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1z0-1081-20 Oracle Financial Consolidation and Close 2020 Implementation Essentials Exam

March 2, 2021 by admin

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Oracle Financial Consolidation and Close 2020 Certified Implementation Specialist

Format:
Multiple Choice
Duration: 85 Minutes
Exam Price: Rs.36,887
Number of Questions: 60
Passing Score: 66%
Validation: Exam has been validated against Financial Consolidation and Close 20.10
Policy: Cloud Recertification
Prepare to pass exam: 1Z0-1081-20

This exam comes under the Cloud Recertification policy
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From learning path: Oracle Financial Consolidation and Close 2020 Certified Implementation Specialist
In the subscription: Oracle EPM Cloud Learning Subscription
Additional Preparation and Information

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Review exam topics

Financial Consolidation and Close Overview
Identify deployment use cases
Describe Financial Consolidation and Close features

Set Up the Financial Consolidation and Close Business Process
Describe the FCC setup options
Describe Extended Dimensionality
Run the setup wizard for the FCC business process
Describe the FCC security roles
Add users and assign security roles

Manage Dimensions
Describe the system dimensions
Describe the restrictions for modifying seeded members
Describe the member properties for the Account, Entity, and Scenario dimensions
Add and edit members using the Simplified Dimension Editor
Import members from a file
Create alternate hierarchies
Add currencies to the Currency dimension
Add members to the Movement dimension and cash flow hierarchy
Assign security access to dimension members

Integrate Data from Source Systems Using Data Management
Describe the use cases for Data Management
Configure system setting profiles, set up source systems, register target applications
Create import formats, locations, period mappings, and category mappings
Create member mappings and define data load rules
Run data loads

Set Up and Run Consolidations
Explain the consolidation process (translate, eliminate. consolidate)
Explain the Closing Balance calculation in the Movement dimension
Enter exchange rates and historical override rates and amounts
Configure the default translation method and default rate accounts
Explain the calculation statuses for entities
View calculation status
Run consolidation
Translate data to reporting currencies
(New in 20.10) Explain Intercompany Entity Aggregation Options

Set Up Advanced Consolidations
Customize the translation process using translation rules and custom rate accounts
Create custom consolidation calculations with Configurable Calculations and On Demand Rules
Configure statutory consolidations using Ownership Management and Consolidation Methods
Create consolidation adjustments with Configurable Consolidation rules
Create equity pickup adjustments using the Equity Pickup feature

Build Out Your Financial Consolidation and Close Solution
Describe valid intersection rules
Create data forms
Create journals and journal templates
Explain the approval process for entities
Set up the approval process
Manage the close process using Task Manager
Manage data collection using Supplemental Data
Define custom navigation flows
Automate repetitive tasks using EPM Automate

Managing Business Process Data
Import and export data
Copy and clear data
Audit changes to the application and data
Back up and migrate data and metadata using Lifecycle Management
(New in 20.10) Opening Balance Override Rules

Design Reports and Dashboards
Create journal reports
Create intercompany reports
Create consolidation reports
Design financial reports in Financial Reporting Studio
(New in 20.10) Create Dashboards

QUESTION 1
For your business process, owners of approval units should be able to lock and unlock data without going through an approval process.
Which action should you perform?

A. Select the Consolidation Bottom Up template when setting up the Approval Unit hierarchy.
B. Select the Consolidation template when setting up the Approval Unit hierarchy.
C. Delete the default Approval Unit hierarchy.
D. Select as owners only users with the Service Administrator or Power User security role.

Correct Answer: B

Explanation:
To lock or unlock an entity, you must create an approval unit hierarchy containing the entities you want to lock.
By default, Financial Consolidation and Close provides an approval unit named “Total Geography”.
Reference: https://docs.oracle.com/en/cloud/saas/financial-consolidation-cloud/agfcc/locking_and_unlocking_entities.html

QUESTION 2
What is the function of Source Mapping in Data Management?

A. Map local dimension members to the application dimension members.
B. Manage source periods in relation to global periods.
C. Defined the input currency for each data source supplying data to the application.
D. Define the close calendar periods.

Correct Answer: C

Explanation:
Data Management supports the ability to load data that is of a currency different from the default currency of
the selected location. This option enables you to specify the location in the input line that specifies the
currency for the related amount field.
Reference: https://docs.oracle.com/en/cloud/saas/enterprise-performance-management-common/erpia/GUIDF8001C5A-
A922-43C7-A0C6-4025F1EB7BDF.pdf

QUESTION 3
If the Intercompany Data feature is not enabled when the Financial Consolidation and Close (FCC) business process is created, which statement is true?

A. The FCCS_No Intercompany member of the ICP dimension is used for all data.
B. The ICP dimension is omitted.
C. An extra custom dimension is available.
D. Data can be stored by intercompany partner but no eliminations will occur.

Correct Answer: A

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