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Oracle Financial Consolidation and Close 2024 Implementation Professional Sample Questions:

1. P, Q, and R are children of a mid-level parent entity, AceCo. In February each entity has cash in the amounts of 10, 20, and 30, respectively, and AceCo has been consolidated and has cash of 60. A prior period adjustment to Q adjusts cash with a debit of 5.
Which statement regarding consolidation is correct?

A) January and February should be consolidated.
B) January should be consolidated for the change and nothing needs to happen for February.
C) February should be consolidated, after which the cash at AceCo is now 65.
D) There is no way to do a prior period entry like this.

2. 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 of Company IOU
B) A translation of Company XYZ to Parent Currency
C) A translation to the USD_Reporting currency member for Company IOU
D) A consolidation of Company XYZ
E) A consolidation of Company 123

3. 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) Comment
B) Read
C) None
D) Write

4. 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) 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.
B) A journal entry to reverse the adjusted Common Stock balance with the Data Source member FCCS_Journal Input.
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.

5. In the approval process, which four dimensions constitute an approval unit? (Choose four.)

A) Scenario
B) Account
C) Period
D) Data Source (Entity)
E) Year

Solutions: