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2016 Jun 1Z0-511 exam question
Q41. A contractor is engaged to carry out a statement of work by a customer. The contract is fixed price, and milestone payments will be made based on the individual completion of agreed deliverables. The contract specifies that 10% of any invoice totals must be withheld.
The exception to this rule is that if certain deliverables are met ahead of the agreed schedule, then the full amount can be invoiced. How would this scenario be set up in Oracle Projects?
A. CustomerRetention Billing is implemented with a Withholding Term ofExpenditure Category.
B. 10% ofproject costs isset with abilling hold (as required) inExpenditureInquiry.
C. A taskis used to collectcosts that are to be withholdingand the task is set to non-billable asrequired.
D. CustomerRetention Billing isimplemented with aWithholding Term based onEvent Types.
E. A customerbill splitisimplemented to send 10% ofall invoiced costs to a dummy customer.
Explanation: *Defining Retention Terms
Retention Terms determine how amounts are withheld from project invoices and how the withheld amounts are billed to the project customer. Retention terms include:
Withholding Terms by Expenditure Category
Withholding Terms by Event Revenue Category
Billing Terms *Witholding Terms These terms apply to all sources of project invoice amounts for the specified project or top task. For each term, you can define a withholding percentage or amount. Optionally, a threshold amount can be defined to determine the maximum amount to be withheld per term.
Reference:Oracle Project Billing User Guide
Q42. Which types of rate schedules should be defined to allow rates to be used to generate financial plans?
A. Job Labor Rates ScheduleNon Labor Rate Schedule
B. Resource Class SchedulePlanning Rate ScheduleLabor Rates Schedule
C. Resource Class ScheduleLabor Rates ScheduleNon Labor Rate Schedule
D. ResourceClass SchedulePlanning Rate ScheduleNon LaborRates Schedule
Explanation: 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.
*You must specify rate schedules for resource class. When Oracle Projects is unable to determine the actual or planning rates to apply in a calculation, Oracle Projects automatically applies rates from the default rate schedules you specify for resource class.
Reference:Oracle Projects Fundamentals
Q43. A company has different organization requirements for HR, Payroll, Finance, and Projects. How can the company achieve this?
A. Byconfiguring a shared organization hierarchy
B. By configuring separate organization hierarchies for each application
C. By configuring a shared organization hierarchy forProjects and Payroll
D. By configuringashared organization hierarchy for Finance and Payroll
Note: *Organization hierarchies provide a structure for the relationships between the organizations within your enterprise. They enable you to manage expenditure and reporting data and coordinate project-owning organizations. If your organization uses business groups, you can create project burdening organization hierarchies for each business group.
You define an organization hierarchy by telling Oracle Projects which organizations are subordinate to which other organizations. You can define one organization hierarchy or several, depending on the needs of your enterprise. *The organizations and organization hierarchies of an enterprise are closely interrelated with the policies and procedures of that enterprise. To configure Oracle Projects to meet your business requirements, you must make critical implementation decisions regarding how you set up your organizations in Oracle Projects.
Organizations are departments, sections, divisions, companies, or other organizational units in your enterprise. You can gather collections of organizations into organization hierarchies. Organization hierarchies make it easier to manage expenditure and reporting data and coordinate the project-owning organizations within your enterprise.
Q44. A customer is using Oracle Payables and Oracle Projects. The customer has two suppliers set up with names X and Y, respectively. Supplier Y has been merged with Supplier X. The Supplier Merge Program is run from the Supplier Merge option in Oracle Payables and
you have chosen to merge all transactions. What will happen to the supplier references on transactions related to Supplier Y that are already interfaced to Oracle Projects?
A. The Supplier Merge Program does notimpact any supplier transactions that are already interfaced to Oracle Projects.
B. The SupplierMerge Program completes with error,the merge is not possible because transactionsrelated to Supplier Y are already interfaced to Oracle Projects.
C. The supplier references to Supplier Y will be modified to Supplier X for all transactions existing in Oracle Projects.
D. The transactionsrelatedto Supplier X and Y will be deleted from Oracle Projects.
E. The transactions related to Supplier Y will be deleted from Oracle Projects.
Note: *When you merge supplier information you have different options. You can choose to merge both invoices and purchase orders. If you choose to merge invoices, then you can merge all invoices or just unpaid invoices. When you choose to merge all invoices, any associated payments are merged as well.
You can merge suppliers in Oracle Payables to maintain your supplier records. This functionality enables you to merge duplicate suppliers into a single, consolidated supplier. You can use it to merge transactions within the same supplier from one supplier site to a different supplier site. You can also choose to merge all transactions for a supplier into a new supplier, or you can choose to merge only unpaid invoices.
The supplier merge program in Oracle Payables updates the supplier references on related transactions in Oracle Projects.
Up to date 1Z0-511 rapidshare:
Q45. An employee has entered eight hours of billable time on a project. You want only three hours to be billable and five hours to be nonbillable. What is the adjustment action that should be applied on this expenditure item?
A. Transferthe item.
B. Change the billable status.
C. Split the item.
D. Apply billing hold.
E. Change quantity.
Explanation: You can split an item into two items so that you can process the two resulting split items differently. For example, you may have an item for 10 hours, of which you want 6 hours to be billable and 4 hours to be non-billable. You would split the item of 10 hours into two items of 6 hours and 4 hours, marking the 6 hours to be billable and 4 hours to be non-billable.
The resulting split items are charged to the same project and task as the original item. Reference:Types of Expenditure Item Adjustments
Q46. An organization wants to consolidate work based billing across multiple projects (produce one invoice for a single customer based on multiple contract projects).
Which two methods will help them accomplish this?
A. Create draft Invoices against individual projects, and consolidate them in Receivables.
B. Create a program. All costs will roll up to the program level and the program can be billed.
C. Run theinvoice consolidation concurrent request to produce a singleinvoice.
D. Carry out billing against top tasks across any projects with the same ServiceType.
E. Use inter-project billing so that individual contract projects invoice a single project which, in turn, bills the customer.
Explanation: C:Consolidated Invoicing allows you to consolidate multiple project invoices into one single invoice.
Reference:Project Billing Made Easy Using Invoice Consolidation
Q47. A company generates revenue at period end, but bills monthly in arrears. The first project revenue is due to be recognized at the end of May and the first invoice sent to the customer in June. What are the accounting entries at the end of May?
A. Debit: Cost of Goods SoldCredit: Unbilled Receivables
B. Debit: BankCredit: Revenue
C. Debit: Unearned RevenueCredit: Revenue
D. Debit: RevenueCredit: Accounts PayableLiability Account
E. Debit:UnbilledReceivablesCredit: Revenue
Once revenue is created, Oracle Projects runs AutoAccounting to determine the appropriate default accounts. AutoAccounting selects all of the AutoAccounting parameters for each item or event, determines the account coding, validates the account coding against the general ledger, and updates each revenue distribution line with the appropriate default account.
AccountDebitCredit Unbilled Receivables and/or Unearned Revenue200.00 Revenue200.00
Q48. Identity three transactions that can be entered as a pre-approved expenditure batch:
B. Supplier Invoices
D. Expense Reports
Explanation: 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.
Q49. Which project class type can include revenue budgets?
D. Capital and Indirect
E. Capital and Contract
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.