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2021 May C2021-605 Study Guide Questions:
Q1. An administrator needs to build a report that compares balance sheet accounts for different periods. The report needs to be run quickly for what-if scenarios throughout the year. What report would best meet this need?
A. Intercompany reports with drilldown
B. Report book built in the Controller application
C. Trial Balance with Drilldown report exported to Excel
D. Excel Link report that uses Controller functions and paste codes
Answer: D
Q2. An administrator wants to make it easier for end users to enter data into account 1310 (Investments in Subsidiaries) by enabling the investment register. What investments code must the administrator specify for this account?
A. I - in Group Companies
B. E-in External Companies
C. P - Purchase Method
D. E - Equity Method
Answer: A
91. Company ABC has a 20 line year-end journal entry in journal 101. Several other entities would like to use these journal entries for their new fiscal year. However, all of the entities already have a journal 101. How can the administrator use the journal entries in journal 101 for ABC without overwriting the other entities' own journals?
A. Copy journal101 into an automatic journal for other entities
B. Copy journal101 into a new journal type for other entities, and include year ending rules
C. Manually enter the journal entries into a new journal type on company ABC, and copy the journal type to the other entities
D. Manually enter a new journal entry in the other entities' existing journal type.
Answer: D
Q3. Which of the following best explains the difference between the currency conversion difference account1and conversion difference account2?
A. Conversion difference account1 is used for Method 1 currency conversion and account2 is used for Method 2
B. Conversion difference account1 is used if the BS/PL reserve account is non-integrated; account2 is used if the BS/PL account is integrated.
C. Conversion difference account1 is used to book positive currency conversion; account2 is used to book negative currency conversion.
D. Conversion difference account1 is often the unrestricted reserves account and account2 the restricted reserve account.
Answer: C
Up to date C2021-605 free practice test:
Q4. Which of the following best describes group journals in contrast to company journals?
A. Group journals are not included in intercompany eliminations and values are stored in a group adjustment company.
B. Group journals are included in acquisition calculations and data is stored on each company concerned
C. Group journals handle all group transactions that are eliminated automatically; data is stored in a group adjustment company.
D. Group journals handle only group transactions; data is stored on each company concerned.
Answer: A
Q5. What is the importance of defining a start period for acquisition calculations?
A. It is the first step in the process of activating and configuring control tables for acquisition calculations and running reports.
B. It ensures that the system calculates opening balances after the first period correctly since the first period has no opening balances.
C. It allows a user to view acquisition calculations for a company in the Trial Balance with Drilldown report at the group level.
D. It is the first step before executing Automatic Journals - Acquisition Calculations when consolidating by steps.
Answer: B
Q6. What are the implementation steps required to convert currency?
A. Plan the application, set up the application, verify the results, and consolidate the period data.
B. Define conversion rules, enter currency rates, select the currency conversion method, convert foreign currency, run reports.
C. Define and activate country codes, select the currency conversion method, convert foreign currency, run reports, build forms.
D. Define and activate currency codes, define conversion rules, configure company structures, enter currency rates, run currency conversion/consolidation with status.
Answer: D
Realistic C2021-605 testing bible:
Q7. The administrator activated the Set Status for Submission to Ready After Reconciliation and the Use Period Locking on Company Level. What is the effect?
A. Submissions and reconciliations are locked and company status is set to ready
B. Company status is set to ready and submissions and reconciliations are started
C. Company status is set to ready and submissions are locked if reconciliations cleared
D. Submission is allowed only once per company when status is set to ready
Answer: C
Q8. In the process of eliminating acquisition values from the Controller system, an administrator has created an acquisition control table. What must the administrator define in the lower half of the control table?
A. The from and to accounts, and the sign convention to use.
B. The from and to accounts, and the offset account.
C. The from and to accounts, and the data entry form to use.
D. The from and to accounts, and whether values should be eliminated or copied.
Answer: A
Q9. Which of these structures could use an external import specification to upload metadata into Controller?
A. Journal Types, Companies, and Submissions
B. Forms, Companies, Consolidation Types
C. Accounts, Journal Types, Submissions
D. Accounts, Companies, Extended Dimensions
Answer: D
Q10. Currency conversion codes E and F in Controller both use the historical rates taken from the historical currency register or referenced from a specific account. How do they differ?
A. In conversion code E. if there is no amount in the register, the account is converted at the average rate; in F, the account is converted at the closing rate
B. In conversion code E. if there is no amount in the register, the account is converted at the closing rate; in F, the account is converted at the average rate
C. In conversion code E, if there is no amount in the register, the account is converted at the closing rate; in F, the conversion uses the same rate as opening balance
D. In conversion code E. if there is no amount in the register, the account is converted at the period rate; in F, the conversion is calculated on a summation account
Answer: B