1Z0-1057-23 Online Practice Questions and Answers

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

Correct Answer: C

Reference https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/define-project-organizations.html#OAPFM177674 Settings That Affect Performance Data Summarization You can summarize performance data for a

project unit, business unit, a range of projects, or projects managed by a project manager. When you run the Update Project Performance Data process from the Scheduled Processes page, select one of the summarization methods from the

following table:

Summarization Method

Usage

Incremental

Summarizes new transactions that are yet to be summarized Delete and re-summarize

Correct summary data when the source system data changes outside the regular transaction flow.

Do not use this summarization method when you run the Update Project Performance Data Without Producing Report process unless you are advised to do so.

Resource breakdown structure

Migrate all summary data from one resource breakdown structure version to the next. If you select this option, you must also specify the resource breakdown structure header.

Correct Answer: D

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjb/manage-project-contract-revenue.html#OAPJB164173 Associated Project Percent Spent Example The following formula calculates the percent spent revenue for the associated project. ((Sum of ITD Actual Cost for every subtask that is part of the associated task / Sum of Total Budgeted cost for every task that is part of associated task) x Associated Project Funded Amount) ?Sum of Existing Invoice Event Amounts for the Associated Project ((60/300) x 750) ?80 = 70 ((Actual Cost / Budgeted Cost) x Budgeted Revenue) ?Sum of Revenue Event Amount

Correct Answer: ABD

The project requirements work area is a work area that allows you to define and manage requirements for your projects using various methods and sources. Requirements are statements of needs or expectations that must be met by the project outcome. Backlog items are a type of requirement that are used for agile projects that follow an iterative and incremental approach. Three of the tasks that can be performed using the project requirements work area are: creating projects and tasks in the context of backlog items: This task allows you to create new projects and tasks or link existing projects and tasks to backlog items. This helps you to plan and execute the work that is required to fulfill the backlog items. creating issues for the backlog items: This task allows you to create new issues or link existing issues to backlog items. Issues are problems or risks that affect the progress or outcome of a project or requirement. This helps you to track and resolve the issues that are related to the backlog items. tracking backlog item status from the requirement storyboard: This task allows you to view and update the status of backlog items from the requirement storyboard. The requirement storyboard is a graphical representation of the progress and completion of backlog items using various stages and lanes. This helps you to monitor and control the delivery of backlog items. Adding scrum master to backlog items and creating change orders for the backlog items are not tasks that can be performed using the project requirements work area. Adding scrum master to backlog items is a task that can be performed using the project team work area, as scrum master is a role that is assigned to a project team member who facilitates and coordinates the agile project activities. Creating change orders for the backlog items is a task that can be performed using the project change management work area, as change orders are documents that capture and approve changes to a project scope, schedule, or budget. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-execution.html#OAPFM2356321

Correct Answer: ACE

Project type is a classification that defines the common attributes and processing options for projects. Some of the correct statements about project type are: Project type can be used as a source in subledger accounting. This allows you to create accounting rules based on the project type attribute. Summarization options can be specified at project type. This allows you to control how the project transactions are summarized for reporting and performance purposes. Project type can be associated with multiple project units. This allows you to share the same project type across different business units or organizations. Project type cannot be enabled for both billing and capitalization, as these are mutually exclusive options. Classifications cannot be assigned at project type, but at project or task level. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/set-up-project-financialmanagement.html#OAPFM2355971

Correct Answer: C

Reference https://docs.oracle.com/cd/E51367_01/projectop_gs/OAPJC/F1071488AN1004C.htm To import and process third-party transactions that are costed and accounted, you need to set the Transaction Source Options for the transaction source that you use to import the transactions. The Transaction Source Options allow you to specify whether the transactions are costed and accounted by the source system or by Oracle Fusion Cost Management. You can also specify whether to validate and transfer costs and accounting entries to projects and general ledger. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2355941

Correct Answer: D

Reference https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_8718794B26A7BB93E040D30A6 88149A3

Correct Answer: A

Reference https://docs.oracle.com/cd/E51367_01/projectop_gs/OAPJB/F1087458AN139C2.htm Topic ?Invoice and Revenue Rates: How They Are Determined Oracle Fusion Project Billing uses bill rates, burdening, and transfer price schedules to derive standard bill rates, multipliers, markups, and bases for calculating potential revenue when the revenue method classification on a revenue plan is as billed, as incurred, or rate based. Similarly, bill rates derive invoice amounts when the invoice method classification on a bill plan is rate based.

