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Passing this exam is required to earn these certifications. Select each certification title below to view full requirements.

Oracle Financial Consolidation and Close 2023 Certified Implementation Professional

Format: Multiple Choice
Duration: 90 Minutes
Exam Price:
Number of Questions: 60
Passing Score: 66%
Validation: This exam has been validated against 22A/22B/22C/22D/23A/23B.
Policy: Cloud Recertification

Prepare to pass exam: 1Z0-1081-23
The Oracle Financial Consolidation and Close 2023 Certified Implementation Professional has demonstrated the knowledge and skills in implementing Enterprise Performance Management and Oracle Financial Consolidation and Close solutions. Individuals holding this certification are able to set up and configure security, create a financial consolidation and close business process, create data sets and dimension attributes, set up a close process, design reports using Financial Reporting Studio, and load data using Data Integration.

If you have a valid Oracle Financial Consolidation and Close Implementation Professional Certification, and your credential has not expired, you can maintain your certification by taking the corresponding shorter Delta exam.

Login to Oracle CertView to check if your certification credential has expired or is still valid.

Check the Oracle Recertification Policy to see if you qualify.

Take recommended training
Complete one of the courses below to prepare for your exam (optional):

Become a Certified FCC Implementer

Additional Preparation and Information

A combination of Oracle training and hands-on experience (attained via labs and/or field experience), in the learning subscription, provides the best preparation for passing the exam.

Prepare for Oracle FCC 2023 Certified Implementation Professional

Review exam topics

Financial Consolidation and Close Overview
Describe Financial Consolidation and Close features

Set Up the Financial Consolidation and Close Business Process
Run the setup wizard for the FCC business process
Add users and assign security roles
Describe Period and Movement as Dense dimensions (DSO)

Manage Dimensions
Describe the Account, Entity, and Scenario dimensions
Add and edit members using the Simplified Dimension Editor
Import members from a file
Add members to the Currency and Movement dimensions
Assign security access to dimension members

Set Up and Run Consolidations
Explain the consolidation process (translate, eliminate. consolidate) and closing balance calculation
Enter exchange rates and historical override rates and amounts
Configure the default translation method and default rate accounts
Explain the calculation statuses for entities
Run consolidation
Translate data to reporting currencies
Explain Intercompany Entity Aggregation Options
Configure Opening and Closing Balance System Rules

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
Describe Groovy Rules

Build Out Your Financial Consolidation and Close Solution
Describe valid and invalid intersection rules
Create data forms
Manage the close process using Task Manager
Manage data collection using Supplemental Data
Define custom navigation flows

Manage Journals
Create consolidation journals and consolidation journal templates
Create and Manage Enterprise Journals

Manage Approvals
Explain the approval process for entities
Set up the approval process
Explain approval groups and phased submissions
Define and edit approval groups
Assign approval groups to an approval unit hierarchy

Managing Business Process Data
Import and export; copy and clear data
Audit changes to the application and data
Back up and migrate data and metadata
Automate repetitive tasks using EPM Automate
Cloning FCC environments

Design Reports and Dashboards
Create journal, intercompany, and consolidation reports
Create and run financial reports
Create Dashboards

Loading Data Using Data Integration
Register and edit application details
Set up integration prerequisites
Create, edit, and run integrations
View integrations in Workbench

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Sample Question and Answers

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 template when setting up the Approval Unit hierarchy.
B. Select the Consolidation Bottom Up template when setting up the Approval Unit hierarchy.
C. Select users with the Service Administrator security role.
D. Delete the default Approval Unit hierarchy.

Answer: B

Explanation:
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 Users Guide], page 2-14.

QUESTION 2
How do you navigate if you want to export a form to a Snapshot file?

A. From the Home page, select Tools, and then Clone Snapshot.
B. Open the form, select Actions, and then Export.
C. From the Home page, select Tools, and then Migration.
D. From the Navigator menu, select Forms.

Answer: B

Explanation:
To export a form to a Snapshot file, you need to open the form, select Actions, and then Export. This
will create a Snapshot file that contains the form definition and data. You can use this file to import
the form to another application or environment. The other options are not related to exporting
forms. Clone Snapshot is used to copy an existing Snapshot file, Migration is used to migrate artifacts
between applications or environments, and Forms is used to create or edit forms. Reference: Oracle
Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 23;
[Oracle Financial Consolidation and Close Cloud Service Users Guide], page 4-10.

QUESTION 3
Which statement is FALSE about running consolidations?

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

Answer: C

Explanation:
The statement that is false about running consolidations is: When you run consolidation for a child
with the Impacted calculation status, the parent entity is also re-consolidated. This is false because
running consolidation for a child entity only affects the child entity and its descendants, not the
parent entity or its siblings. The parent entity will only be re-consolidated if it has the Impacted
calculation status or if you use the Force Consolidate option. The other statements are true about
running consolidations. Reference: Oracle Financial Consolidation and Close 2023 Implementation
Essentials Exam Study Guide, page 29; [Oracle Financial Consolidation and Close Cloud Service Users Guide], page 5-7.

QUESTION 4
Which two conditions are required for foreign currency translation to take place during the default consolidation process? (Choose two.)

A. The child entity is NOT a shared entity.
B. The default currency of the child is different from the default currency of the parent.
C. Reporting currencies have been defined in the Currency dimension.
D. To specify exchange rates you must set up multiple currencies when creating an application.

Answer: B, C

Explanation:
The two conditions that are required for foreign currency translation to take place during the default consolidation process are:
The default currency of the child is different from the default currency of the parent.
Reporting currencies have been defined in the Currency dimension.
These conditions ensure that there is a need and a way to translate the child entitys data into
another currency. If the child entity has the same default currency as the parent, there is no need for
translation. If reporting currencies have not been defined in the Currency dimension, there is no way
to specify exchange rates or translation methods. The other options are not required for foreign
currency translation. The child entity can be a shared entity, as long as it has a different default
currency than its parent. To specify exchange rates, you do not need to set up multiple currencies
when creating an application; you can do it later in Data Management. Reference: Oracle Financial
Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 31; [Oracle
Financial Consolidation and Close Cloud Service Users Guide], page 5-16.

QUESTION 5
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. Journal
B. Financial
C. Intercompany
D. Consolidation

Answer: D

Explanation:
The type of report that you can run to display all adjustments to account balances of child entities for
a parent, including journal adjustments, intercompany eliminations, and adjustments from
consolidation rules, is a Consolidation report. This report shows the details of how consolidated data
is calculated for each account in each entity. You can view the source data, adjustments,
eliminations, ownership percentage, currency translation, rounding differences, and consolidated
data for each account. The other types of reports do not show all adjustments. A Journal report
shows only journal adjustments, a Financial report shows only consolidated data without details, and
an Intercompany report shows only intercompany eliminations. Reference: Oracle Financial
Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 35; [Oracle
Financial Consolidation and Close Cloud Service Users Guide], page 7-8.

QUESTION 6
You want to prevent users from saving data in a form if the value entered for Headcount is greater than 1000.
What is the most efficient means to accomplish this?

A. Create a Groovy rule.
B. Create a Task Manager rule.
C. Create a Configurable Consolidation rule.
D. Create a valid intersection rule.

Answer: A

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