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Free 1z0-1081-23: Oracle Financial Consolidation and Close 2023 Implementation Professional Exam Questions and Answers

Last updated: March 31, 2025

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#Question
How does Oracle Financial Consolidation streamline the approval process for financial data?
A.
By providing automated workflow approvals
B.
By requiring manual entries
C.
By limiting user access
D.
By generating compliance reports
Correct Answer: A
Oracle Financial Consolidation streamlines the approval process for financial data by providing automated workflow approvals that expedite necessary reviews.

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How does Oracle Financial Consolidation streamline the approval process for financial data?


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#Question
What does the "financial close checklist" assist users in managing?
A.
User access levels
B.
Compliance with regulations
C.
The steps necessary for the financial close
D.
Data validation rules
Correct Answer: C
The financial close checklist assists users in managing the steps necessary for the financial close, ensuring that all tasks are accounted for and completed.

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What does the "financial close checklist" assist users in managing?


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#Question
In Oracle Financial Consolidation, how are "financial metrics" typically analyzed?
A.
By automating data entry
B.
By reviewing user access
C.
By generating tax reports
D.
By comparing to benchmarks
Correct Answer: D
Financial metrics are typically analyzed by comparing them to benchmarks, allowing organizations to assess performance relative to industry standards or goals.

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In Oracle Financial Consolidation, how are "financial metrics" typically analyzed?


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#Question
What feature in Oracle Financial Consolidation helps document the rationale behind financial adjustments?
A.
User access management
B.
Adjustment journals
C.
Data validation rules
D.
Workflow automation
Correct Answer: B
Adjustment journals help document the rationale behind financial adjustments, providing transparency and accountability in the consolidation process.

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What feature in Oracle Financial Consolidation helps document the rationale behind financial adjustments?


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#Question
How does Oracle Financial Consolidation ensure that financial statements are compliant with GAAP?
A.
By automating data entry
B.
By providing standardized reporting templates
C.
By limiting user access
D.
By generating historical reports
Correct Answer: B
Oracle Financial Consolidation ensures compliance with GAAP by providing standardized reporting templates that align with Generally Accepted Accounting Principles.

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How does Oracle Financial Consolidation ensure that financial statements are compliant with GAAP?


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#Question
What does "multi-currency reporting" enable in Oracle Financial Consolidation?
A.
Automating data entry
B.
Reporting in a single currency
C.
Reporting across various currencies
D.
Limiting user access
Correct Answer: C
Multi-currency reporting enables organizations to report across various currencies, ensuring accurate financial results in an increasingly global market.

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What does "multi-currency reporting" enable in Oracle Financial Consolidation?


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#Question
What is the function of "exception reports" in Oracle Financial Consolidation?
A.
To manage user permissions
B.
To identify errors or anomalies
C.
To validate user access
D.
To summarize financial activities
Correct Answer: B
Exception reports in Oracle Financial Consolidation identify errors or anomalies in financial data, allowing users to take corrective actions before closing.

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