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2016 Dec 1Z0-511 test question
Q31. 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
Q32. A project is undertaken for a customer where all labor costs are non-billable, and Non-Labor costs are billable if the accumulated costs incurred are greater than $10k.
How can Oracle Projects be implemented to support this?
A. Use transaction controls to restrict billing to Non-Labor elements and to calculate the bill amounts on Non-Labor.
B. Use transaction controls tobilling Non-Labor elements, capture the value on the project, and then use the Non-Labor billing extension to calculate when an activity is billable.
C. Create an agreement and funding for $10k only, and fund only those tasks on a project where you estimate to incur costs of $10k or more.
D. Use the cost-to-cost billing extension to build billing rules to meet the requirement.
E. Use the cost accrual extension.
Q33. 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
Q34. A new contract project is created for work for a customer by using event-based billing. A decision has been made to give a discount to the customer on a particular invoice. You want to apply this discount and reduce the invoice without affecting revenue.
Which event type should be used to achieve this?
B. Invoice Reduction
C. Deferred Revenue
Explanation: Event Type Classification is: Scheduled Payment, Deferred Revenue, Invoice Reduction, Manual, or Automatic (for billing events only)
Q35. Which three statements are true about Multi-Currency Billing?
A. Agreements, Events, and Bill Rates have to be in the same current as the Project Functional Currency.
B. Agreements,Events, and Bill Rates can all be different currencies than the ProjectFunctionalCurrency.
C. The Project Currency can be different from theFunctional Currency of the operating unitthat owns the project.
D. The ProjectCurrency has tobe the same as the Functional Currency of the operating unit that owns the project.
E. An agreementcan fund invoices in more than one currency.
Explanation: C:The multi-currency billing option can be set both at the operating unit level and at the project level. To enter agreements and rate schedules in any currency for a project, you must enable the multi-currency billing functionality for the operating unit. To enter events in any currency for a project, you can enable the functionality at the project level only. This value defaults from the project template You can override the default value for an individual project template or project.
Oracle Projects gives you the option to bill in a global environment when the multi-currency billing is enabled for an operating unit and for a project. When multi-currency billing is enabled, you can:
*Enter agreements, bill rates, and events in any currency regardless of the project functional currency(B)
*Designate the project functional currency, project currency, or funding currency as the invoice processing currency for a project
*Designate the project functional currency and the invoice transaction currency as the revenue transaction currency
*Define currency conversion attributes for converting revenue and invoicing amounts to the project currency, project functional currency, and funding currency
*Define currency conversion attributes for converting funding amounts to the project functional currency, and the project currency
*Define a default invoice currency for a project customer that is different from the project functional currency and assign conversion attributes for deriving revenue in this currency
Reference:Oracle Project Billing User Guide
Most recent 1Z0-511 test engine:
Q36. A project manager wants to create a revenue budget based on the project agreement and allocated funding. How can this be achieved?
A. by manually creatingarevenue budget
B. by selecting Funding revaluation in the systemimplementation options.
C. by selecting the "baseline project without budget" option, which will createa revenue budgetautomatically based on project funding
D. by selecting Invoiceat top taskfor the project
E. by setting transaction controls
Explanation: You can automatically create and baseline an Approved Revenue Budget for a project by checking the Baseline Funding without Budget check box in the Project Funding Inquiry window.
Note:Budget/Fund/Bill at Project or Top Task Level
You can create a revenue budget, funding source allocation and project agreement, and perform billing at either the project or the top task level. After you have created an allocation line at either level, you cannot change to another level. For example, if you have created a funding allocation for a top task, you cannot create another funding allocation for the same project without entering a top task.
Reference:Oracle Project Contracts Implementation Guide
Q37. An organization wants to consolidate work based billing across multiple projects (produce one invoice for a single customer based on multiple contract projects).
Which two methods will help them accomplish this?
A. Create draft Invoices against individual projects, and consolidate them in Receivables.
B. Create a program. All costs will roll up to the program level and the program can be billed.
C. Run theinvoice consolidation concurrent request to produce a singleinvoice.
D. Carry out billing against top tasks across any projects with the same ServiceType.
E. Use inter-project billing so that individual contract projects invoice a single project which, in turn, bills the customer.
Explanation: C:Consolidated Invoicing allows you to consolidate multiple project invoices into one single invoice.
Reference:Project Billing Made Easy Using Invoice Consolidation
Q38. 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
Q39. A company has different organization requirements for HR, Payroll, Finance, and Projects. How can the company achieve this?
A. Byconfiguring a shared organization hierarchy
B. By configuring separate organization hierarchies for each application
C. By configuring a shared organization hierarchy forProjects and Payroll
D. By configuringashared organization hierarchy for Finance and Payroll
Note: *Organization hierarchies provide a structure for the relationships between the organizations within your enterprise. They enable you to manage expenditure and reporting data and coordinate project-owning organizations. If your organization uses business groups, you can create project burdening organization hierarchies for each business group.
You define an organization hierarchy by telling Oracle Projects which organizations are subordinate to which other organizations. You can define one organization hierarchy or several, depending on the needs of your enterprise. *The organizations and organization hierarchies of an enterprise are closely interrelated with the policies and procedures of that enterprise. To configure Oracle Projects to meet your business requirements, you must make critical implementation decisions regarding how you set up your organizations in Oracle Projects.
Organizations are departments, sections, divisions, companies, or other organizational units in your enterprise. You can gather collections of organizations into organization hierarchies. Organization hierarchies make it easier to manage expenditure and reporting data and coordinate the project-owning organizations within your enterprise.
Q40. 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.
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 & 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