
Explanation:
Explanation
The two conditions that are required for foreign currency translation to take place during the default consolidation process are:
The default currency of the child is different from the default currency of the parent.
Reporting currencies have been defined in the Currency dimension.
These conditions ensure that there is a need and a way to translate the child entity's data into another currency.
If the child entity has the same default currency as the parent, there is no need for translation. If reporting currencies have not been defined in the Currency dimension, there is no way to specify exchange rates or translation methods. The other options are not required for foreign currency translation. The child entity can be a shared entity, as long as it has a different default currency than its parent. To specify exchange rates, you do not need to set up multiple currencies when creating an application; you can do it later in Data Management.
References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 31; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 5-16.
NEW QUESTION # 28
Which two statements about the Copy Data function are true? (Choose two.)
- A. You cannot select which Account members to copy.
- B. You can select which Consolidation dimension member to copy.
- C. You can copy data for historical rate and amount overrides.
- D. When you select the Regular Data option, journals data is included.
Answer: B,C
Explanation:
Explanation
The two statements about the Copy Data function that are true are:
You can select which Consolidation dimension member to copy. You can choose to copy data from any member of the Consolidation dimension, such as FCCS_Entity Input, FCCS_Proportion, or FCCS_Eliminations.
You can copy data for historical rate and amount overrides. You can select to copy data from or to the FCCS Historical Rate Override or FCCS Historical Amount Override accounts.
The other statements are false. When you select the Regular Data option, journals data is not included; you need to select the Journals option to copy journals data. You can select which Account members to copy; you can choose to copy all accounts or specific accounts. : [Oracle Financial Consolidation and Close
2023 Implementation Essentials Exam Study Guide], page 27; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 4-16.
NEW QUESTION # 29
In the approval process, which four dimensions constitute an approval unit? (Choose four.)
- A. Data Source (Entity)
- B. Period
- C. Account
- D. Scenario
- E. Year
Answer: A,B,D,E
Explanation:
Explanation
In the approval process, the four dimensions that constitute an approval unit are:
Year: This is the fiscal year for which the data is submitted.
Scenario: This is the type of data that is submitted, such as Actual, Budget, or Forecast.
Period: This is the time period within the fiscal year for which the data is submitted, such as Month, Quarter, or Year.
Data Source (Entity): This is the combination of Data Source and Entity dimensions that identifies the source and destination of the data.
The other options are not dimensions that constitute an approval unit. Account is not a dimension that is used in the approval process, as it represents all accounts in the application. Data Source (Entity) already includes Data Source as a sub-dimension, so it does not need to be specified separately. References: [Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide], page 15; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 2-13.
NEW QUESTION # 30
You need a report that displays all adjustments to account balances of child entities for a parent, including journal adjustments, intercompany eliminations, and adjustments from consolidation rules.
Which type of report can you run to accomplish this?
- A. Intercompany
- B. Consolidation
- C. Financial
- D. Journal
Answer: B
Explanation:
Explanation
The type of report that you can run to display all adjustments to account balances of child entities for a parent, including journal adjustments, intercompany eliminations, and adjustments from consolidation rules, is a Consolidation report. This report shows the details of how consolidated data is calculated for each account in each entity. You can view the source data, adjustments, eliminations, ownership percentage, currency translation, rounding differences, and consolidated data for each account. The other types of reports do not show all adjustments. A Journal report shows only journal adjustments, a Financial report shows only consolidated data without details, and an Intercompany report shows only intercompany eliminations. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 35; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 7-8.
NEW QUESTION # 31
Which two statements are true about the Multi-GAAP feature? (Choose two.)
- A. You must specify a prefix for entities that use the alternate gap standard.
- B. Enabling Multi-GAAP reduces the number of custom dimensions you can have.
- C. Select this option if you need to report your financial statements only in IFRS.
- D. When you enable the Multi-GAAP feature, you can select manual adjustments or calculated adjustments.
Answer: B,D
Explanation:
Explanation
The two statements that are true about the Multi-GAAP feature are:
When you enable the Multi-GAAP feature, you can select manual adjustments or calculated adjustments. Manual adjustments allow you to enter or load data for different GAAPs separately, while calculated adjustments allow you to define formulas or rules to derive data for different GAAPs from a primary GAAP.
