FCCS COMPREHENSIVE EXAM ACTUAL QUESTIONS AND
ANSWERS SURE A+
✔✔Which two statements explain why data would not be the same for the Consolidation
dimension members FCCS_Entity Input and FCCS_Proportion for an entity? - ✔✔The
level zero descendants of the entity have data.
An ownership percentage other than 100 was entered.
✔✔Which statement correctly describes the Consolidation dimension? - ✔✔The
dimension uses a separate member for data from an entity's level zero descendants.
✔✔Three child entities - P, Q, and R - of a mid-level parent entity - AceCo - have
account receivables in the amounts of 10, 20, and 30, respectively. Which statement
contains conditions for all three entities that would cause the account receivable
balance amount at AceCo not to be 60? - ✔✔P has a different currency than AceCo, Q
is 40% owned, and R has 10 of the 30 as an intercompany receivable balance with Q.
✔✔Which statement correctly describes what happens to parent entities during
consolidation? - ✔✔From each child of the entity, data from the FCCS_Contribution
Consolidation dimension member is added together and stored in the FCCS_Entity
Consolidation member of the entity.
✔✔Why should years be consolidated sequentially; i.e., first 2018, then 2019, then
2020? - ✔✔Rollforward calculations are populated with correct results.
✔✔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? - ✔✔January and
February should be consolidated.
✔✔Which statement is correct regarding intercompany eliminations? - ✔✔Intercompany
eliminations are generally required to remove the effect of transactions within the
company.
✔✔PQR Company has the ownership structure as shown above. If H_1 lends money to
P_2, the intercompany elimination of H_1's receivable occurs as data from Hickory
consolidates into PQR. What is this principle called? - ✔✔First common parent
✔✔Which statement is correct regarding maintenance of the Intercompany dimension?
- ✔✔Deleting a member from the Entity dimension that is tagged as intercompany will
leave the member in the ICP dimension.
, ✔✔PQR Company has the ownership structure shown above. If P_2 lends money to
H_1, which point of view would show the credit balance that offsets P_2's debit
balance? - ✔✔Entity Paducah, Consolidation FCCS_Elimination, Intercompany
ICP_H_1
✔✔When a Financial Consolidation and Close (FCCS) application was created, the only
option selected related to intercompany was Intercompany Data. Which statement is
correct? - ✔✔Elimination entries will not be separated by data source.
✔✔When a Financial Consolidation and Close (FCCS) application was created, no
intercompany options were enabled. Which statement is true? - ✔✔The ICP dimension
will be omitted.
✔✔Which three scenarios result in foreign currency translation during the default
consolidation process? - ✔✔A parent entity has a different currency from its parent.
A shared entity has a parent with a different currency.
A base entity currency has a parent entity with a different default currency.
✔✔Which two are components of default currency translation? - ✔✔The periodic activity
of a revenue account is used to translate the balance at the Average Rate.
The periodic activity for an asset account is translated at the Average Rate.
✔✔A company is based in the United Kingdom and has an application currency set to
GBP. The company collects data from a United States based subsidiary. The
subsidiary's functional currency is USD. Which two items facilitate the reporting of the
subsidiary's Common Stock balance at an historical rate in the GBP reporting currency?
- ✔✔The subsidiary must have a balance not equal to zero in Common Stock.
Common Stock must have an Exchange Rate Type set to Historical Rate Override.
✔✔What is the Data Storage value for an account that must remain at a historical
exchange rate and not retranslate with current rates? - ✔✔Store
✔✔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? -
✔✔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.
ANSWERS SURE A+
✔✔Which two statements explain why data would not be the same for the Consolidation
dimension members FCCS_Entity Input and FCCS_Proportion for an entity? - ✔✔The
level zero descendants of the entity have data.
An ownership percentage other than 100 was entered.
✔✔Which statement correctly describes the Consolidation dimension? - ✔✔The
dimension uses a separate member for data from an entity's level zero descendants.
✔✔Three child entities - P, Q, and R - of a mid-level parent entity - AceCo - have
account receivables in the amounts of 10, 20, and 30, respectively. Which statement
contains conditions for all three entities that would cause the account receivable
balance amount at AceCo not to be 60? - ✔✔P has a different currency than AceCo, Q
is 40% owned, and R has 10 of the 30 as an intercompany receivable balance with Q.
✔✔Which statement correctly describes what happens to parent entities during
consolidation? - ✔✔From each child of the entity, data from the FCCS_Contribution
Consolidation dimension member is added together and stored in the FCCS_Entity
Consolidation member of the entity.
✔✔Why should years be consolidated sequentially; i.e., first 2018, then 2019, then
2020? - ✔✔Rollforward calculations are populated with correct results.
✔✔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? - ✔✔January and
February should be consolidated.
✔✔Which statement is correct regarding intercompany eliminations? - ✔✔Intercompany
eliminations are generally required to remove the effect of transactions within the
company.
✔✔PQR Company has the ownership structure as shown above. If H_1 lends money to
P_2, the intercompany elimination of H_1's receivable occurs as data from Hickory
consolidates into PQR. What is this principle called? - ✔✔First common parent
✔✔Which statement is correct regarding maintenance of the Intercompany dimension?
- ✔✔Deleting a member from the Entity dimension that is tagged as intercompany will
leave the member in the ICP dimension.
, ✔✔PQR Company has the ownership structure shown above. If P_2 lends money to
H_1, which point of view would show the credit balance that offsets P_2's debit
balance? - ✔✔Entity Paducah, Consolidation FCCS_Elimination, Intercompany
ICP_H_1
✔✔When a Financial Consolidation and Close (FCCS) application was created, the only
option selected related to intercompany was Intercompany Data. Which statement is
correct? - ✔✔Elimination entries will not be separated by data source.
✔✔When a Financial Consolidation and Close (FCCS) application was created, no
intercompany options were enabled. Which statement is true? - ✔✔The ICP dimension
will be omitted.
✔✔Which three scenarios result in foreign currency translation during the default
consolidation process? - ✔✔A parent entity has a different currency from its parent.
A shared entity has a parent with a different currency.
A base entity currency has a parent entity with a different default currency.
✔✔Which two are components of default currency translation? - ✔✔The periodic activity
of a revenue account is used to translate the balance at the Average Rate.
The periodic activity for an asset account is translated at the Average Rate.
✔✔A company is based in the United Kingdom and has an application currency set to
GBP. The company collects data from a United States based subsidiary. The
subsidiary's functional currency is USD. Which two items facilitate the reporting of the
subsidiary's Common Stock balance at an historical rate in the GBP reporting currency?
- ✔✔The subsidiary must have a balance not equal to zero in Common Stock.
Common Stock must have an Exchange Rate Type set to Historical Rate Override.
✔✔What is the Data Storage value for an account that must remain at a historical
exchange rate and not retranslate with current rates? - ✔✔Store
✔✔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? -
✔✔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.
