Oracle Financial Consolidation and Close 2024 Implementation Professional (1Z0-1081-24) Free Practice Test

Question 1

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 translation to the USD_Reporting currency member for Company IOU

B. A translation of Company IOU

C. A translation of Company XYZ to Parent Currency

D. A consolidation of Company XYZ

E. A consolidation of Company 123

Correct Answer: C

Question 2

Which three can be manually edited on the Manage Ownership page in a Financial Consolidation and Close business process with Ownership Management enabled? (Choose three.)

A. Minority Interest Percentage

B. Control

C. Ownership Percentage

D. Consolidation Method

E. Consolidation Percentage

Correct Answer: C,D,E

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

Question 3

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

A. Data Source

B. Period

C. Entity

D. Consolidation

E. Year

F. Scenario

Correct Answer: B,C,E,F

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

Question 4

How do you enable multiple currencies within a Financial Consolidation and Close (FCCS) application?

A. Enable a dimension for Currency after application creation via a Metadata load.

B. During application creation, select the Multicurrency option of "Yes".

C. Add a new label for a currency when creating a new Entity member in the Reporting Currency attribute field.

D. During application creation, select the Multicurrency option of "No" and insert additional currencies within the Currency dimension.

Correct Answer: A

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

Question 5

Which two are required fields when registering a source system in Data Management?

A. Cloud Type

B. Drill Through URL

C. Name

D. Source System Type

Correct Answer: B,C

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

Question 6

Which statement is FALSE about the Equity Pickup feature?

A. Seeded rule sets are provided for Equity Pickup.

B. Equity Pickup requires that Ownership Management with the Equity Pickup feature is enabled.

C. Equity Pickup rules run as part of the consolidation process

D. Equity Pickup rules are run on demand from the Rules card by users with launch permission.

Correct Answer: B

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

Question 7

Which three combinations of dimensions could be valid for a Financial Consolidation and Close (FCCS) application?

A. Value, Entity, Account

B. Data source, Consolidation, View

C. Period, Year, Entity

D. Multi-GAAP, Data Type, Intra-company

E. From Currency, Movement, Scenario

Correct Answer: C

Question 8

What is the primary function of enabling the Track Intercompany Elimination option during the application creation?

A. process will separate total elimination values by Data Source.

B. enables the Elimination member in the Consolidation dimension

C. enables the application to include Intercompany data.

D. enables the application to perform Intercompany eliminations

Correct Answer: A

Question 9

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. Read

B. None

C. Comment

D. Write

Correct Answer: A

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

Question 10

How do you navigate if you want to export a form to a Snapshot file?

A. From the Home page, select Tools, and then Clone Snapshot.

B. From the Navigator menu, select Forms.

C. Open the form, select Actions, and then Export.

D. From the Home page, select Tools, and then Migration.

Correct Answer: C

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

Welcome to TestSimulate

Oracle Financial Consolidation and Close 2024 Implementation Professional (1Z0-1081-24) Free Practice Test