We provide real 1Z0-511 exam questions and answers braindumps in two formats. Download PDF & Practice Tests. Pass Oracle 1Z0-511 Exam quickly & easily. The 1Z0-511 PDF type is available for reading and printing. You can print more and practice many times. With the help of our Oracle 1Z0-511 dumps pdf and vce product and material, you can easily pass the 1Z0-511 exam.
♥♥ 2021 NEW RECOMMEND ♥♥
Free VCE & PDF File for Oracle 1Z0-511 Real Exam (Full Version!)
★ Pass on Your First TRY ★ 100% Money Back Guarantee ★ Realistic Practice Exam Questions
Free Instant Download NEW 1Z0-511 Exam Dumps (PDF & VCE):
Available on:
http://www.surepassexam.com/1Z0-511-exam-dumps.html
Q11. An organization posts project costs to the balance sheet as they are incurred. Each month they recognize project revenue on each project.
Select the option that ensures that costs are credited from the balance sheet and debited to profit and loss as revenue is recognized.
A. Use events for project revenue and use GL journals to carry outthe relevant account postings.
B. Implement a projectrevenue extensionwithappropriate event types and AutoAccountingdefinition.
C. Usemiscellaneoustransactions to generate revenue with the appropriate AutoAccountingdefinition.
D. Use preapproved batches with a class type of "Work in Process" to generate revenue withthe appropriate AutoAccounting definition.
Answer: B
Q12. 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.
Answer: A
Explanation:
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
security.
*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.
Q13. 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
Answer: B,C,E
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.
Reference:Oracle Projects Implementation Guide,Implementing Oracle Project Costing
Q14. 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.
Answer: A
Q15. 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
C. Debit:ReceivableCredit:Bank
D. Debit:ReceivableCredit: Unearned Revenue
E. Debit: BankCredit: Revenue
Answer: D
Explanation: Invoice
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
Reference:
Oracle Project Billing User Guide
Q16. 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
Answer: C
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
Q17. Which three Project foundation setups are shared across Operating Units in a multi-organization setup?
A. Project Classifications categories
B. ProjectTypes
C. Project Templates
D. Project numbers
E. ExpenditureTypes
Answer: A,B,E
Explanation: A:Project Classifications (Class Categories and Class Codes)
You define project classifications to group your projects according to categories you define. A project classification includes a class category and a class code. The category is a broad subject within which you can classify projects. The code is a specific value of the category.
B:In a multi-organization environment, you must set up project types for each operating unit. It is possible to have the same project type names in multiple operating units. However, each project type has it own attributes to control project processing by operating unit.
E:In a multi-organization environment, expenditure types are set up once and are shared across all operating units.
Reference:Oracle Projects Implementation Guide,Implementing Oracle Project Costing
Q18. Your client has expressed a desire to produce and summarize invoice lines for Non-Labor transactions by type of expenditure based on high level tasks of the project.
Which invoice formal grouping should he used to achieve this?
A. TopTask,ExpenditureType
B. TopTask,Employee
C. Revenue Category,Expenditure Category, Top Task
D. TopTask,Expenditure Category
E. TopTask, Revenue Category, Expenditure Category,Expenditure Type
Answer: A
Explanation:
Note:
*Oracle Projects processes tasks based on their position in the structure. The three distinct
positions are:
Top Task: A task whose parent is the project Mid Task: A task that is not a top task or a lowest task Lowest Task: A task that is at the bottom of the structure, without any child tasks *You can configure transaction controls by the following: Expenditure Category
Employee Expenditure Type Non-Labor Resource
Q19. 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
Answer: E
Explanation: 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
Q20. A project is enabled for Burdening by setting up a burden schedule at the project type level. A
Miscellaneous expenditure Item Is charged to the project with a raw cost of $100 and expenditure type "Overhead." The "Overheads" expenditure type is excluded from all cost bases in the burden structure.
What happens when the "PRC: Distribute usage and Miscellaneous Costs" program is run for this project?
A. The program errorswith the message "Missing Expenditure type."
B. The program completes successfully; Raw Cost = $100, Burden Cost=$0,TotalBurdened cost=$100.
C. Theprogram completes successfully; Raw Cost=$100, Burden Cost= $100,TotalBurdened cost=$100.
D. Theprogram completes successfully; Raw Cost =$100, Burden Cost=$0, Total Burdened cost= $0.
Answer: C
Explanation:
Note:
*Distribute Usage and Miscellaneous Costs
The process computes the costs and determines the default GL account to which to post
the cost for expenditure items with the following expenditure type classes:
Usages
Burden Transactions
Miscellaneous Transactions
Inventory and WIP transactions not already costed or accounted