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NEW QUESTION 52
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?
- A. January and February should be consolidated.
- B. February should be consolidated, after which the cash at AceCo is now 65.
- C. There is no way to do a prior period entry like this.
- D. January should be consolidated for the change and nothing needs to happen for February.
Answer: A
NEW QUESTION 53
What is the primary function of enabling the Track Intercompany Elimination option during the application creation?
- A. enables the application to include Intercompany data.
- B. process will separate total elimination values by Data Source.
- C. enables the application to perform Intercompany eliminations
- D. enables the Elimination member in the Consolidation dimension
Answer: B
NEW QUESTION 54
What are
two important first steps in initially setting up Task Manager?
- A. Create a schedule and set it to Open status.
- B. Assign tasks to users.
- C. Set up Users.
- D. Define system settings such as Organization units, Holiday rules and Task attachment size.
Answer: C,D
Explanation:
Reference:
cm_close_process_overview.html
NEW QUESTION 55
Which two statements are true regarding the Copy Data function?
- A. You cannot select which Account members to copy.
- B. You can copy data for historical rate and amount overrides.
- C. When you select the Regular Data option, journals data is included.
- D. You can select which Consolidation dimension member to copy.
Answer: B,C
Explanation:
You can copy these types of data:
Regular Data (including journals)
Override Data – rates and amounts entered on the Override Rates form for historical rate override accounts
NEW QUESTION 56
Which three scenarios result in foreign currency translation during the default consolidation process? (Choose three.)
- A. A base entity currency has a parent entity with a different default currency.
- B. A shared entity has a parent with a different currency.
- C. A parent entity has a different currency from its parent.
- D. A base entity currency has a parent entity with a matching default currency.
- E. A parent entity has the same default currency as its parent.
Answer: A,B,C
NEW QUESTION 57
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