Oracle E-Business Suite R12 Project Essentials Exam Practice Tests and PDFs

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? E. Debit: Bank Invoice 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: Account Debit Credit Receivables 200.00 Unbilled Receivables and/or Unearned Revenue 200.00 Oracle Project Billing User Guide

You have imported Labor transactions into Oracle Projects from Oracle Time and Labor by running the "PRC: Transaction Import" program. What is the correct sequence to run the concurrent programs listed below to transfer the cost and accounting entries of these transactions to General Ledger? 1. PRC: Distribute Labor Cost 2.PRC: Transfer Journal Entries to GL 3.PRC: Create Accounting (with the Transfer to GL option set to "No") 4.PRC: Interface Labor Costs to GL 5.PRC: Generate Cost Accounting Events 6.PRC: Distribute and Interface tabor costs to GL E. 3, 6 The following activities take place as part of the expenditures process flow for labor costs: 1. Run the process PRC: Distribute Labor Costs. This process calculates the raw and burden cost components for labor cost expenditure items. It also uses AutoAccounting to determine the default debit account for each expenditure item. 2. Run the process PRC: Generate Cost Accounting Events. This process uses AutoAccounting to determine the default credit account for each expenditure item. It also generates accounting events for distributed transactions. You can optionally select Labor Cost as the process category to limit the process to labor costs. 3. Run the process PRC: Create Accounting. This process creates subledger journal entries for eligible accounting events. You can run the process in either draft or final mode. You can optionally select Labor Cost as the process category to limit the process to labor cost accounting events. Optionally, the process can post journal entries in Oracle General Ledger. If you define your own detailed accounting rules in Oracle Subledger Accounting, then Oracle Subledger Accounting overwrites default accounts, or individual segments of accounts, that Oracle Projects derives using AutoAccounting. 4. Run the process PRC: Transfer Journal Entries to GL. When you run the process PRC: Create Accounting, if you select No for the parameter Transfer to GL, then you run the process PRC: Transfer Journal Entries to GL to transfer the final subledger journal entries from Oracle Subledger Accounting to Oracle General Ledger. You can optionally select Labor Cost as the process category to limit the process to labor cost accounting events. Optionally, the process can post journal entries in Oracle General Ledger. 5. Run Journal Import in Oracle General Ledger. (optional) This process brings the final accounting entries from Oracle Subledger Accounting into Oracle General Ledger.

Your organization has configured employee rate schedules. Which three schedules can utilize employee rate schedules when delivering a project? E. Resource class rate schedules You can use rates to calculate amounts for costing, billing, and workplan and financial planning. Oracle Projects determines rates from a combination of rate schedules and rate overrides. You can define the following four types of rate schedules in Oracle Projects: * Employee: Use this type of rate schedule to define standard hourly rates or percentage markups by employee. You can use employee rate schedules as planning schedules (B), cost rate schedules (C) , and bill rate schedules (D). * Job: Use this type of rate schedule to define standard hourly rates by job title. When you enter a job-based rate schedule, you enter a job group to indicate which jobs are used to determine rates. You can use job schedules as planning rate schedules, cost rate schedules, and bill rate schedules. * Resource Class : Use this type of rate schedule to define planning rates by resource class, or as a combination of resource class and organization. * Nonlabor: Use this type of rate schedule to define rates or percentage markups by nonlabor expenditure type or a combination of nonlabor expenditure type and nonlabor resource. You can use nonlabor rate schedules as planning rate schedules, cost rate schedules, and bill rate schedules.