Oracle Oracle Certifications 1Z0-511 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

  Correct Answer: D

• Question 2:

  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.

  Correct Answer: B

  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 3:

  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.

  Correct Answer: ACE

  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 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

  Correct Answer: A

  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:

  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

  Correct Answer: BCE

  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 6:

  Which project class type can include revenue budgets?

  A. Capital

  B. Indirect

  C. Contract

  D. Capital and Indirect

  E. Capital and Contract

  Correct Answer: C

  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:

  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.

  Correct Answer: C

  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 8:

  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.

  Correct Answer: A

• Question 9:

  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

  Correct Answer: C

  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 10:

  A project has been mistakenly set up as a capital project, instead of a contract project. The project has already incurred expenditure. How can this be remedied?

  A. Change the project type to Contract

  B. Leave the project as capital and accruefor revenueasis.

  C. Move all the costs toan contract task within the capital project.

  D. A new project should be set up and costs transferred.

  E. Delete all the expenditure Items and change the project type.

  Correct Answer: D

  Note: *Project Type

  The project type determines how Oracle Projects processes costs (expenditure items) for a project. The type you choose provides many defaults and controls for project entry and processing. You must choose a type from one of the following project type classes:

  /Use an Indirect project type to collect and track expenditure item costs and labor hours for overhead activities, such as administrative and overhead work, marketing, and bid and proposal preparation. You can also define indirect projects to track time off including sick leave, vacation, and holidays

  /Use a Capital project type to collect and track costs and labor hours for asset development activities which you plan to capitalize as one or more assets.

  /Use a Contract project type to collect and track costs, labor hours, revenue, and billing for services performed for and reimbursed by a client