1Z0-511 Online Practice Questions and Answers

Correct Answer: D

Note:

*Oracle Projects fully integrates with Oracle Human Resources to keep track of employees and information relevant to them, such as bill rates and mailing address.

Correct Answer: ACE

Note:

*People resources represent named persons or any grouping of named persons(E)by attributes such as job(C), organization, or role(A), whose time (effort) capacity is consumed to complete the project work. Example: Amy Marlin

Correct Answer: BCD

B:Provider and Receiver Controls Setup

For each provider operating unit or receiver operating unit involved in the cross charge, the Provider/Receiver Controls window Provider Controls and Receiver Controls tabs specify:

The cross charge method to use to process intercompany cross charges and to override default cross charge method for inter-operating unit cross charges.

Attributes required for the provider operating unit to process intercompany billing to each receiver operating unit. This includes the Intercompany Billing Project and Invoice Group.

Attributes required for the receiver operating unit to process intercompany billing from each provider operating unit. This includes the supplier site, expenditure type and expenditure organization.

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(C)Intercompany Billing Accounting Companies choose the intercompany billing method largely due to legal and statutory requirements. When you use this method, Oracle Projects generates physical invoices and corresponding accounting entries at legal transfer prices between the internal seller(provider) and buyer (receiver) organizations when they cross a legal entity boundary or operating units.

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(D)Overview of Cross Charge When projects share resources within an enterprise, it is common to see those resources shared across organization and country boundaries. Further, project managers may also divide the work into multiple projects for easier execution and management. The legal, statutory, or managerial accounting requirements of such projects often present complex operational control, billing, and accounting challenges.

Oracle Projects enables companies to meet these challenges by providing timely information for effective project management. Project managers can easily view the current total costs of the project, while customers receive bills as costs are incurred, regardless of who performs the work or where it is performed.

References:

Correct Answer: B

Note:

*Project Asset Type

This field identifies whether an asset represents an Estimated or complete, As-Built capital asset, or a Retirement Adjustment asset.

*We have a Capital Projects, Every month end we want generate asset lines and send to FA as CIP asset lines againest the project asset.Once project is completed then all the Asset lines will capitalize in FA .

When we want to generate asset lines, we have to give the Date in Service and Project asset Type as "Built". after generating the asset line we cant change the Date in service in oracle projects

If we have given the Project Asset type as " Estimated" then i cant generate asset lines.

*Project Asset Type

When you copy an asset, Oracle Projects copies the asset with the same project asset type. For estimated assets, you can optionally copy the asset as an as-built asset.

Correct Answer: B

One Customer, Multiple Agreements

Use multiple agreements when you have one customer, but a requirement to create a separate invoice for each top task.

You can use this method to accrue revenue cost-to-cost or impose hard or soft revenue limits by task, as well as automatically create separate invoices by task.

To create separate invoices by task, you must use a different agreement to fund each task. If you use more than one agreement for a single task, the agreements are used according to the precedence described earlier for projects.

Correct Answer: BE

PA: Cross Project User - Update: Enables users to update all project information. This applies only to the operating units the responsibility has access to through the MO: Operating Unit profile option or the MO: Security Profile profile option.

Note: Users whose responsibilities are associated with a cross business group access security profile can view and update project and resource information across all business groups in your enterprise.

Correct Answer: ADE

Pre-approved expenditures are timecards, expense reports(D), usage logs, miscellaneous transactions(E), burden transactions(A), inventory transactions, and work in process transactions usually completed on paper and approved by a supervisor. You enter pre-approvedexpenditures into Oracle Projects in batch mode, generally on a weekly basis. After you enter the batches into the system, you submit them for review and then release them for cost distribution.

Correct Answer: C

Defining Rate Schedules

You can define four types of rate schedules. The following table lists the four types of rate schedules and indicates how you can use each rate schedule type in Oracle Projects.

Note:

*If you select the option to use planning rates, then you can choose the cost and revenue rate schedules to use to generate amounts. If you do not select the option to use planning rates, then Oracle Projects automatically chooses the rate

schedules that are used to calculate actual cost and revenue (bill) amounts.

Correct Answer: B

Implement AutoAccounting to charge appropriate expense accounts

When you implement AutoAccounting, you can charge straight time costs to a labor expense account and overtime costs to an overhead or overtime expense account. To charge straight time and overtime to different accounts, you define an AutoAccounting rule based on expenditure type, expenditure category, service type, compensation rule, or labor cost multiplier.

Note: *Labor Cost Account Function When you run the PRC: Distribute Labor Costs process, Oracle Projects calculates labor cost amounts based upon employee labor cost rates and compensation rules. After calculating labor costs, Oracle Projects uses the Labor Cost Account transactions to debit an expense account for raw labor costs. *You need to define at least one overtime expenditure type. You use the Expenditure Types window to define overtime expenditure types classified by the Overtime expenditure type class.

Correct Answer: BCE

Note:

*Events: To be included on an invoice, an event must meet the following criteria:

/Event must not be already invoiced

/ (C)Event completion date must be on or before the bill through date

/Event must be revenue distributed (for write-on revenue events only)

/If the Date-Effective Funds Consumption option is selected, then the event date must be within the agreement start and expiration dates

*Billing Events: Billing events are events for which there is no associated revenue. Because billing events have not accrued revenue against an agreement, a billing event can be billed against any agreement that has sufficient funding to

cover the entire amount of the event (unless an agreement was specified on the event).