FCCS Cert Questions and Answers 100% Verified

FCCS Cert Questions and Answers 100% Verified Financial Consolidation and Close Cloud Service (FCCS) provides a consolidation path through which dimension combination? ✔✔Consolidation, Currency, Account Which three k ...

FCCS Cert Questions and Answers 100% Verified Financial Consolidation and Close Cloud Service (FCCS) provides a consolidation path through which dimension combination? ✔✔Consolidation, Currency, Account Which three key requirements does the Financial Consolidation and Close Cloud Service (FCCS) deliver to ensure a modern consolidation and close solution? ✔✔Ensure security of sensitive data. Integrate with source systems. Provide a strong compliance framework that includes auditing and segregation of duties. 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? ✔✔robust consolidation engine that provides automated aggregations, intercompany eliminations and translations without requiring a strong IT footprint a configurable reporting solution with prebuilt dimensions, KPIs, reports along with a process to adjust data, monitor the close status and view data and compliance results in dashboards Which solution is delivered by the Financial Consolidation and Close Cloud Service? ✔✔an automated and integrated solution to manage the financial consolidation month-end close process Which financial close related component requires a separate subscription and is not included in the Financial Consolidation and Close Cloud suite subscription? ✔✔Account Reconciliation Management Which components are pre-built into Financial Consolidation and Close Cloud Service to provide a configurable and scalable consolidation solution? ✔✔calculations, dashboards and reports as well as detailed data source tracking and an automated cash flow What is the recommended step a Financial Consolidation and Close Cloud administrator should take to facilitate the backup process? ✔✔Identify a one-hour window convenient to users, then use the Tools, Daily Maintenance window to identify that time for Oracle to run their backup process. On what days during the month does Oracle apply patch updates to fix bugs, apply code optimizations, and add new features? ✔✔the first and third Friday of each month; first Friday for TEST and third Friday for PROD For which three tasks can Data Management be used? ✔✔loading data from a fixed width or delimited text file drilling through from a web form or Smart View loading data that is period-to-date or year-to-date Which task CANNOT be completed by using Data Management? ✔✔Load journal data to Financial Consolidation and Close (FCCS) Which three fields must be defined when registering a file-based source system in Data Management? ✔✔Name Description Drill URL For which three levels can Profiles be set in Data Management? ✔✔User System Application In Data Management, what is the purpose of Source Mapping? ✔✔managing source periods in relation to global periods Which two statements are correct with regard to Data Management locations? ✔✔Locations must specify an import format, which may be used by other locations. Locations can share dimension member mappings by specifying a location as a parent location of others. Which statement is true regarding Data Management categories? ✔✔Application mapping is not required if the global mapping target category is exactly correct. 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? ✔✔The script will work if the script is referenced in the In mapping type with #SQL as the target. For data load rules in Data Management, which two statements are FALSE? ✔✔Valid load types are Merge and Replace. A job must first run to import the data file before the user can run the data load rule. When defining a batch in Data Management, which statement is True? ✔✔Batches can execute data loads for multiple locations. Which method will run a batch in Data Management? ✔✔Schedule a batch to run on a daily basis. When can the Intercompany Dimension be enabled and made visible within your application? ✔✔during application creation and selecting the Intercompany Data feature option When creating an application in Financial Consolidation and Close (FCCS), what Time Periods sections can be made? ✔✔12-month and 13-month When can the Multi-GAAP dimension can be enabled? ✔✔During application creation by selecting the Multi-GAAP feature Which option can be used for quarter distributions on a 13-month time period calendar when creating a Financial Consolidation and Close Cloud (FCCS) application? ✔✔3-3-3-4 When can the HYTD (Half-year to date) member for the View dimension be enabled? ✔✔At application creation