Enabling Multi-GAAP reduces the number of custom dimensions you can have. Multi-GAAP uses one custom dimension slot, so you will have one less custom dimension available for other purposes.
The other statements are false about the Multi-GAAP feature. You do not need to select this option if you need to report your financial statements only in IFRS; you can use IFRS as your primary GAAP without enabling Multi-GAAP. You do not need to specify a prefix for entities that use the alternate GAAP standard; you can use any member name for your alternate GAAP entity. : Oracle Financial Consolidation and Close
2023 Implementation Essentials Exam Study Guide, page 37; Oracle Financial Consolidation and Close Cloud Service User's Guide, page 3-10.
NEW QUESTION # 32
For which four dimensions does Financial Consolidation and Close maintain calculation status? (Choose four.)
- A. Period
- B. Data Source
- C. Consolidation
- D. Entity
- E. Scenario
- F. Year
Answer: A,D,E,F
Explanation:
Explanation
Financial Consolidation and Close maintains calculation status for four dimensions: Entity, Period, Scenario, and Year. These dimensions are used to define an approval unit, which is a unit of work that can be calculated, consolidated, translated, and approved. The calculation status indicates the progress of the approval unit through the consolidation process. The other dimensions, such as Data Source, Consolidation, and View, do not have calculation status. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 23-24; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 6-1.
NEW QUESTION # 33
Which statement is true of journals created from Recurring templates?
- A. The line items in journals created from Recurring templates are read only.
- B. The initial status of journals created from Recurring templates is Posted.
- C. Journals for recurring templates are created automatically when you open a period for journals.
- D. The initial status of journals created from Recurring templates is Approved.
Answer: C
Explanation:
Explanation
Journals for recurring templates are created automatically when you open a period for journals. Recurring templates are used to create journals that repeat in multiple periods with the same or different amounts. You can specify the frequency, start period, end period, and amount type for recurring templates. The initial status of journals created from recurring templates is Unposted, not Approved or Posted. The line items in journals created from recurring templates are editable, not read only. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 75-76; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 10-7.
NEW QUESTION # 34
The company PQR has an ownership structure as shown below.
H_1 has an intercompany transaction with P_2. For which entity or entities does consolidation need to be run in order for the transaction to be eliminated?
- A. PQR
- B. Hickory and Paducah
- C. No elimination is performed, because H 1 and P 1 do not have the same parent.
- D. H 1 and P 2
Answer: B
Explanation:
Explanation
For H_1 to have an intercompany transaction with P_2, consolidation needs to be run for Hickory and Paducah entities in order for the transaction to be eliminated. Intercompany transactions are transactions between entities that belong to the same group or consolidation hierarchy. Intercompany transactions need to be eliminated during consolidation to avoid double-counting of revenues, expenses, assets, liabilities, etc.
Intercompany transactions are eliminated at the common parent entity level of the intercompany entities. For example, if H_1 has an intercompany transaction with P_2, the transaction will be eliminated at Hickory level (the parent of H_1) and Paducah level (the parent of P_2). The other options are not correct. PQR is not the common parent entity of H_1 and P_2, so consolidation does not need to be run for PQR to eliminate the transaction. H_1 and P_2 are not parent entities, so consolidation does not need to be run for them either.
Intercompany transactions can be eliminated even if intercompany entities do not have the same parent, as long as they share a common ancestor entity. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 19; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 2-11.
NEW QUESTION # 35
Which two are insertable report objects when designing a report in Financial Reporting Studio? (Choose two.)
- A. Grid
- B. Chart
- C. Header
- D. Footer
Answer: A,B
Explanation:
Explanation
Grid and Chart are two types of insertable report objects when designing a report in Financial Reporting Studio. Financial Reporting Studio is a tool that allows you to create reports based on the data in Financial Consolidation and Close using various report objects, such as grids, charts, text boxes, images, etc. A Grid report object displays data in rows and columns with optional calculations and formatting. A Chart report object displays data in graphical form with different chart types, such as bar, pie, line, etc. The other options, such as Header and Footer, are not insertable report objects but report sections that can contain report objects. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 51-52; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 4-2.
NEW QUESTION # 36
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