FCCS Practice Exam Q&A 2023

1. In Financial Close Manager, when would you choose to define tasks in a Template rather than create a new Schedule each month? A. when the tasks are repeatable over multiple close cycles B. when the tasks require consistent definition across close schedules C. when the tasks are often late in completion and they need to be monitored more closely D. when the tasks require multiple levels of approvers - Correct answer-A. when the tasks are repeatable over multiple close cycles 2. Which two data extract export file types are available within Financial Consolidation and Close (FCCS)? (Choose two.) A. DAT file type B. Excel XLS file type C. Comma delimited D. Tab delimited - Correct answer-C. Comma delimited D. Tab delimited 3. When creating a member mapping for account Sales in Data Management, the following script is entered. UD5 refers to a Product custom dimension: WHEN UD5 LIKE 'CAR_%' THEN 'AUTO_SALES' ELSE 'SALES' Which statement is True? A. The script can be eliminated by using a multi-dim map on the Product dimension that also looks for the account Sales. B. The script will work if the script is referenced in the In mapping type with #SQL as the target. C. The script will not work since Data Management does not support scripting. D. The script will not work since the UD5 member referenced does not start with FCCS_ E. The script will work if the script is referenced in the Explicit mapping type with #SQL as the target. - Correct answer-A. The script can be eliminated by using a multi-dim map on the Product dimension that also looks for the account Sales. 4. 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. There is no way to do a prior period entry like this. B. January and February should be consolidated. C. February should be consolidated, after which the cash at AceCo is now 65. D. January should be consolidated for the change and nothing needs to happen for February. - Correct answer-B. January and February should be consolidated. 5. Which statement correctly describes the Consolidation dimension? A. The dimension contains members to store non-controlling interest and joint venture data. B. The dimension uses a separate member to store data from an entity's descendants. C. The dimension allows users to see input versus journal adjustment data. D. The dimension aggregates input, consolidated, and elimination data together. - Correct answer-D. The dimension aggregates input, consolidated, and elimination data together. 6. Which statement is true regarding Data Management categories? A. Categories are defined on the Global Mapping tab and then the frequency is specified on the Application Mapping tab B. Categories must begin with FCCS_ to match their Financial Consolidation and Close counterparts. C. Application mapping is not required if the global mapping target category is exactly correct. D. The category's time frequency allows data to be loaded to daily, weekly, and monthly scenarios. - Correct answer-C. Application mapping is not required if the global mapping target category is exactly correct. 7. A client company has expanded quickly in the past year and has recognized the need to move their financial team off spreadsheets and to a more verifiable and automated solution. Which two requirements from this team would Oracle's Financial Consolidation and Close Cloud Service satisfy? (Choose two.) A. robust consolidation engine that provides automated aggregations, intercompany eliminations and translations without requiring a strong IT footprint B. dashboard reporting with daily revenue comparisons and KPI's that measure cost controls C. leverage compliance efforts to fix process issues across all businesses and provide oversight for risk awareness D. a configurable reporting solution with prebuild dimensions, KPIs, reports along with a process to adjust data, monitor the close status and view data and compliance results in dashboards E. provide the ability to collaborate during close and analyse transaction detail in real time - Correct answer-A. robust consolidation engine that provides automated aggregations, intercompany eliminations and translations without requiring a strong IT footprint D. a configurable reporting solution with prebuild dimensions, KPIs, reports along with a process to adjust data, monitor the close status and view data and compliance results in dashboards 8. How is drill-back enabled to Supplemental Data Manager (SDM) from the Supplemental Data member within the Multi-source dimension? A. Drill-back to SDM is not an available feature. B. Drill-back is available from any Multi-source dimension member by default, know the source of the origination data load. C. By selecting Track Multi-source Data Input option for Supplemental Data during the application creation process. D. By selecting Track Multi-source Data Input option for Other Data during the application creation process. - Correct answer-B. Drill-back is available from any Multisource dimension member by default, know the source of the origination data load. 9. When you set the Intercompany Account Attribute Value to Yes, which additional attribute must also be set? A. Plug Account B. Intercompany Account C. Is Plug Account D. Intercompany Entity - Correct answer-A. Plug Account 10. A company has two subsidiaries with 1000 EURO each in the Cash account. Which four Consolidation Members will reflect 2000 EURO at the company's balance? (Choose four.) A. FCCS_Elimination B. FCCS_Proportion C. FCCS_Entity Input D. FCCS_Entity Consolidation E. FCCS_Entity Total F. FCCS_Contribution - Correct answer-B. FCCS_Proportion D. FCCS_Entity Consolidation E. FCCS_Entity Total F. FCCS_Contribution 11. 