Oracle Oracle Certifications 1Z0-1057-23 Questions & Answers

• Question 1:

  You recently made some changes to a project contract and the current status of the contract is Under Amendment. Identify the correct sequence of activities that can take place on that contract. (Choose the best answer.)

  A. On Hold > Pending Acceptance > Active

  B. On Hold > Pending Approval > Active

  C. Pending Approval > Pending Acceptance > Active

  D. Pending Acceptance > Pending Approval > Active

  Correct Answer: C

  Reference https://docs.oracle.com/cloud/latest/common/FASCC/FASCC1124283.htm Topic-Contract Actions and Status Changes: Explained

• Question 2:

  Your customer started operations and all projects in January 2015. They implemented Enterprise Project Structure for calculating project labor demand by using the Annual option. When they view the labor demand on 15-Dec-2015, the project hierarchy viewer shows data only for the year 2015. The client expected the demand to be shown for a year, from 15-Dec-2015 to 15-Dec-2016.

  Identify how the project hierarchy viewer displays labor demand information. (Choose the best answer.)

  A. The current period start date is used for calculating labor demand for the current year.

  B. The current date is used for calculating labor demand for the current year.

  C. The project start date of Jan-2015 was used for calculating labor demand, and hence it calculated the demand for the year 2015.

  D. The date entered by a user as a parameter when running the Update EPS job was set to 01-Jan-2015, and hence the calculations show results for the year 2015.

  Correct Answer: B

  Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oapem/analyze-project-management-performance.html#OAPEM1313471

  Topic-Project Labor Demand: How It's Calculated

  Settings That Affect Project Labor Demand

  Project application administrators must do the following to set up how project labor demand is calculated:

  Organize projects into hierarchical groups on the Manage Enterprise Project Structure page.

  Change the quarterly FTE hours for the organization on the Define Project Management Implementation Options page, if different from 520 hours.

  Note: You can choose to view labor demand annually instead of quarterly. The Project Hierarchy Viewer uses the current date to determine which year or quarter to display.

• Question 3:

  You want to export your project plan to Oracle Project Financial Management Cloud after initial scheduling is complete in Microsoft Projects. Identify three conditions that must be met for exporting milestone tasks. (Choose three.)

  A. only one labor resource assignment with 100 effort

  B. lowest-level tasks set up with non-zero duration

  C. lowest-level tasks set up with zero duration

  D. only one labor resource assignment with 0 effort

  E. percent work complete values of 0 or 100 percent

  Correct Answer: CDE

  Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oapex/define-project-management-configuration.html#OAPEX1357147 Topic-Microsoft Project Prevalidation: Explained The following table describes Prevalidation

  rules for tasks and resource assignments.

  Level

  Rule

  Lowest-level tasks

  One labor and multiple expense resources are allowed for a lowest-level task. Remove other resources.

  Summary tasks

  Only one labor resource with zero allocation is allowed for a summary task. Remove all other resources.

  Milestone tasks

  No subtasks are allowed under milestone tasks. Milestones must be lowest-level tasks.

  Milestone tasks

  Milestone tasks must have zero duration.

  Milestone tasks

  Only one labor resource, with zero effort, is allowed for a milestone task. Remove all other resources.

  When exporting milestone tasks, ensure that the tasks:

  Are lowest-levels task with zero duration, that is, the same start and finish dates. Have only one labor resource assignment with zero effort. Have percent work complete values of 0 or 100 percent. Any other values are set to zero before

  export.

• Question 4:

  Your client is involved in automation control systems installation. Over the years, they have analyzed their total project spend on specific resource classes. They have identified that their cost spread distribution factor on a 10 spread point scale resembles:

  0-4-10-11-14-13-10-4-0-0. Identify two ways to handle this kind of a spread on their budgets and forecasts. (Choose two)

  A. Create a new spread curve or edit an existing spread curve to exactly match the spread points and attach to a project template.

  B. Create a new spread curve or edit an existing spread curve to exactly match the spread points and attach to the resource class.

  C. Use the predefined Bell Curve spread with small deviations on the spread points.

  D. Use the predefined S-Curve spread with small deviations on the spread points.

  Correct Answer: AB

  To handle a custom spread on budgets and forecasts, you can either create a new spread curve or edit an existing one to match the desired spread points. Then, you can attach the spread curve to a project template or a resource class, depending on whether you want to apply it to all projects using that template or all transactions using that resource class. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/define-project-budgets-andforecasts.html#OAPFM2355819

• Question 5:

  Stigma Consulting wants to implement the program management capability to coordinate and track their strategic programs.

  Which three components are required to configure the program options as part of implementing the program management capability? (Choose three.)

  A. Calendar

  B. Calculation Methods

  C. Derivation Methods

  D. Currencies

  E. Accounting Methods

  Correct Answer: ABC

  Program management is a capability that allows you to coordinate and track multiple related projects and tasks as part of a strategic program. To configure the program options as part of implementing the program management capability, you need to define three components: Calendar: This component allows you to specify the calendar that is used to calculate the dates and durations for the program and its projects and tasks. Calculation Methods: This component allows you to specify the methods that are used to calculate the progress, performance, and variance measures for the program and its projects and tasks based on various sources and formulas. Derivation Methods: This component allows you to specify the methods that are used to derive the attributes and values for the program and its projects and tasks based on various rules and conditions. Currencies and Accounting Methods are not components that are required to configure the program options. Currencies are used to define the currency conversion rates and rules for the program and its projects and tasks. Accounting Methods are used to define the subledger accounting rules and options for the program and its projects and tasks. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-programs.html#OAPFM2356261

• Question 6:

  Which three are true of what you can do in the Project Requirements work area?

  A. Create an implementation project.

  B. Organize backlog items by requirements.

  C. Create an execution project.

  D. Create project tasks for backlog items.

  E. Manage your list of backlog items.

  Correct Answer: BDE

  Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapem/manage-project-requirements.html#OAPEM874365 Project Requirements: Explained Requirements enable you to capture your business needs. If you manage projects using the Agile development methodology, you start by identifying the high-level requirements and decomposing them further to manage the completion of work on the requirement.

  You use the Project Requirements work area to: Organize backlog items by requirements Manage your list of backlog items Create project tasks for backlog items

• Question 7:

  You have projects and tasks defined with transaction controls, which does not allow certain types of charges to the project. Your business needs to create invoices in AP with this project every period and hence would like to make the process easier by creating a distribution set. As you create the distribution set, you notice that these distribution set lines are not validated against the project transaction controls and you are allowed to save it without any validation errors. Identify the reason why the project transaction controls are not applied. (Choose the best answer.)

  A. There is no expenditure type information available on the distribution set line.

  B. There is no expenditure organization information available on the distribution set line.

  C. There is no expenditure item date information available on the distribution set line.

  D. The account code combination is not available on the distribution set line.

  Correct Answer: C

  Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/18c/oapfm/project-costing-configuration-define-project-costing-integrations.html#OAPFM174886 How can I validate distribution sets for projects information? Oracle Fusion Projects performs validations on Oracle Fusion Payables distribution sets for payables invoices at the time you create the actual distribution set lines. It validates the project and task number during the invoice validation. Distribution sets are typically used on recurring transactions, and the associated project does not have transaction controls. When you create a distribution set in Oracle Fusion Payables, the distribution set line is not validated against the project transaction controls in Oracle Fusion Projects because you do not enter an expenditure item date, which is required for transaction control validation. The expenditure item date is not provided because you use the distribution sets for an indefinite period of time.

• Question 8:

  Your customer wants to generate accounting based on project information associated with the transaction for all subledger transactions. Identify three subledger applications for which the project source is available for deriving accounts when configuring subledger accounting. (Choose three.)

  A. Receipt Accounting

  B. Payables

  C. Fixed Asset

  D. Purchasing

  Correct Answer: ABD

  Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/project-costing-configuration-define-project-costing-integrations.html#OAPFM3094605 Topic-Deriving Projects-Related Accounts

• Question 9:

  A consulting services company is currently working on a business transformation project for your client that spans over 10 months. The total contract amount is 250000 USD. They have generated a revenue of 25000 USD and an Invoice of 10000 USD at the end of the first period.

  The accounting entry for revenue is:

  

  and accounting entry for invoice is:

  

  What will be the accounting entry when you reclassify the billing offset balances in the first period?

  A. Dr Deferred Revenue 10000Cr Unbilled Receivables 10000

  B. Dr Accounts Receivables 10000Cr Unbilled Receivables 10000

  C. Dr Unbilled Receivables 10000Cr Accounts Receivables 10000

  D. Dr Accounts Receivables 10000Cr Revenue 10000

  Correct Answer: B

  When you reclassify the billing offset balances in the first period, the accounting entry is:

  Dr Accounts Receivables 10000-Cr Unbilled Receivables 10000 This entry reduces the unbilled receivables balance and increases the accounts receivables balance by the invoice amount. This is because the invoice has been created and

  sent to the customer, and the billing offset account is no longer needed. Reference:

  https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2356091

• Question 10:

  You want to create a few project roles so as to restrict access in the Project Financial Management work area to only the specific projects in which an employee is assigned as a team member. What are the two default project roles available to meet this requirement? ( Choose two.)

  A. Project Executive-Security based on Project Hierarchy

  B. Project Accountant-Security based on BU for Assets, Expenditure BU for Costs and Contract BU for Revenue

  C. Project Manager-Security based on Project Assignment

  D. Project Billing Specialist-Security based on Contract BU

  E. Project Team Member-Security based on Project Assignment

  Correct Answer: CE

  Ref: https://docs.oracle.com/en/cloud/saas/applications-common/r13-update17d/faser/implementing-security-in-oracle-fusion-project-portfolio-management.html#FASER1840867