Oracle 1Z0-511 Online Practice Questions and Exam Preparation

Oracle 1Z0-511 Online Questions & Answers

• Question 1:

  A customer requires budgetary Integration with General Ledger for what will function as an "Approved Cost" budget. The customer also wants project managers to maintain cost budgets derived from the Staffing Plan maintained in the workplan. Which budgeting approach will support this requirement?

  A. Forms based "Approved Cost" budget and Forms based "Staffing Plan" budget.
  B. FinancialPlan-based "Approved Cost" budget and Financial Plan-based "Staffing Plan" budget
  C. Forms-based "Approved Cost" budget and financial Plan-based "Staffing Plan" budget
  D. FinancialPlan-based "Approved Cost" budget and Forms-based "Staffing Plan" budget
  D. FinancialPlan-based "Approved Cost" budget and Forms-based "Staffing Plan" budget

• Question 2:

  A customer is planning to upgrade from 11/to R12 to use Subledger Accounting (SLA). Identify the three options available to the customer.

  A. Configure SLA without using the existing AutoAccountingsetup.SLAgenerates accountingcombinations without AutoAccounting.
  B. Continue to use the existing AutoAccounting setup. SLAuses the default flexfield valuesgenerated byAutoAccounting.
  C. Define alternative accounting rulesin SLA to overwrite the defaultvalues provided byAutoAccounting.
  D. Use the existingAutoAccountingsetup at the point of upgrade. Evaluate the benefits ofSLA and migrate to SLA when and if beneficial.
  E. Use the existingAutoAccountingsetup only. SLA is not applicable to Projects because Oracle Projects hasAutoAccounting.
  A. Configure SLA without using the existing AutoAccountingsetup.SLAgenerates accountingcombinations without AutoAccounting.
  C. Define alternative accounting rulesin SLA to overwrite the defaultvalues provided byAutoAccounting.
  E. Use the existingAutoAccountingsetup only. SLA is not applicable to Projects because Oracle Projects hasAutoAccounting.

  ---

  explanation:

  C:View Accounting Details

  With the integration to Oracle Subledger Accounting, you now have the option to define account derivation rules within Oracle Subledger Accounting that will replace the default accounts generated by the Oracle Projects AutoAccounting feature.

  E:Account Generation Rules During the upgrade, Oracle Grants Accounting creates default accounting definitions that allow the system to continue using existing AutoAccounting rules without additional setup steps. You may choose to create your own accounting definitions using Accounting Method

• Question 3:

  An organization has specific departments that manage capital projects. How would you ensure that only these departments own capital projects?

  A. Use the transaction control Functionality at the project level.
  B. Use the settings in "Additional Details" of the Project/Task owning organization classification.
  C. Remove the asset definition options from the templates used by departments that arenot managing capital projects.
  D. Use the Project/Task owning organization hierarchy in the implementation options.
  E. Set up a separate organization hierarchy for the departments that are managing capital projects.
  B. Use the settings in "Additional Details" of the Project/Task owning organization classification.

  ---

  explanation:

  Note: You must select Yes, even though you cannot create contract projects in Oracle Grants Accounting. Oracle Grants Accounting uses contract projects to process revenue and invoices for awards. Oracle Grants Accounting uses an

  underlying award project to process revenue and invoices.

  The award project is a contract class project.

• Question 4:

  A project manager would like to find out how much event revenue was accrued against a project up to and including a specific date. Where would this information be available?

  A. Events form within Project Status Inquiry
  B. Accrued revenue withinExpenditure Inquiry Form
  C. Revenue ReviewForm
  D. ReviewProjectFundingForm
  A. Events form within Project Status Inquiry

  ---

  explanation:

  Project Status Inquiry

  You can quickly and easily review the current status of a project, and then drill down for a more detailed review of the project and its tasks. It enables you to search for a project using search criteria. You can review project, task, and resource summary amounts, and actual and commitment amounts using a different resource list.

  Oracle Projects maintains various levels of project summary amounts for cost, commitment, revenue, and budget amounts by project, task, and resource. You can review project summary amounts to quickly determine the status of a project, such as reviewing the current and originalbudgeted amounts and compare them to actual and commitment amounts. You can drill down to see summary amounts for the resources of the project or the selected task. You can select a resource list by which you want to view actuals and budgets. In addition, you can export project status inquiry data into an Excel spreadsheet for further analysis.

• Question 5:

  Which statement is true about the use of the calendar assigned to a project?

  A. It is thedefault calendar assigned to resource requirements for the project.
  B. It isthedefault calendar for the automatic generation of cost forecasts in Financial Plans.
  C. It is the default calendar used for determining accounting periods.
  D. It is used in the determination of currency exchange rates.
  E. It is used by date-dependent system workflows.
  C. It is the default calendar used for determining accounting periods.

  ---

  explanation:

  When you implement Oracle Projects, you can select the calendar used to maintain PA periods.

  PA Period Type

  Specify a Period Type, which is used to copy Project Accounting Periods from the calendar associated with the ledger. If you copy PA Periods from GL, Oracle Projects copies all of the periods of this Period Type to set up the PA Periods.

  In a multiple organization environment, the PA Period Type is specified for each operating unit.

• Question 6:

  Which project class type can include revenue budgets?

  A. Capital
  B. Indirect
  C. Contract
  D. Capital and Indirect
  E. Capital and Contract
  C. Contract

  ---

  explanation:

  Note:

  *Allow Revenue Budget Entry. Indicates if you allow entry of revenue budget types. You may choose to not allow entry of revenue budgets for indirect or capital projects. You must enter a revenue budget for a contract project before it can

  accrue revenue and be billed.

• Question 7:

  After receiving supplier costs from the Oracle Payables Supplier Invoices transaction source vow customer wants to perform adjustments in Oracle Projects. Which three setups should exist?

  A. AutoAccounting for Supplier Cost Credit Account
  B. TransactionSource enabled for Adjustments
  C. Default Supplier Cost Credit Account under project implementation options
  D. Project/Task level Transaction Controls
  E. AutoAccountingfor Supplier Invoice Cost Account
  B. TransactionSource enabled for Adjustments
  C. Default Supplier Cost Credit Account under project implementation options
  E. AutoAccountingfor Supplier Invoice Cost Account

  ---

  explanation:

  C:If you enable the Allow Adjustments option for a predefined transaction source for supplier costs, you must complete at least one of the following setup steps:

  /(C)Specify the default supplier cost credit account for supplier cost adjustments in Oracle Projects implementation options for each operating unit.

  /Define a rule in Oracle Subledger Accounting to determine the supplier cost credit account.

  This setup is required for the process PRC: Create Accounting to successfully create accounting for supplier cost adjustments. Oracle Projects displays a message asking you to validate the setup each time that you enable the Allow

  Adjustments option for a predefined transaction source for supplier costs.(B)

  E:You can adjust the supplier cost expenditure items in Oracle Projects to transfer or split the items. Oracle Projects processes these supplier invoice adjustments using the Supplier Invoice Cost Account AutoAccounting function.

• Question 8:

  The Finance Director is concerned that some of his or her project revenue may be overstated. What it should be reviewed to understand the revenue position on each project?

  A. the ProjectStatus Inquiry to review the project's margin figures
  B. the expenditure inquiry to understand the project's revenue position against the invoice position
  C. the Project Summary unbilled receivables and unearned revenue report, which will identifyallunearned revenue
  D. the revenue reviewform to inquire on the amount of revenue raised and invoices raised on aproject
  E. theinvoice review form to inquire on the amount of revenueraised and invoices raised on project
  C. the Project Summary unbilled receivables and unearned revenue report, which will identifyallunearned revenue

  ---

  explanation:

  Summarize Unbilled Receivables / Unearned Revenue Balances The summarize unbilled receivables/unearned revenue balances process creates summary data required for running the UBR and UER reports. The process creates summary balances for draft revenue and draft invoices in Oracle Projects. The process summarizes amounts for draft revenues for which the process PRC: Generate Revenue Accounting Events has successfully generated events. The process summarizes amounts for draft invoices that have been transferred, imported, and successfully tied back to Oracle Receivables.

  The unbilled receivables and unearned revenue transactions are summarized by project, by account segment, cost center, and GL period, deriving the summary amounts used in the reports.

• Question 9:

  A customer has provided a purchase order for $100k. The customer issues an additional $20k to the original purchase order. How would you invoice the total amount of $120k on only one invoice as per the terms of the contract?

  A. Create a separateagreement and funding for $20k.
  B. Update the existing agreement value to $120k and add an additionalfunding line against the project for $20k.
  C. Update the cost budget to $l20k.
  D. Createa manual invoice in Accounts Receivable for the additional value.
  E. Update any existing transactionsto allow billing to the new amount.
  A. Create a separateagreement and funding for $20k.

• Question 10:

  Identify two ways to ensure that correct class category codes are recorded against relevant projects.

  A. Define as single template that has the class category already defined.
  B. Define the class category as mandatory on relevant project types.
  C. Define the class category as mandatory In the quick entry of the relevant templates.
  D. Define a project status workflow that checks whether the class category is definedbeforechanging a project status.
  E. Includea"Not applicable" code in the class category definition.
  B. Define the class category as mandatory on relevant project types.
  C. Define the class category as mandatory In the quick entry of the relevant templates.

  ---

  explanation:

  B:To define class categories and class codes:

  1.Navigate to the Class Categories and Codes window.

  2.Enter a unique Class Category name and a Description. 3.Specify whether the class category is mandatory for every project you define. Enable if all projects must have a code assigned to this class category. Do not enable if this class

  category is optional. If you do not enable this option, you cannot use this class category in your AutoAccounting rules.

  4.Specify whether you want to use the class category in your AutoAccounting rules. Suggestion: For each project, you can use only one code with one class category for use with AutoAccounting rules. If an AutoAccounting category already

  exists within a particular date range, assign an end date to the existing AutoAccounting category and then create a new one. 5.Specify whether you want to allow entry of only one class code with this class category for a project. Note:

  Defining multiple class codes for one category for a project may affect reporting by class category; defining multiple class codes may cause your numbers to be included more than once. 6.Enter the Name, Description, and Effective Dates for

  each class code.

  7.Save your work.

  C:As part of a project template definition setup, you can choose which Quick Entry fields you want to define. Oracle Projects prompts you to enter information in these Quick Entry fields when you create a new project from a template. Choose

  Quick Entry fields for project information you want to enter (instead of accepting the template default) each time you create a project.

  Order: Enter a number to indicate the sequence in which you want the Quick Entry fields to appear.

  Field name: Choose the fields you want to appear in the Quick Entry window when you create a new project.

  Specification: You enter a specification for the following field names:

  Key Member:Select the project role type to use when creating the key member Classification:Select the class category to use when creating the classification Customer Name: Select the customer relationship to use when creating the project

  customer Prompt: You can enter a field name that is different from the predefined field name to display when you use Quick Entry.

  Required: Choose whether you want to require entry for the Quick Entry field.