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Oracle Financial Consolidation and Close 2024 Implementation Professional Sample Questions:

1. Which statement is FALSE about 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) Intercompany accounts are assigned plug accounts.
D) In order for intercompany data to be eliminated, intercompany entities must be children of the same parent.

2. You are required to create a form to allow users to input dat
a. Which three actions or form components selected should accomplish this?

A) Set the currency on the form to the reporting currency member USD_Reporting
B) Level 0 dimension members on POV, rows and columns
C) Give data input users WRITE access to form dimension members
D) Set access rights for data input users to the form

3. Which three scenarios result in foreign currency translation during the default consolidation process? (Choose three.)

A) A parent entity has the same default currency as its parent.
B) A base entity currency has a parent entity with a matching default currency.
C) A parent entity has a different currency from its parent.
D) A base entity currency has a parent entity with a different default currency.
E) A shared entity has a parent with a different currency.

4. What is the correct Currency dimension member to select when running an Intercompany Matching Report?

A) Reporting Currency
B) Entity Currency
C) Input Currency
D) Parent Currency

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

Solutions: