1z0-1081-23 Sample Questions Answers

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.

The statement that is false when you are cloning a Financial Consolidation and Close environment is: The most recent Artifact Snapshot created by daily maintenance is used for the snapshot. This statement is not true because when you clone a Financial Consolidation and Close environment, you can choose which Artifact Snapshot to use for the snapshot. You can select either the most recent Artifact Snapshot or a specific Artifact Snapshot that you have created or imported. The other statements are true when you are cloning a Financial Consolidation and Close environment. You must have both the Service Administrator and Identify Domain administrator roles to execute the clone, you can include Data Management artifacts in the clone, and you can include the inbox and outbox contents in the clone. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 86-87; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 11-7.

When mapping Data Management periods to Financial Consolidation and Close dimensions, you need to map them to Period, Year, and View dimensions. Data Management is a feature that allows you to load data from external sources into Financial Consolidation and Close using integrations, locations, mappings, etc. When mapping Data Management periods, you need to specify the Period (such as Jan, Feb, Mar, etc.), the Year (such as FY20, FY21, FY22, etc.), and the View (such as Periodic or YTD) for each source period. This ensures that the data is loaded into the correct target period in Financial Consolidation and Close. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 40-41; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 8-5.

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.

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.

Audit is enabled by default for all task categories in Financial Consolidation and Close. Audit is a feature that allows you to track the changes made to data, metadata, security, application settings, etc. in Financial Consolidation and Close. You can view the audit records in the Audit page or export them to a file. Audit is enabled by default for all task categories, such as Data, Journals, Metadata, Security, etc., but you can disable it for specific task categories if needed. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 85; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 11-5.

The member of the Consolidation dimension that represents the aggregated value before proportionalization and elimination is FCCS Entity Consolidation. This is the member that shows the data for each entity after currency translation but before applying ownership percentage, intercompany eliminations, or adjustments. It is also the member where input data for parent entities is stored. The other options are not members of the Consolidation dimension that represent the aggregated value before proportionalization and elimination. FCCS Entity Total is a member of the Account dimension, not the Consolidation dimension. It is used to aggregate data from all accounts in the application. FCCS Total Input And Adjusted is also a member of the Account dimension, not the Consolidation dimension. It is used to aggregate data from input accounts and adjustment accounts. FCCS Contribution is a member of the Consolidation dimension, but it represents the data for each entity after applying ownership percentage, not before. 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 5-8.

The statement that explains why, in the Consolidation dimension, the data for an entity in the FCCS_Entity Input member might be different from the data in the FCCS_Proportion member is: An ownership percentage for the entity other than 100 was entered. This means that the entity is not fully owned by its parent, and therefore its data is adjusted by the ownership percentage when it is consolidated. The FCCS_Entity Input member shows the data before consolidation, while the FCCS_Proportion member shows the data after applying the ownership percentage. The other options do not explain why the data might be different. A rate entered into the FCCS Rate Override account affects the currency translation, not the consolidation. The parent entity having a different currency than the child also affects the currency translation, not the consolidation. An intercompany elimination is performed after consolidation, not before, and it affects the FCCS_Eliminations member, not the FCCS_Proportion member. 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 5-9.

The statement that is true about Opening Balance Override rules is: You can select which accounts to include in the rule scope. Opening Balance Override rules are a type of business rules that allow you to override the opening balance values for selected accounts in selected entities. You can use these rules to adjust opening balances for specific scenarios or periods without affecting prior periods or other scenarios. You can select which accounts to include in the rule scope by using member selection or member formulas. The other statements are not true about Opening Balance Override rules. They are not available only if Intercompany Data with Tracking is enabled for the business process, they execute for any period in the year, not just the first one, and you cannot select which entities to include in the rule scope, only the parent entity. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 63-64; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 9-2.

The statement that is false about when Intercompany Data is enabled is: All parent members in the Account dimension must have a Solve Order value of 58. This statement is not true because the Solve Order value of 58 is only required for the parent members of the Movement dimension, not the Account dimension. The Solve Order value determines the order of calculation for members with formulas. The Movement dimension uses a Solve Order value of 58 to ensure that the movement calculations are performed after the account calculations. The other statements are true about when Intercompany Data is enabled. Tracking intercompany eliminations is optional, intercompany accounts are assigned plug accounts, intercompany entities must be children of the same parent for eliminations, and the Intercompany Entity attribute must be set to Yes to store intercompany data. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 18-19; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 2-10.

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.

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.

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. References: 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.

The users’ default access to members in the Account dimension when security is enabled but no member access rights are assigned is Read. This means that users can view data for any account member, but they cannot enter or modify data. Read is also the default access level for any dimension when security is enabled but no member access rights are assigned. The other options are not users’ default access to members in the Account dimension when security is enabled but no member access rights are assigned. None means that users cannot view or modify data for any account member, which would prevent them from using the application. Comment means that users can view and comment on data for any account member, but they cannot enter or modify data. Write means that users can view and modify data for any account member, which would give them full access to the application. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 17; Oracle Financial Consolidation and Close Cloud Service User’s Guide, page 2-9.

The three components that can be manually edited on the Manage Ownership page in a Financial Consolidation and Close business process with Ownership Management enabled are Consolidation Percentage, Ownership Percentage, and Consolidation Method. These components are part of the ownership details that define how an entity is consolidated with its parent entity. You can manually edit these components on the Manage Ownership page for each entity, scenario, year, and period. The other components, such as Control and Minority Interest Percentage, are not editable on the Manage Ownership page. They are either calculated automatically based on the ownership percentage or derived from the consolidation method. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 25-26; [Oracle Financial Consolidation and Close Cloud Service Administrator’s Guide], page 5-6.