only via the Application Creation Wizard How is drill-back enabled to Supplemental Data Manager (SDM) from the Supplemental Data member within the Multi-source dimension? ✔✔By selecting Track Multi-source Data Input option for Supplemental Data during the application creation process. Which two Balance Sheet hierarchy types are available during application creation? ✔✔Traditional Balance Sheet Net Assets When creating a Financial Consolidation and Close (FCCS) application, what is the default Start Year? ✔✔2015 How do you enable multiple currencies within a Financial Consolidation and Close (FCCS) application? ✔✔During application creation, select the Multicurrency option of "Yes". When creating a Financial Consolidation and Close (FCCS) application, which initial Multisource data options can be selected? ✔✔Supplemental Data Data Management What is the primary function of enabling the Track Intercompany Elimination option during the application creation? ✔✔process will separate total elimination values by Data Source. Which four sample ratios can be created during the application creation process? ✔✔Inventory Ratios Debt Ratio Earnings per Share Gross Margin Which three Data Forms are automatically created during for the application creation process? ✔✔Data Status Overrides Exchange Rate Multi-period Which is true behavior of default FCCS_ members within an application? ✔✔You can change the Alias of these default FCCS_ members at any time. Which explains why the Currency dimension does NOT display in your application? ✔✔MultiCurrency option was not selected at application creation Which three combinations of dimensions could be valid for a Financial Consolidation and Close (FCCS) application? ✔✔From Currency, Movement, Scenario Data Source, Consolidation, View Period, Year, Entity How can Metadata be imported into any Financial Consolidation and Close(FCCS) application? ✔✔by selecting Application, then Overview, then Dimensions, and then Import How can Financial Consolidation and Close (FCCS) Metadata be managed via SmartView? ✔✔Via Shared or Private Connections What steps are necessary to enable Metadata updates within a Financial Consolidation and Close (FCCS) application? ✔✔Once metadata has been successfully imported, the options for Refresh Database need to be completed Which four options enable updates to metadata within Financial Consolidation and Close (FCCS)? ✔✔Metadata import FUSE Metadata Editor SmartView Classic metadata editor Once metadata is updated and the Refresh Database have completed successfully, how will the status via the default Data Status grid for all entities be listed? ✔✔System Changed (SC) To have access to Dimension Management from directly within Financial Consolidation and Close (FCCS), which security rights are required? ✔✔System Administrator Which selection enables data to be imported directly into any Financial Consolidation and Close (FCCS) application? ✔✔Select Application, then Overview, then Actions, and then Import Data Which two data load import modes are supported in Financial Consolidation and Close (FCCS)? ✔✔Merge Replace What file type / file extension format extracts data exports from Financial Consolidation and Close (FCCS)? ✔✔The data export format / file extension is always extracted in a ZIP file format. What information is included in the data extract export file delimited format? ✔✔the data load cube name Which two data extract export file types are available within Financial Consolidation and Close (FCCS)? ✔✔Comma delimited Tab delimited When setting an account property to a data storage type of "Dynamic Calc" which is allowed? ✔✔create Member Formulas What will Financial Consolidation and Close (FCCS) do when adding a new member that is an expense type account under a parent that is set as an income type account? ✔✔this setting will not affect additions or subtractions to the next parent Which is NOT a member of the Data Source Dimension created by Financial Consolidation and Close (FCCS)? ✔✔FCCS_Proportion Which two members of the Data Source dimension are optional when you create a Financial Consolidation and Close (FCCS) application? ✔✔FCCS_Intercompany Eliminations FCCS_Journal Input What member of the Consolidation dimension aggregates the Proportion member and the Elimination members? ✔✔FCCS_Contribution What member of the Currency dimension is associated with the Entity Input member of the Consolidation dimension? ✔✔Entity Currency 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? ✔✔FCCS_Entity Consolidation FCCS_Entity Total FCCS_Proportion FCCS_Contribution Which two members of the Consolidation dimension