Oracle Project Management Cloud 2021 Implementation Essentials (1Z0-1057-21) Free Practice Test

Question 1

Your organization performs revenue recognition based on the Labor and Non-labor Burden schedule types.
Identify the setup required to enable this kind of revenue recognition. (Choose the best answer.)

A. Create a revenue method classification with a revenue method of Percent Complete.

B. Create a revenue method with a revenue method classification of Amount Based.

C. Create a revenue method classification with a revenue method of Percent Spent.

D. Create arevenue method with a revenue method classification of Rate Based.

Correct Answer: D

Question 2

Which two privileges are assigned to the Project Plan Management duty in Security Reference Implementation? (Choose two.)

A. ManageProject Plan Resource Assignment

B. Allocate Project Expense

C. Transfer Project

D. View Project Progress

Correct Answer: A,D

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Question 3

Your organization has created an Enterprise Project Structure (EPS) and your executives review the overall project labor demand by using the EPS. Identify two correct statementsabout the periodic project labor demand. (Choose two.)

A. Labor Demand FTE is calculated as Quarterly Allocation hours divided by Quarterly FTE hours, if a quarter is used as the basis for viewing labor demand.

B. Labor Demand FTE is calculated as Monthly Allocation hours divided by Monthly FTE hours, if a period is used as the basis for viewing labor demand.

C. Labor Demand FTE is calculated as Project Allocation hours divided by Project FTE hours, if project duration is used as the basis for viewing labor demand.

D. Labor Demand FTE is calculated as YearlyAllocation hours divided by Yearly FTE hours, if a year is used as the basis for viewing labor demand.

Correct Answer: A,D

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Question 4

Which setup option is common to both financial and project plan types?

A. Identify whether the plantype is the default selection when you create budget or forecast versions.

B. Enable the entry of plan amounts in currencies other than the project currency.

C. Enable the use of a workflow for managing budget or forecasting status changes.

D. Manage the options for creating control budgets in Oracle Fusion Budgetary Control.

Correct Answer: B

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Question 5

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. Identify the reason for this problem. (Choose the best answer.)

A. Only new expenditure items charged to the task use the new burden schedule; expenditure items processed earlier can be manually marked for reprocessing.

B. All expenditure items charged to the task use the new burden schedule.

C. Only new expenditure items charged to the task use the new burden schedule; expenditure itemsprocessed earlier cannot be reprocessed.

D. You can enable automatic reprocessing of expenditureitems processed before the burden schedule change.

Correct Answer: A

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Question 6

You search for resources to fulfill a project resource request but are unable to proceed after receiving the following error message: "Thesearch for resources cannot be completed because the project resource search index is not available. Contact your help desk." Identify the cause for this error message. (Choose the best answer.)

A. The most recent update of the index finished successfully.

B. The index is not in the process.

C. The index is in the process of being updated.

D. The index has been built.

Correct Answer: C

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Question 7

Your customerhas different accounting and project accounting periods, and sometimes enters invoices with an invoice date in the open project accounting and closed accounting periods. Which two statements are true about how project accounting and accounting dates willbe populated in such invoices? (Choose two.)

A. Project accounting date is the first day of the first open project accountingperiod.

B. Project accounting date is the last day of the open project accounting period.

C. Project accounting date is the same as the original invoice date.

D. Accounting date is the first day of the first open accounting period.

E. Accounting date is the same as the original invoice date.

Correct Answer: C,D

Question 8

You want tocreate a few project roles so as to restrict accessin the Project Financial Management work area to only the specific projects in which an employee is assigned as a team member. What are the two default project roles available to meet this requirement? (

A. Project Billing Specialist- Security based on Contract BU

B. Project Manager- Security based on Project Assignment

C. Project Accountant- Security based on BU for Assets, Expenditure BU for Costs and Contract BU for Revenue

D. Project Executive- Security basedon Project Hierarchy

E. Project Team Member- Security based on Project Assignment

Correct Answer: B,E

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Question 9

Your client has implemented Oracle Cloud Applications with their United States business unit and United Kingdom business unit. After six months, they acquired another company in China andadded a China business unit. A project accountant in your organization is authorized to access transactions for the US, UK, and China business units. The project accountant can see the transactions for the US and UK business units but not for the China business unit. Why is he not able to see the transactions for the China business unit? (Choose the best answer.)

A. The application role relevant to the China business unit is not assigned to the project accountant.

B. The China business unit is associated with a different legal entity than the US and UK business units.

C. The US and UK business units are linked to different ledgers than the China business unit.

D. The project accountant isnot assignedto the external rolethat grants access to the China business unit.

Correct Answer: D

Question 10

Your customer wants to generate accounting based on project information associated with the transaction for all subledger transactions. Identify three subledger applications for which the project source is available for deriving accounts when configuring subledger accounting. (Choose three.)

A. Payables

B. Receipt Accounting

C. Purchasing

D. Fixed Asset

Correct Answer: A,B,C

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Oracle Project Management Cloud 2021 Implementation Essentials (1Z0-1057-21) Free Practice Test