How to pass Oracle 1Z0-511 Real Exam in 24 Hours [exam answers 41-49]

Exam Code: 1Z0-511 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle E-Business Suite R12 Project Essentials Exam
Certification Provider: Oracle
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2016 Jun 1Z0-511 Study Guide Questions:

Q41. 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. 

Answer: B,C,E 

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. 

Note: 

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 

Q42. A customer has gone into bankruptcy and is unable to pay their bills. This means that the project revenue is now overstated. How can the customer reduce the revenue on the project to accurately reflect the amount of collectable revenue? 

A. Create a revenue write-off event forthe uncollectable element andinterface to General Ledger. 

B. Create a negative funding line and assign to the project thus reducing its revenue. 

C. Createacost adjustment on the project using preapproved batches. 

D. Createa credit memo in Oracle Projects and interface to Accounts Receivable. 

E. Entera transaction control against the expendituretypes and regenerate the draft invoice. 

Answer: A 

Q43. 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 

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Q44. Identify the correct setup to Integrate Project costing with Oracle Inventory. 

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

B. Set up Oracle Project Manufacturing. 

In Oracle Projects, define an expenditure type with class "Inventory." 

Define the project-relatedtransaction source in Oracle Inventory. 

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

D. Oracle Project Manufacturing must be set up. 

In Oracle Inventory, enable Project Cost Collection for each organization. 

Define the project-related transaction source inOracle Inventory 

Answer: C 

Explanation: 

*Integrating Projects with Inventory without Project ManufacturingYou 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: 

. 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. 

. Create a Project-Enabled Transaction Type..

. 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. 

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

*Oracle Inventory Integration 

The following stepsarerequired for Oracle Inventory integration: . Install and implement Oracle Inventory . Define project-related transaction types in Oracle Inventory 

Reference: 

Oracle Projects Implementation Guide 

Q45. 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. 

Answer: A,C,E 

Explanation: 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 

Q46. 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. 

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Q47. A customer is billed using deliverable billing events, which are currently approved by the customer and the finance director before invoicing. There are often invoices awaiting the finance director's approval and release. The Finance director would like to use functionality that allows all invoices to be approved and released automatically. 

How can this be achieved? 

A. Use deliverable managementto automatically approve the invoice. 

B. Implement the cost-to-cost billing extension. 

C. Implement the costaccrual and project status inquiry extension. 

D. Implement theinvoice approval/release extension. 

E. Set the "Interface unreleased revenue to GL" profile option to "Yes." 

Answer: D 

Explanation: The Automatic Invoice Approve/Release Extension allows you to release 

invoices automatically as part of the Generate Draft Invoice process. 

Incorrect: 

Not E: 

Generating Revenue Accounting Events 

After you generate and release the revenue, you run the concurrent program PRC: 

Generate Revenue Accounting Events. The concurrent program determines default 

unearned revenue and unbilled receivables accounts using AutoAccounting and generates 

accounting events for Oracle Subledger Accounting. 

Note:.If you set the profile option PA: Interface Unreleased Revenue to GL to yes, then 

Oracle Projects automatically releases any unreleased revenue when you run the 

concurrent program PRC: Generate Revenue Accounting Events. 

Reference:Oracle Project Billing User Guide,Releasing Invoices 

Q48. Identity three transactions that can be entered as a pre-approved expenditure batch: 

A. Burden 

B. Supplier Invoices 

C. Usages 

D. Expense Reports 

E. Miscellaneous 

Answer: A,D,E 

Explanation: Pre-approved expenditures are timecards, expense reports(D), usage logs, miscellaneous transactions(E), burden transactions(A), inventory transactions, and work in process transactions usually completed on paper and approved by a supervisor. You enter pre-approvedexpenditures into Oracle Projects in batch mode, generally on a weekly basis. After you enter the batches into the system, you submit them for review and then release them for cost distribution. 

Reference:Pre-Approved Expenditures 

Q49. In a manufacturing company, there is a need to define 50 different jobs for engineers in Human Resources. For those 50 jobs, Oracle Projects has only 20 equivalent jobs for Billing. 

What functionality do you use to link these Human Resources and Projects jobs? 

A. Job Groups 

B. Job Families 

C. Job Mapping 

D. JobLevels 

E. Job Hierarchy 

Answer: A 

Explanation: Organizations within your enterprise are not required to use the same job definitions. You can define job groups for specific purposes and define unique jobs for each group. You can then map a job from one group to a job in another group. For example, the job titles you need for your European operating units may be different from the job titles you need for your U.S. operating units. For global projects you can define a global job set and map your European and U.S. jobs to the appropriate global jobs. These global jobs can then be used by your global projects to provide accurate and consistent billing and reporting. 

Reference:Oracle Projects Fundamentals,Jobs Overview 

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