Exit 1Z0-1081-20 Oracle Financial Consolidation and Close 2020 Implementation Essentials
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Q1 Single choice

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

    There is no way to do a prior period entry like this.

  • B

    January and February should be consolidated.

  • C

    February should be consolidated, after which the cash at AceCo is now 65.

  • D

    January should be consolidated for the change and nothing needs to happen for February.

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