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Which two conditions are required for foreign currency translation to take place during the default consolidation process? (Choose two.)
Correct 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 entity's 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. References: Oracle Financial Consolidation and Close 2023 Implementation Essentials Exam Study Guide, page 31; [Oracle Financial Consolidation and Close Cloud Service User's Guide], page 5-16.
