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2016 Apr 1Z0-511 Study Guide Questions:
Q21. Company ABC wants to deploy workplan task structures where the lowest tasks represent deliverables. They want to collect costs at a level higher than the lowest tasks for groups of deliverables. Which two task structure relationships are available for them to consider?
A. Define the structures as Fully Shared.
B. Utilize Task-based mapping structures.
C. Defineaseparate branch of task hierarchy for deliverables.
D. Define a separate branch of task hierarchy for cost collection.
E. Definethe structures as Partially shared.
*You can set up two types of project structures in Oracle Projects:
/Workplan structures consist of tasks that help project managers and team members plan,
track, and deliver projects on time.
/Financial structures consist of tasks that help project managers and financial
administrators track billing, costs, budgets, and other financial information for individual
*If you enable both a workplan structure and a financial structure for your project or project
template, you can decide whether or not they are integrated, and if so, to what degree. You
do this by choosing one of the following options on the Structures setup page:
/Shared Structures: Enables you to generate a financial structure with a task hierarchy that is fully shared by the workplan structure task hierarchy. Workplan and financial structures are fully shared by default.
/Partially Shared Structures: Enables you to generate a financial structure that is partially shared by the workplan structure hierarchy.
/Non-Shared: Task-Based Mapping: Enables you to map individual workplan structure tasks to individual financial structure tasks.
/Non-Shared: No Mapping: Choose this if you do not want to integrate your project workplan and financial structures in any way.
Q22. A customer has two operating units: US and Ireland. A project that is set in the Ireland operating unit requires the services of employees from the US operating unit.
Identify three mandatory steps that must be completed for the employees in the US to enter their time on the project and for costs to be successfully distributed.
A. Set up Internal Billing Implementation optionsin US and Ireland.
B. Define providercontrolsin US and receiver controlsin Ireland.
C. Setup a new transaction source to receive Intercompany transactions in Ireland.
D. For theprojectinIreland, select "Allow Cross Charges to all Operating Units within Legal Entity".
E. For the projectin Ireland,set up transaction controls to allow charges from other operating units.
Explanation: 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.
* (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.
* (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.
Reference:Oracle Project Costing User Guide,Cross Charge
Q23. A company is using Project Billing. To meet their billing requirements, the company has
Set up various revenue categories. Identify four places where the company can use these revenue categories in Oracle Project.
A. Setting upTransaction Controls using Revenue Categories.
B. GroupingExpenditureTypes by RevenueCategories.
C. GroupingEventTypeRevenue Categories.
D. Defining Rate Schedules using Revenue Categories.
E. Setting up AutoAccountingRules using Revenue Categories.
F. EnteringBudgets using RevenueCategories.
Explanation: Revenue categories are used for grouping expenditure types(B)and event
types(C)for revenue and billing
You can use revenue categories for budgeting(F), for reporting purposes, and in your
AutoAccounting rules(E). Revenue Categories are also used for grouping expenditure
types for revenue and billing(B).
*A revenue category describes a source of your organization's revenue. For example, a
revenue category with a name such as Labor refers to labor revenue.
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Q24. A project has two customer billing elements. One part of the project is based on a fixed fee and the other part is a variable based on a cost plus basis. The customer requires separate
invoices for fixed fee elements and variable works elements. How can agreements be used to provide separate invoices?
A. Createeach element as a top task and implement top task billing for the project.
B. Create each element as a top task on the project and create an agreement for variable works and onefor fixed fee.Then fund the project at the top task level.
C. Have one agreement and create an invoice grouping rule in Accounts Receivable.
D. Create oneagreement and fund the project.
E. Use billing events and create separate events per purchase order.
Explanation: 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.
Reference:Oracle Project Billing User Guide,greements and Project Funding
Q25. An organization has agreed to bill rates based on a person's job, which are updated annually. The rates are recorded on a default bill rate schedule that is attached to each project. An employee has and HR assignment job of Consultant. However, the employee is temporarily working on a project as a Project Manager. What is the correct way to ensure that the employee's time is billed correctly?
A. Amend the employee's HR assignment to Project Manager.
B. Add the employee as a separate line to the defaultbill rate schedule.
C. Use the transaction controlfunctionalityat the project level.
D. Use the assignment override at the project level.
E. Use the employee bill rate override at the project level.
Explanation: Job Assignment Overrides
You can override both an employee's job assignment and an employee's billing title for this
project or lowest level task.
When you override an employee's job assignment, the new job assignment determines bill
rates for the employee's billing on this project or lowest task (if this task uses job bill rates).
You can choose any active job in the Oracle Applications database.
When you override an employee's primary billing title, the new billing title appears on future invoices for this employee's billing (if this project's labor invoice format displays an employee billing title).
Any job assignment override you enter for this project or lowest task takes precedence over any project job assignment override.
Q26. You are setting up an AutoAccounting rule and trying to use "Class Code" as the parameter for that rule. Which setup must exist in order to use "Class Code" as one of the parameters?
A. Enable AutoAccountingfor one ClassCode ofaClassCategory.
B. EnableAutoAccountingforall the Class Codes ofaClassCategory.
C. Enable AutoAccounting for the Class Category.
D. Enable AutoAccountingfor both Class Category and Class Code.
Explanation: *AutoAccounting Parameter: ClassCode
AutoAccounting class code on the project.
Note: Since you can define many project classification categories, the Class Code
parameter always corresponds to the one classification category that you specified as the
AutoAccounting classification category.
Reference:Oracle Projects Implementation Guide
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Q27. A company requires advance payments for their contract projects. How would they ensure that for specific types of work they always have an advance payment?
A. Create a specific agreement type and use the advance receipts required extension toensure that theseagreements require advancepayments.
B. Set the customer profilein Accounts Receivable to require advance payments.
C. Createa transaction control for specificagreement types to ensure thatadvance paymentsare received.
D. Entera negative agreement value andfunded amount.
E. Fund the projects with a dummy agreement.
Note: *You can set up an agreement to require advance payments by selecting the Advance Required on the agreement. You can also use the Advance Required client extension to determine which agreements require advance payments. On these agreements, you can
enter funding only up to the amount of advance payments.
The ability to change the Advance Required agreement option is controlled by function
*Agreements with Advance Payments
You can require advance payments on an agreement and record advance payments as
they are made. When you generate draft invoices for projects that are funded by the
agreement, the advance balance that is displayed on the funding summary is reduced. You
then interface the invoice to Receivables. The AutoInvoice process in Oracle Receivables
reduces the balance on the advance.
Q28. A US-based company is providing resources to a UK subsidiary and has implemented Oracle Projects intercompany billing solutions. How would the US company create the Accounts Payable invoice in the UK operating unit?
A. when the draft intercompany invoiceis approvedin the us Projects ledger
B. when the draftintercompanyrevenue is approved in the US Projectsledger
C. Invoice automatically createdas part of the PRC: Tieback Invoices fromReceivables in the USProject ledger
D. when the draftintercompanyinvoice is released in the US Projects Ledger
E. on creation ofthe Intercompany revenue in the US General Ledger
Explanation: The provider operating unit runs the process PRC: Tieback Invoices from
Receivables, which automatically creates corresponding intercompany invoice supplier
invoices ready to be interfaced to Oracle Payables in the receiver operating unit.
See step 6 below.
Intercompany Billing Processing FlowIntercompany billing processing requires the following steps: . The provider operating unit enters or imports cross charge transactions. . The provider operating unit distributes costs of the cross charges, which are identified as cross charge transactions by the cost distribution processes. Thedistribution of the costs is independent of revenue generation and are distributed even if revenue has not been generated. The provider operating unit also imports project-related supplier costs from Oracle Purchasing and Oracle Payables and project-related expense report costs from Oracle Payables. . The provider operating unit runs the process PRC: Generate Intercompany Invoices for a Single Project, or the process PRC: Generate Intercompany Invoices for a Range of Projects, to generate draft intercompany invoices with the associated intercompany receivable and revenue accounts, and the transfer price. . The provider operating unit reviews, approves, and releases the intercompany invoices. . The provider operating unit interfaces the approved intercompany invoices to Oracle Receivables. You can include the following activities in this process: . The provider operating unit runs the process PRC: Tieback Invoices from Receivables, which automatically creates corresponding intercompany invoice supplier invoices ready to be interfaced to Oracle Payables in the receiver operating unit. Use Oracle Receivables to print the invoice as well as to create accounting for Oracle Subledger Accounting. . If cost reclassification is enabled, the provider operating unit performs the following processing steps: . The receiver operating unit imports the intercompany supplier invoices into Oracle Payables. This import process calculates recoverable and non-recoverable tax amounts. Upon review and approval in Oracle Payables, the receiver operating unit runs the process Create Accounting to create subledger accounting entries for the supplier invoices in Oracle Subledger Accounting. When you run the process
in final mode, you can optionally choose to transfer the accounting to Oracle General Ledger.
. The receiver operating unit interfaces the supplier invoice to Oracle Projects, which pulls in the non-recoverable tax amounts as additional project costs.
. (Optional) You can require the receiver operating unit to run additional customized processes to create additional accounting entries in Oracle Subledger Ac
Reference:Oracle Project Costing User Guide,Cross Charge
Q29. A company generates revenue at period end, but bills monthly in advance. The customer is invoiced in April with project starting in May and the first project is due to be recognized at the end of May. What are the accounting entries at the end of May?
A. Debit: Cost of Goods SoldCredit: Unbilled Receivables
B. Debit: Unearned RevenueCredit: Revenue
D. Debit:ReceivableCredit: Unearned Revenue
E. Debit: BankCredit: Revenue
When you run the program to interface invoices to Oracle Receivables, Oracle Projects runs AutoAccounting to determine the appropriate default accounts. If the invoice fails AutoAccounting, then the program marks the draft invoice with an error. See: Overview of AutoAccounting, Oracle Projects Implementation Guide.
The following table shows entries Oracle Projects creates when the Interface Invoices to Oracle Receivables process is run:
AccountDebitCredit Receivables200.00 Unbilled Receivables and/or Unearned Revenue200.00
Oracle Project Billing User Guide
Q30. 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.
. If you enable the.Project Task Owning Organization.classification, you must also
specify the additional organization information for the classification as follows: 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.
Reference:Oracle Grants Accounting User Guide,Entering Organization Classifications