Most Recent Oracle 1Z0-1081-23 Exam Dumps

Prepare for the Oracle Financial Consolidation and Close 2023 Implementation Professional exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Oracle 1Z0-1081-23 exam and achieve success.

The questions for 1Z0-1081-23 were last updated on Apr 1, 2025.

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Question No. 1

Which statement about Opening Balance Override rules is true?

AThey are available only if Intercompany Data with Tracking is enabled for the business process.

BOpening Balance Override rules execute for the first period in the year only.

CYou can select which entities to include in the rule scope.

DYou can select which accounts to include in the rule scope.

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Correct Answer: D

The statement that is true about Opening Balance Override rules is: You can select which accounts to include in the rule scope. Opening Balance Override rules are a type of business rules that allow you to override the opening balance values for selected accounts in selected entities. You can use these rules to adjust opening balances for specific scenarios or periods without affecting prior periods or other scenarios. You can select which accounts to include in the rule scope by using member selection or member formulas. The other statements are not true about Opening Balance Override rules. They are not available only if Intercompany Data with Tracking is enabled for the business process, they execute for any period in the year, not just the first one, and you cannot select which entities to include in the rule scope, only the parent entity.Reference:Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 63-64; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 9-2.

Question No. 2

Which statement is true of reporting currencies?

ADuring consolidation, rates for translating to reporting currencies are calculated by triangulation through the rate for translating to the parent currency.

BWhen you run the Consolidate business rule, you can select one or more reporting currencies to translate to.

CAll input currencies that you add are automatically added as reporting currencies as well.

DAll reporting currency members have the suffix Reporting.

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Correct Answer: B

Question No. 3

Which components are prebuilt into Financial Consolidation and Close to provide a configurable and scalable consolidation solution?

ACalculations, dashboards, and reports built on planning frameworks to provide cash flow planning

BCalculations, dashboards, and reports as well as detailed data source tracking and an automated cash flow

CPre-built integrations to combine narrative and data to produce both internal and external reporting packages

DCalculations, dashboards, and reports to provide analysis for cash flow modeling

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Correct Answer: B

The components that are prebuilt into Financial Consolidation and Close to provide a configurable and scalable consolidation solution are calculations, dashboards, and reports as well as detailed data source tracking and an automated cash flow. These components enable you to perform financial consolidation and close processes with best practices, efficiency, and accuracy. The calculations include predefined consolidation rules, currency translation methods, intercompany eliminations, ownership management, etc. The dashboards and reports provide insights into the consolidation results, process status, data quality, etc. The data source tracking allows you to track the origin and adjustments of data from different sources. The automated cash flow generates cash flow statements based on the movement accounts.Reference:Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 11-12; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 1-2.

Question No. 4

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?

ASelect the Consolidation template when setting up the Approval Unit hierarchy.

BSelect the Consolidation Bottom Up template when setting up the Approval Unit hierarchy.

CSelect users with the Service Administrator security role.

DDelete the default Approval Unit hierarchy.

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Correct Answer: B

The Consolidation Bottom Up template allows owners of approval units to lock and unlock data without going through an approval process. This template is suitable for organizations that do not require a formal approval process for data submission, but still want to control data access and track data status. The Consolidation template, on the other hand, requires owners of approval units to submit data for approval before they can lock it. The Service Administrator security role does not affect the approval process, and deleting the default Approval Unit hierarchy would disable the approval functionality altogether.Reference:Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 15; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 2-14.

Question No. 5

Which two statements are true about shared members in Valid Intersection rules? (Choose two.)

AIf a shared member is selected for a rule, the primary instance of the member is selected as well.

BSelecting the primary instance of a member does not include shared members.

CIf the primary instance of the member is selected for a rule, all shared members for the instances are included.

DSelecting a shared member for a rule does not include its primary instance.

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Correct Answer: C, D

The following statements are true about shared members in Valid Intersection rules:

If the primary instance of the member is selected for a rule, all shared members for the instances are included. This means that data can be entered or calculated for any shared member of the primary member.

Selecting a shared member for a rule does not include its primary instance. This means that data can be entered or calculated only for the specific shared member, not for the primary member or other shared members. The other statements are not true about shared members in Valid Intersection rules. If a shared member is selected for a rule, the primary instance of the member is not selected as well. Selecting the primary instance of a member does include shared members.Reference:Oracle Financial Consolidation and Close 2023 Implementation Essentials Study Guide, page 69; [Oracle Financial Consolidation and Close Cloud Service Administrator's Guide], page 9-6.

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