cause the standard foreign currency translation rules to be ignored? ✔✔FCCS_Rate Override FCCS_Amount_Override Which four items are active components of the Currency dimension? ✔✔Reporting Currencies Parent Currency Input Currencies Entity Currency Which item describes the use for the Currency dimension property called Triangulation Currency? ✔✔The ability to calculate foreign exchange rates Which dimension includes the FCCS_Global Assumption member that is used to store currency information? ✔✔Entity Which statement is FALSE when setting up Shared Entities? ✔✔The Data Storage Member Property must be set to "Dynamic Calc". If the Alias of an Entity that marked as "Is Intercompany" and is later changed, what happens to the corresponding Intercompany member Alias? ✔✔The Intercompany Alias is not automatically changed to the new Entity Alias. Which statement accurately describes alternate hierarchies? ✔✔Single entities having multiple parents Which statement is FALSE when enabling Intercompany within an application? ✔✔Members of the Intercompany dimension must be manually created. When you set the Intercompany Account Attribute Value to Yes, which additional attribute must also be set? ✔✔Plug Account If the Intercompany Property for an Entity is changed from marked to unmarked, which result occurs? ✔✔The associated Intercompany member must be manually removed. 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? ✔✔FCCS_CashFlow_AccountsPayable movement member FCCS_Total Balance Sheet - Cash and NonCash account member In which two instances will the FCCS_Mvmts_FX_to_CTA movement member populate in a translated currency? ✔✔Movement of FX impact for historical rate accounts to the FCCS_CTA account The account is FCCS_Net Income A company would like to capture Fixed Asset additions and disposals within the Movement dimension. Which three tasks are necessary to achieve this goal? ✔✔Build a custom Movement member for Fixed Assets with dependent custom members for Additions and Disposals. Load detailed Fixed Asset data to Movement members. Add custom Movement members to the FCCS_CashFlow hierarchy. Which four statements are true about the members in the FCCS_Cash Flow hierarchy in the Movement dimension? ✔✔Input level members under the FCCS_Mvmts_Subtotal are Shared members in the FCCS_CashFlow hierarchy. The seeded member FCCS_Mvmts_AccountsPayable found within the FCCS_CashFlow hierarchy has a Subtraction operator. All primary Movement members under the FCCS_Mvmts_Subtotal member must be included in the FCCS_CashFlow hierarchy. The Cash Change hierarchy cannot be modified. Which two prebuilt calculations run on the Movement dimension to determine CTA by account? ✔✔FCCS_OpeningBalance multiplied by Ending Rate minus FCCS_OpeningBalance carry forward FCCS_Mvmts_Subtotal multiplied by Ending Rate minus FCCS_Mvmts_Subtotal multiplied by Average Rate Which three statements are true regarding Financial Consolidation and Close (FCCS) Cash Flow reporting? ✔✔The Cash Flow can begin with Earnings Before Income Taxes (EBIT). The Cash Flow will calculate opening balances based on the View dimension. The Cash Flow can be adjusted by posting Journals. When enabling Multi-GAAP during application creation, which additional option is available? ✔✔Automatically calculate adjustment Which statement is FALSE when enabling a Multi-GAAP application? ✔✔Two custom dimensions are available after enabling Multi-GAAP. Which statement correctly describes when a consolidation can occur within a given year/scenario? ✔✔A user has power user access but only write access to the entity. 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 retranslate 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. If the Common Stock of an entity is translating at a historical rate from a prior year, what occurs if there is current period activity and no rate is specified for the current activity? ✔✔The Common Stock current activity will translate at the current Average Rate. What are two setup steps for an IFRS company to report CTA as part of on the Income Statement in a non-seeded account? ✔✔Choose the application setup option for CTA to go to Comprehensive Income Update the seeded FCCS_ CICTA account Redirection Account attribute with an Income Statement account What member of the Currency dimension should be used during data entry for historical override amounts? ✔✔Input Currencies Company 123 is a public company that reports in US Dollars. Company 123 owns Company XYZ, a European company that consolidates in Euro. One of Company XYZ's subsidiaries is Company IOU, headquartered in Switzerland with a functional currency of