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. - Correct answer-D. The ICP dimension will be omitted. 12. Changes in the balance of Accounts Payable are captured on a company's Cash Flow Report. Which two dimension members must be built into the row of the company's Cash Flow to report the impact of Accounts Payable? (Choose two.) A. FCCS_Accounts Payable account member B. FCCS_CashFlow_Operating movement member C. FCCS_CashFlow_Accounts Payable account member D. FCCS_Total Balance Sheet - Cash and NonCash account member E. FCCS_CashChange movement member - Correct answer-C. FCCS_CashFlow_Accounts Payable account member D. FCCS_Total Balance Sheet - Cash and NonCash account member 13. When defining a batch in Data Management, which statement is True? A. Each data load rule must specify the period or the batch will default to the POV period. B. Batches can import from source or export to target, but not both. C. Batches can execute data loads for multiple locations. D. A batch replaces the need for data load rules. E. A batch can load to multiple plan types. - Correct answer-E. A batch can load to multiple plan types. 14. Which is NOT a member of the Data Source Dimension created by Financial Consolidation and Close (FCCS)? A. FCCS_No Data Source B. FCCS_Data Input C. FCCS_SystemTypes D. FCCS_Proportion - Correct answer-D. FCCS_Proportion 15. What information is included in the data extract export file delimited format? A. the ID of the user performing the extract B. the domain and application name C. the data load cube name D. the application name - Correct answer-D. the application name 16. What is the primary function of enabling the Track Intercompany Elimination option during the application creation? A. enables the Elimination member in the Consolidation dimension B. process will separate total elimination values by Data Source. C. enables the application to include Intercompany data. D. enables the application to perform Intercompany eliminations - Correct answer-B. process will separate total elimination values by Data Source. 17. By default, security access is set to "None" for which three dimensions? (Choose three.) A. Movement B. Data Source C. Account D. Entity E. Year - Correct answer-B. Data Source C. Account D. Entity 18. In which two instances will the FCCS_Mvmts_FX_to_CTA movement member populate in a translated currency? A. Movement of FX impact for historical rate accounts to the FCCS_CTA account B. A variance in the Average rate and the Ending rate C. The current FCCS_CTA account balance does not change from the prior period D. The account is FCCS_Net Income - Correct answer-A. Movement of FX impact for historical rate D. The account is FCCS_Net Income 19. Which components are pre-built into Financial Consolidation and Close Cloud Service to provide a configurable and scalable consolidation solution? A. pre-built integration to combine narrative and data to produce both internal and external reporting packages B. calculations, dashboards and reports to provide analysis for cash flow modeling C. calculations, dashboards and reports as well as derailed data source tracking and an automated cash flow D. calculations, dashboards and reports built on planning frameworks to provide cash flow planning - Correct answer-A. pre-built integration to combine narrative and data to produce both internal and external reporting packages OR C. calculations, dashboards and reports as well as derailed data source tracking and an automated cash flow 20. Which item describes the use for the Currency dimension property Triangulation Currency? A. The ability to force translations B. The ability to report in multiple currencies C. The ability to calculate foreign exchange rates D. The ability to calculate CTA (Cumulative Translation Adjustment) E. The ability to input foreign exchange rates - Correct answer-C. The ability to calculate foreign exchange rates 21. Financial Consolidation and Close Cloud Service (FCCS) provides a consolidation path through which dimension combination? A. Consolidation, Currency, Account B. Currency, Account, Movement C. Entity, Consolidation, Currency D. Entity, Currency, Account - Correct answer-C. Entity, Consolidation, Currency 22. Which statement is false regarding establishing security for Financial Consolidation and Close (FCCS)? A. All members are accessible for dimensions with no security applied. B. The Identity Domain Administrator inherits full access privileges. C. Security is mandatory for one dimension. D. Security can be assigned at a parent level. E. Security can be disabled for any dimension. - Correct answer-B. The Identity Domain Administrator inherits full access privileges. 23. Which statement is correct regarding intercompany eliminations? A. Intercompany eliminations are generally required to remove the effect of transactions within the company. B. Intercompany eliminations are required for sustainability reporting to show the company's waste output. C. Intercompany eliminations are optional in FCCS and use one of the custom dimensions when enabled. D. Intercompany eliminations are needed when a company divests itself of a division. - Correct answer-A. Intercompany eliminations are generally required to remove the effect of transactions within the company. 24. What is the Data Storage value for an account that must remain at a historical exchange rate and not retranslate with current rates? A. Store B. Never Share C. No Rate D. Dynamic Calc and Store E. Dynamic - Correct answer-A. Store