Oracle 1Z0-1081-24 Online Practice Questions and Exam Preparation

Oracle 1Z0-1081-24 Online Questions & Answers

• Question 1:

  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. Consolidation Report
  B. Journal Report
  C. Intercompany Report
  D. Financial Report
  A. Consolidation Report

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financial-consolidation- cloud/agfcc/consolidation_report.html

• Question 2:

  Which three fields must be defined when registering a file-based source system in Data Management? (Choose three.)

  A. Source Type
  B. Drill URL
  C. Cloud Type
  D. Description
  E. Name
  A. Source Type
  D. Description
  E. Name

• Question 3:

  Which four statements are true about the members in the FCCS_Cash Flow hierarchy in the Movement dimension? (Choose four.)

  A. The Cash Change hierarchy cannot be modified.
  B. All primary Movement members under the FCCS_Mvmts_Subtotal member must be included in the FCCS_CashFlow hierarchy.
  C. The seeded member FCCS_Mvmts_AccountsPayable found within the FCCS_CashFlow hierarchy has a Subtraction operator.
  D. Input level members under the FCCS_Mvmts_Subtotal are Shared members in the FCCS_CashFlow hierarchy.
  E. Standard cash accounts are members of the FCCS_CashFlow_Operating hierarchy.
  F. Siblings can be added to the FCCS_CashFlow_Investing member.
  C. The seeded member FCCS_Mvmts_AccountsPayable found within the FCCS_CashFlow hierarchy has a Subtraction operator.
  D. Input level members under the FCCS_Mvmts_Subtotal are Shared members in the FCCS_CashFlow hierarchy.
  E. Standard cash accounts are members of the FCCS_CashFlow_Operating hierarchy.
  F. Siblings can be added to the FCCS_CashFlow_Investing member.

• Question 4:

  To show the Intercompany account and matching account balances on the Intercompany Matching Report, you make which selection?

  A. Intercompany Accounts
  B. Intercompany Partners
  C. Intercompany Plug Accounts
  D. Elimination Consolidation Dimension member
  B. Intercompany Partners

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  Explanation/Reference:

  Intercompany Partner (ICP) Matching reports list the intercompany transactions that are eliminated during consolidation. Intercompany transactions are managed across the Intercompany Partner dimension. Reference: https://docs.oracle.com/cd/E57185_01/HFMAG/ch09s02.html

• Question 5:

  When a Financial Consolidation and Close (FCCS) application was created, no intercompany options were enabled. Which statement is true?

  A. The FCCS_No Intercompany member of the ICP dimension will be used for all data.
  B. Data can be stored by intercompany partner but no eliminations will occur.
  C. An extra custom dimension will be available.
  D. The ICP dimension will be omitted.
  D. The ICP dimension will be omitted.

• Question 6:

  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.
  B. A journal entry to reverse the adjusted Common Stock balance with 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.

• Question 7:

  Which statement is FALSE when Intercompany Data is enabled?

  A. The Intercompany Entity attribute for an Entity must be set to Yes to store intercompany data.
  B. Tracking intercompany eliminations is optional.
  C. In order for intercompany data to be eliminated, intercompany entities must be children of the same parent.
  D. Intercompany accounts are assigned plug accounts.
  C. In order for intercompany data to be eliminated, intercompany entities must be children of the same parent.

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  Explanation/Reference:

  Elimination data applies to all children, including children with a different Domicile than the Parent, a blended rate is entered at the Parent Entity's domicile. If you want to disable the elimination global rules, do not enter rates at the Parent entity. Reference: https://docs.oracle.com/en/cloud/saas/tax-reporting-cloud/agtrc/ admin_tax_automation_intercompany_eliminations_100x084ae29f.html

• Question 8:

  What member of the Consolidation dimension aggregates the Proportion member and the Elimination members?

  A. FCCS_Entity Total
  B. FCCS_Parent Currency
  C. FCCS_Contribution
  D. FCCS_Entity Consolidation
  C. FCCS_Contribution

• Question 9:

  What will Financial Consolidation and Close do when aggregating data for a member that is set as an expense type account to a parent that is set as an income type account?

  A. This setting does not affect aggregation to the parent.
  B. You cannot load data to this account.
  C. Add amounts aggregated to the parent.
  D. Subtract amounts aggregated to the parent.
  C. Add amounts aggregated to the parent.

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  Explanation/Reference:

  Reference: https://docs.oracle.com/en/cloud/saas/financial-consolidation-cloud/agfcc/ aggregation_consolidation_operator.html

• Question 10:

  Which statement is true of the default FCCS_ members within an application?

  A. You can change the default FCCS_ member prefix at application creation.
  B. You can change the Alias.
  C. You can change the Data Storage property.
  D. You can change the Name.
  A. You can change the default FCCS_ member prefix at application creation.
  B. You can change the Alias.
  C. You can change the Data Storage property.
  D. You can change the Name.