oracle 1z0-1057-24 practice test
Oracle Project Management Cloud 2024 Implementation Professional
Question 1
A consulting services company is currently working on a business transformation project for your
client, which spans multiple years. At the first period close, the consulting services company has
recognized revenue and the accounting entry created is:
Dr Unbilled Receivables 40,000
Cr Revenue 40,000
At the end of the period, the client is sent an associated bill. What would be the corresponding
invoice accounting entry? (Choose the best answer.)
- A. Dr Unearned Revenue 40,000Cr Accounts Receivables 40,000
- B. Dr Accounts Receivables 40,000Cr Unbilled Receivables 40,000
- C. Dr Accounts Receivables 40,000Cr Revenue 40,000
- D. Dr Unearned Revenue 40,000Cr Revenue 40,000
Answer:
B
Explanation:
When the invoice is created, the unbilled receivables balance is reduced and the accounts
receivables balance is increased by the invoice amount. This is because the revenue has already been
recognized and the invoice is just a request for payment from the customer. Reference:
https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/project-accounting.html#OAPFM2355710
Question 2
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
Answer:
C, D, E
Explanation:
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
One labor and multiple expense resources are allowed for a lowest-level task.
tasks
Remove other resources.
Summary
Only one labor resource with zero allocation is allowed for a summary task. Remove
tasks
all other resources.
Milestone
No subtasks are allowed under milestone tasks. Milestones must be lowest-level
tasks
tasks.
Milestone
Milestone tasks must have zero duration.
tasks
Milestone
Only one labor resource, with zero effort, is allowed for a milestone task. Remove all
tasks
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 3
Your customer wants to automatically allocate unassigned asset lines and common costs across
multiple assets based on the construction-in-process cost of each asset. Identify the asset allocation
method that you must use as the default method while configuring project types to meet this
requirement. (Choose the best answer.)
- A. Standard Unit Cost
- B. Actual Unit
- C. Current Cost
- D. Estimated Cost
- E. Spread Evenly
Answer:
C
Explanation:
Ref:
https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oapfm/project-foundation-configuration-manage-project-types.html#OAPFM220111
Topic – Asset Cost Allocation Methods: Explained
The asset cost allocation method determines how indirect or common costs incurred on a project are
allocated to multiple assets.
You can specify an asset cost allocation method to enable Oracle Fusion Project Costing to
automatically allocate unassigned asset lines and common costs across multiple assets. Unassigned
asset lines typically occur when more than one asset is assigned to an asset grouping level.
Projects and project templates inherit a default asset cost allocation method from the associated
project type. You can override the default at the project level. If you use capital events to allocate
costs, then you can also override the asset cost allocation method at the event level.
The following table describes the available asset cost allocation methods.
Method
Basis of Cost Allocation
Actual Units
Number of units defined for each asset
Current Cost
Construction-in-process (CIP) cost of each asset
Estimated Cost Estimated cost of each asset
Standard Unit
Combination of the standard unit cost and the number of units
Cost
defined for each asset
Spread Evenly
Equal allocation of cost to each asset
Question 4
Your customer wants to calculate Estimate to Complete (ETC) as the difference between Current
Planned Cost and Actual Cost. In Progress Settings, which option would you use in conjunction with
the ETC method to meet this requirement? (Choose the best answer.)
- A. Effort
- B. Cost
- C. Manual Entry
- D. Remaining Plan
Answer:
B
Explanation:
Reference:
https://ppm-
help.saas.hpe.com/en/9.42/Help/Content/UG/PjMUG/view_pj_cost_data_costtab.htm
Below is an example of the Financial Summary view on the Cost tab of the Project Overview page.
Question 5
Which five steps are required for the File-Based Data Import Integration option?
- A. Run Process to transfer data to interface tables.
- B. Install an Excel add-in.
- C. Upload the file to the server.
- D. Download an Excel template.
- E. Populate the spreadsheet with data and generate a CSV file.
- F. Import data into various applications.
- G. Validate the sheet using the Validate option.
