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Oracle Financial Consolidation and Close 2023 Implementation Professional Sample Questions:

1. Which two statements are true about the Multi-GAAP feature? (Choose two.)

A) You must specify a prefix for entities that use the alternate gap standard.
B) Enabling Multi-GAAP reduces the number of custom dimensions you can have.
C) When you enable the Multi-GAAP feature, you can select manual adjustments or calculated adjustments.
D) Select this option if you need to report your financial statements only in IFRS.

2. The company PQR has an ownership structure as shown below.

H_1 has an intercompany transaction with P_2. For which entity or entities does consolidation need to be run in order for the transaction to be eliminated?

A) H 1 and P 2
B) PQR
C) Hickory and Paducah
D) No elimination is performed, because H 1 and P 1 do not have the same parent.

3. 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) Intercompany
B) Consolidation
C) Financial
D) Journal

4. Which statement is FALSE about running consolidations?

A) Running consolidation using the Force Consolidate option consolidates entities with any calculation status other than OK or NO DATA.
B) When you consolidate an entity for a period, prior periods with the Impacted calculation status are also consolidated.
C) When you consolidate a parent, children with the Impacted calculation status are also consolidated.
D) When you run consolidation for a child with the Impacted calculation status, the parent entity is also re-consolidated.

5. Which statement is FALSE about the Equity Pickup feature?

A) Equity Pickup rules are run on demand from the Rules card by users with launch permission.
B) Equity Pickup rules run as part of the consolidation process
C) Seeded rule sets are provided for Equity Pickup.
D) Equity Pickup requires that Ownership Management with the Equity Pickup feature is enabled.

Solutions: