Question No. 1

What must be defined to enable a company to use an organization for a straight time expenditure?

ADefine the organization with the Following:
1. Add Cost Centre as the Organization type.
2. Add an organization classification of HR Organization.
3. Add the organization to an organization hierarchy.

BDefine the organization with the Following:
1. Add the organization classifications HR Organization and Project Expenditure/Event
2. Add the organization to an organization hierarchy
3. Add the organization hierarchy to the appropriate Oracle project implementation option setting

CDefine the organization with the following:
1. Add the organization classifications Project/Task Owning Organization and Project Expenditure/Event Organization.
2. Add the organization to an organization hierarchy.
3. Add the organization hierarchy to the appropriate Oracle project implementation option setting.

DDefine the organization with the following:
1. Add the organization classifications Project Expenditure/Event Organization.
2. Add the organization to an organization hierarchy.
3. Add the organization hierarchy to the appropriate Oracle project implementation option setting.

EDefine the organization with the Following:
1. Add the organization classifications HR Organization and Project Expenditure/Event
2. Add the organization to an organization hierarchy.
3. Define Organization Labor Costing Rules.

Show Answer

Correct Answer: E

Note:

* You can set this at the Inventory Organization level in the Project Manufacturing Parameters window, the Costing tabbed region. This allows WIP employee resources and Project straight time hours to be summarized as Straight Time Expenditure Type Class.

* expenditure type class

An additional classification for expenditure types that indicates how Oracle Projects processes the expenditure types. For example, if you run the Distribute Labor Costs process, Oracle Projects will calculate the cost of all expenditure items assigned to the Straight Time expenditure type class. Formerly known as system linkage

Question No. 2

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?

ADebit: Cost of Goods Sold
Credit: Unbilled Receivables

BDebit: Bank
Credit: Revenue

CDebit: Unearned Revenue
Credit: Revenue

DDebit: Revenue
Credit: Accounts Payable Liability Account

EDebit: Unbilled Receivables
Credit: Revenue

Show Answer

Correct Answer: E

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.

Account Debit Credit

Unbilled Receivables and/or Unearned Revenue 200.00

Revenue 200.00

Question No. 3

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?

AEvents form within Project Status Inquiry

BAccrued revenue within Expenditure Inquiry Form

CRevenue Review Form

DReview Project Funding Form

Show Answer

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 original budgeted 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 No. 4

Identify the four different levels where transaction controls are defined.

AExpenditure Categories

BExpenditure Organization

CEmployee

DProject Organization

EExpenditure Type

FPerson Type

Show Answer

Correct Answer: A, C, D, E

You can configure transaction controls by the following:

(A) Expenditure Category

(C) Employee

(E) Expenditure Type

Non-Labor Resource

Question No. 5

Identify the correct setup to Integrate Project costing with Oracle Inventory.

A1. In Oracle Inventory, enable Project Cost Collection for each organization.
2. In Oracle Projects, define an expenditure type with class 'Inventory.'
3. Define the project related transaction source in Oracle Inventory.

B1. Set up Oracle Project Manufacturing.
2. In Oracle Projects, define an expenditure type with class 'Inventory.'
3. Define the project-related transaction source in Oracle Inventory.

C1. In Oracle Inventory, enable Project Cost Collection for each organization.
2. In Oracle Projects, define an expenditure type with class 'Inventory.'
3. Define the project-related transaction type in Oracle Inventory.

D1. Oracle Project Manufacturing must be set up.
2. In Oracle Inventory, enable Project Cost Collection for each organization.
3. Define the project-related transaction source in Oracle Inventory

Show Answer

Correct Answer: C

* Integrating Projects with Inventory without Project Manufacturing

You can implement Inventory to Projects integration so that you can issue from inventory to projects without installing Project Manufacturing. To implement this integration, follow these steps:

1. Enable Project Cost Collection. In the Organization Parameters window in Oracle Inventory, enable the Project Cost Collection Enabled box. See Defining Costing Information,Oracle Inventory User's Guide.

2. Create a Project-Enabled Transaction Type.

3. Set the INV: Project Miscellaneous Transaction Expenditure Type Profile Option. In Oracle Inventory, set the value of this profile option to User Entered. With this setting, You must enter expenditure types for project miscellaneous transactions.

4. Create an Inventory Expenditure Type. In Oracle Projects, create an expenditure type with the transaction type class Inventory.

* Oracle Inventory Integration

The following steps are required for Oracle Inventory integration:

1. Install and implement Oracle Inventory

2. Define project-related transaction types in Oracle Inventory

Oracle Projects Implementation Guide

Free Oracle 1Z0-511 Exam Actual Questions

The questions for 1Z0-511 were last updated On Jan 19, 2025