Answer:
A B C D E
Explanation:
Ref:
https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oefpp/overview.html#External_Data_Integration_Services_for_Oracle_Cloud_Ov
erview
Question 6
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.
Answer:
C
Explanation:
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 7
Identify the attribute of a project type that determines if expenditure items are billable, and the
amount type to be used as the basis for transfer pricing. (Choose the best answer.)
- A. work type
- B. event type
- C. cost type
- D. expenditure type
Answer:
A
Explanation:
Reference:
https://docs.oracle.com/cloud/latest/projectcs_gs/OAPFM/OAPFM1125361.htm#OAPFM1125277
(what’s a work type?)
In billing, you can use work types to classify work for the following purposes:
To determine the default billable status of expenditure items.
To classify cross-charge amounts into cost and revenue for cross-charge transactions.
Tip: To use work types to determine whether an expenditure item is billable you must set the profile
option Work Type Derived for Expenditure Item to Yes.
When you create or import expenditure items, the default work type is inherited from the associated
task. Tasks, in turn, inherit work type values from parent tasks and ultimately from the project.
Project types determine the default work type value for projects and project templates.
Question 8
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.
Answer:
AB
Explanation:
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-and-forecasts.html#OAPFM2355819
Question 9
Your organization has been awarded a new contract based on which you are allowed to sell:
Items not tracked in inventory
Inventory items
Services
Which contract structure would fulfill your requirement of item sales? (Choose the best answer.)
- A. Create two contract lines with a line type each of “free-form, project-based buy agreement” and “bundle sell, project-based”.
- B. Create two contract lines with a line type each of “sell intent, free-form, project-based” and “sell intent, item, project-based”.
- C. Create two contract lines with a line type each of “product, project-based, sell agreement, standalone” and “sell intent, item, project-based”.
- D. Create two contract lines with a line type each of “sell intent, item, project-based’ and “subscription, project-based, sell”.
Answer:
B
Explanation:
To sell items not tracked in inventory, inventory items, and services, you can create two contract lines
with different line types. The line type of “sell intent, free-form, project-based” allows you to sell any
item or service without specifying the item number or quantity. The line type of “sell intent, item,
project-based” allows you to sell inventory items by specifying the item number and quantity. Both
line types are project-based, meaning they are linked to a project and generate revenue based on
project performance. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-contracts.html#OAPFM2355835
Question 10
Your customer wants a project start date to cascade to the project tasks but does not want the finish
date to be cascaded. Identify the default setup in a project template that can be used to enable this.
(Choose the best answer.)
- A. Cascade change to the start date.
- B. Do not cascade date changes.
- C. Cascade change to the finish date.
- D. Cascade change to the start date and the finish date.
Answer:
A
Explanation:
Reference:
https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/project-control-configuration-manage-financial-and-project-plan-types.html#OAPFM79055
Topic - Project Date Cascade Options
Use the Cascade option choice list to determine whether your changes to project dates cascade to
tasks.
Use the Basic Information region on the Edit Project Template page to select one of the following
options:
Do not cascade project date changes to tasks: Both start and finish dates are editable. However, you
must ensure the following:
The project start date is not later than the earliest task date.
The project finish date is not earlier than the latest task date.
Cascade project start date change to affected tasks: You can edit only the project start date.
Cascade project finish date change to affected tasks: You can edit only the project finish date.
Do not cascade project date changes to tasks is the default value. You must select the cascade option
each time you change the project dates, as your selection isn't saved for future date changes.
If you select to roll up planned dates for tasks or are using an external application for scheduling,
then you can't modify the project start or finish dates.
Question 11
Identify the precedence order in which cost rates are determined for a planning resource when
deriving raw costs for rate-based planning resources. (Choose the best answer.)
- A. Override rate > Job rate schedule > Resource class rate schedule > Person rate schedule
- B. Person rate schedule > Job rate schedule > Resource class rate schedule > Override rate
- C. Job rate schedule > Resource class rate schedule > Override rate > Person rate schedule
- D. Override rate > Person rate schedule > Job rate schedule > Resource class rate schedule
- E. Resource class rate schedule > Override rate > Job rate schedule > Person rate schedule
Answer:
D
Explanation:
Reference:
https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_8718794B26A7BB93E040D30A688149A3
Question 12
Your business user has created a purchase order (PO) that has the following attributes:
Accrue at Receipt = Yes
Matching Option = 2 way
Receipt Close Tolerance = 100%
After approval, the PO is closed for receiving without creating a receipt. An AP invoice is created by
matching to the PO. The user now runs Create Accounting for Receiving Transactions and then the
“Import and Process Cost transactions” ESS (Enterprise Scheduler Service) job using the Transaction
Source parameter as “Oracle Payables”. The user notices that there is no cost transferred to the
projects. Identify two reasons for this problem. (Choose two.)
- A. When you have an AP invoice that is matched against a PO with Accrue at Receipt set to NO, cost is transferred to projects by receipt accounting.
- B. When you have an AP invoice that is matched against a PO with Accrue at Receipt set to YES, cost is transferred to projects by Cost Management and not by Payables.
- C. When you have an AP invoice that is matched against a PO with Accrue at Receipt set to Yes, cost is transferred to projects only if there are accounted receipt lines.
- D. When you have an AP invoice that is matched against a PO with Accrue at Receipt set to Yes, cost is transferred to project by payables.
Answer:
B, C
Explanation:
When the Accrue at Receipt option is set to Yes on a PO, the cost of the items or services is accrued
when they are received, not when they are invoiced. Therefore, the cost is transferred to projects by
Cost Management and not by Payables. However, if the PO is closed for receiving without creating a
receipt, there will be no accounted receipt lines and no cost will be transferred to projects. To
transfer the cost to projects, you need to either create a receipt or reopen the PO for receiving.
Reference:
https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2355855
Question 13
After completing setups in a source environment, your customer wants to move the setup data to a
target environment. Identify the two statements related to task list scope, which you must consider
before taking a decision based on the customer requirement. (Choose two.)
- A. Exported setup data can be filtered by specific scope values if the business object has scope enabled for the setup data export.
- B. Exported setup data cannot be filtered by specific scope values if the business object has scope enabled for the setup data export.
- C. A scope value is used to assign users who can perform a task within an implementation project.
- D. A task list can be segmented by a scope value and a task can be performed for each qualifying value of the selected object.
Answer:
A, D
Explanation:
Reference:
https://docs.oracle.com/cd/E60665_01/common/OAFSM/OAFSM1166430.htm#OAFSM1166426
Question 14
As you go through the first-quarter close for your customer, you notice that the burden amounts
calculated do not seem to be right. Based on the calculations, you notice that the amounts calculated
are not considering the burden schedule override at a task level, which was done during the second
month of the quarter.
What is the reason for this problem?
- A. Only new expenditure items charged to the task use the new burden schedule; expenditure items processed earlier cannot be reprocessed.
- B. Only new expenditure items charged to the task use the new burden schedule; expenditure items processed earlier can be manually marked for reprocessing.
- C. You can enable automatic reprocessing of expenditure items processed before the burden schedule change.
- D. All expenditure items charged to the task use the new burden schedule.
Answer:
B
Explanation:
Reference:
https://docs.oracle.com/cloud/r13_update17b/projectcs_gs/OAPJC/OAPJC1071490.htm#OAPJC1071
482
Question 15
You have been asked to set up one active person, who is not a team member in the project, as a
quality manager for each quality task created under projects. However, when you try to assign the
quality manager as Task Manager, you cannot find the person's name in the list of values. What is the
reason for this problem? (Choose the best answer.)
- A. The “Require Task Managers to be Project Team Members” profile option is set to No.
- B. The “Require Task Managers to be Project Team Members” profile option is set to Yes.
- C. The quality manager belongs to a department that is not associated with the project.
- D. The quality manager is not assigned with a supervisor.
Answer:
B
Explanation:
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