Correct Answer: AC

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oapjm/index.html#_Toc468200732_1_12 Topic ?Privileges-This table lists privileges granted to duties of the abstract role Project Management Duty. Granted Role-Project Plan Management Privilege ?only A and C are listed

Correct Answer: D

Reference https://docs.oracle.com/en/cloud/saas/applications-common/19b/facia/define-enterprise-structures.html#FACIA462453 Reference Data Sharing Methods

Variations exist in the methods used to share data in reference data sets across different types of objects. The following list identifies the methods:

Assignment to one set only, no common values allowed. This method is the simplest form of sharing reference data that allows assigning a reference data object instance to one and only one set. For example, Asset Prorate Conventions are

defined and assigned to only one reference data set. This set can be shared across multiple asset books, but all the values are contained only in this one set.

Assignment to one set only, with common values. This method is the most commonly used method of sharing reference data that allows defining reference data object instance across all sets. For example, Receivables Transaction Types are

assigned to a common set that is available to all the business units. You need not explicitly assign the transaction types to each business unit. In addition, you can assign a business unit-specific set of transaction types. At transaction entry,

the list of values for transaction types includes the following:

Transaction types from the set assigned to the business unit. Transaction types assigned to the common set that is shared across all business units.

Assignment to multiple sets, no common values allowed. The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method. It means

that each payment term can be assigned to one or more than one set. For example, you assign the payment term Net 30 to several sets but assign Net 15 to a set specific only to your business unit. At transaction entry, the list of values for

payment terms consists of only the set that is assigned to the transaction's business unit.

Note: Oracle Fusion Applications contains a reference data set called Enterprise. Define any reference data that affects your entire enterprise in this set. Also update the data set going forward as you create new reference data items.

Correct Answer: A

To fix the problem of project resources not reporting their time promptly, you should enable track missing time at project unit. This option allows you to track and report on missing time entries for project resources based on their work assignments and schedules. You can also set up notifications and reminders to prompt resources to enter their time on a regular basis. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manageproject-time-and-labor.html#OAPFM2356011

Correct Answer: ABC

The project resource search index is used to store and retrieve information about project resources such as their availability, qualifications, preferences, etc. The project resource search index is used for three purposes:

Display resource details: The project resource search index provides the resource details such as name, email, job title, organization, etc. that are displayed on the resource search page.

Filter counts while you search for resources: The project resource search index provides the filter counts that show how many resources match each filter criterion on the resource search page.

Calculate Resource Qualification Scores: The project resource search index provides the qualification information such as skills, certifications, languages, etc. that are used to calculate the Resource Qualification Scores for each resource

based on their match with the resource request. The project resource search index does not provide absence details for resources or calculate Resource Availability Scores. These are provided by other components such as Oracle Fusion

Absence Management and Oracle Fusion Human Capital Management. Reference:

https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-resources.html#OAPFM2356181

Correct Answer: B

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/fapfm/introducing-oracle-project-portfolio-management-cloud-services.html#FAPFM428138 Topic-Project Foundation Profile Options Profile Option Name-Task Managers Must Be Project Team Members Description-Specify whether task managers must be project team members. Values No (Default) / Yes Setup Task Name-Require Task Managers to be Project Team Members

Correct Answer: C

The section on the Manage Project Transaction Sources page that will allow you to enable these options is Document Entries. This section allows you to define the attributes and options for each document entry type that is associated with a transaction source. A document entry type represents a group of transactions that have similar characteristics and processing rules. For example, you can define a document entry type for expense reports and enable adjustment and reversal options for this document entry type. The Documents section allows you to define the attributes and options for each document type that is associated with a transaction source. A document type represents a source document that contains one or more transactions. For example, you can define a document type for expense reports and enable validation and transfer options for this document type. The Transaction Source section allows you to define the attributes and options for each transaction source that is used to import transactions from an external system. A transaction source represents a system or application that provides transactions to Oracle Fusion Project Costing. For example, you can define a transaction source for expense reports and enable costing and accounting options for this transaction source. The Transaction Entries section allows you to review and manage the transactions that are imported from an external system using a transaction source. You can view, edit, adjust, reverse, validate, and transfer transactions in this section. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2356241

Correct Answer: AE

To enable a task as a business object for social networking, you need to select the task and the project attributes. These attributes allow you to identify the task and the project it belongs to, and to view the social conversations related to them. Task number and creation date are not available as attributes for social networking. Project number is available, but it is not required to enable a task as a business object. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-tasks.html#OAPFM2355891