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

Which statement is correct regarding intercompany eliminations?

• Intercompany eliminations are generally required to remove the effect of transactions within the company.
• Intercompany eliminations are required for sustainability reporting to show the company's waste output.
• Intercompany eliminations are optional in FCCS and use one of the custom dimensions when enabled.
• Intercompany eliminations are needed when a company divests itself of a division.

To have access to Dimension Management from directly within Financial Consolidation and Close (FCCS) which security rights are required?

• Metadata Administrator
• Metadata Supervisor
• System Administrator
• Power User Explanation/Reference: Service Administrators have Write access to all dimension members and to all forms.

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

• Security can be assigned at a prevent level.
• Security is mandatory for one dimension.
• The Identity Domain Administrator inherits full access privileges.
• All members are accessible for dimensions with no security applied.
• Security can be disabled for any dimension. Explanation Explanation/Reference:

Which statement accurately describes alternate hierarchies?

• Single entities having multiple parents
• Parent members having the same currency
• Contribution to parent members are similar
• Data must be entered multiple times for shared members

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

• loading data that is period-to-date or year-to-date
• drilling through from a web form or Smart View
• loading data from a fixed width or delimited text file
• writing back data to source systems
• loading a Metadata Import File Explanation/Reference:

When enabling Multi-GAAP during application creation, which additional option is available?

• Automatically calculate adjustment
• Allow adjustments for IFRS
• Track Multi-Source Data Input
• Include Supplemental Data

In the Movement dimension, for which two can you modify the default translation calculation?

• Base-level members under FCCS_Mvmts Subtotal
• Opening Balance
• Closing Balance
• Opening Balance Input Explanation Explanation/Reference:

Financial Consolidation and Close maintains calculation status for which four dimensions?

• Data Source
• Scenario
• Year
• Entity
• Consolidation
• Period Explanation Explanation/Reference: Oracle Financial Consolidation Close Cloud maintains the calculation status for each Scenario, Period, Entity and Parent entity combination. The calculation status indicates whether data needs to be translated or consolidated.

Three child entities -- P, Q, and R -- of a mid-level parent entity -- AceCo -- have account receivables in the amounts of 10, 20, and 30, respectively.Which statement contains conditions for all three entities that would cause the account receivable balance amount at AceCo not to be 60?

• P has the same currency as AceCo, Q is 100% owned, and R has 10 of the 30 as an intercompany receivable balance with another division that is not a descendant of AceCo.
• P has the same currency as AceCo, Q is 90% owned, and R has 10 of the 30 as an intercompany receivable balance with another division that is not a descendant of AceCo.
• P has a different currency than AceCo, Q is 40% owned, and R has 10 of the 30 as an intercompany receivable balance with Q.
• P has a different currency than AceCo, Q is 100% owned, and R has 10 of the 30 as an intercompany receivable balance with Q.

For which three levels can Profiles be set in Data Management?

• Category
• Source System
• System
• User
• Application