the Swiss Franc.Which process produces USD balances for Company IOU? ✔✔A translation to the USD_Reporting currency member for Company IOU In which two scenarios will the system copy balances to the Reporting Currency? ✔✔Parent Currency matches Reporting Currency Entity Currency matches Reporting Currency Which action will NOT trigger a change in calculation status? ✔✔creating a new Form Financial Consolidation Close Cloud maintains the status calculation for which combination of dimensions? ✔✔Period, Scenario, Base Entity and Parent Entity Which status code would require a user to run Consolidate from the Action Menu? ✔✔Impacted To which four artifacts can Security be applied? ✔✔Task Lists Journals Reports Forms By default, security access is set to "None" for which three dimensions? ✔✔Entity Account Movement Which statement is false regarding establishing security for Financial Consolidation and Close (FCCS)? ✔✔The Identity Domain Administrator inherits full access privileges. Which item is NOT defined when creating valid intersection groups? ✔✔whether the anchor members specified are valid or invalid Which statement is true regarding shared members and valid intersection rules? ✔✔Shared members are supported in valid intersection rules You are required to define a form that displays all form data for only one specific View dimension member and not allow users to change this. Where on the form do you define the View dimension and select the correct member? ✔✔the Point of View You are required to create a form to allow users to input data. Which three actions or form components selected should accomplish this? ✔✔Level 0 dimension members on POV, rows and columns Set access rights for data input users to the form Give data input users WRITE access to form dimension members What is the correct Currency dimension member to select when running an Intercompany Matching Report? ✔✔Reporting Currency To show the Intercompany account and matching account balances on the Intercompany Matching Report, you make which selection? ✔✔Intercompany Plug Accounts What are two important first steps in initially setting up Close Manager? ✔✔Set up Users. Define system settings such as Organization units, Holiday rules and Task attachment size. In Financial Close Manager, when would you choose to define tasks in a Template rather than create a new Schedule each month? ✔✔when the tasks are repeatable over multiple close cycles When creating a task type, what type of task requires a parameter? ✔✔a task that integrates with an external application and requires a year and month input The close cycle covers seven days and consists of three days of pre-close preparation tasks, one day to close the books, and then three days of reviewing, analyzing and reporting. To define a Close Manager task template to monitor all seven days, which day range should you define? ✔✔Day -3 to Day 3 Which statement about Financial Close Manager Schedules is FALSE? ✔✔You can still add tasks once a schedule has been Closed. You have added a new task to a close schedule with a task due date past the defined end date of the schedule. What is the result of the change? ✔✔The schedule end date changes to match the end date of the task. Which three tasks can users perform on Financial Consolidated Close Cloud data with Smart View in Excel? ✔✔Submit data Run a rule such as Consolidate or Translate Retrieve data Using which Smart View reporting method can users retrieve data from a Financial Consolidation and Close Cloud application data with formulas such as HsGetValue? ✔✔Function Builder A user creates an adhoc Smart View query that is defined to show the Financial Consolidation and Close Cloud parent Account, FCCS_Cash and Cash Equivalents, and all base account members below it in the rows of the spreadsheet. If a new base account is added to the FCCS_Cash and Cash Equivalents parent account, what method can the user select to add the new account to the rows in the query? ✔✔Zoom out on the FCCS_Cash and Cash Equivalents parent account, then re-zoom in. A new Sheet tab in Excel is copied from an existing tab that contains a Smart View query, but clicking Refresh does not refresh the data and the Smart View (Point of View) POV bar does not display.What additional step is required to pull data in the new tab and change the POV? ✔✔Activate the Connection. When designing a report in Financial Reporting Studio, which condition should NOT be considered for a Financial Consolidation and Close (FCCS) report? ✔✔Suppress missing blocks When designing a report in Financial Reporting Studio, which item is NOT an insert-able report object? ✔✔Header