PassTestking 1z0-1057-22 dumps & Project Financials Management Cloud Sure Practice with 128 Questions [Q26-Q44]

Published date January 18, 2024

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PassTestking 1z0-1057-22 dumps & Project Financials Management Cloud Sure Practice with 128 Questions

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Oracle Project Management Cloud 2022 Implementation Professional certification is essential for professionals who aim to expand their knowledge and skills in project management. Upon obtaining this certification, individuals gain the ability to manage projects more efficiently using the Oracle Project Management Cloud solution, maximizing productivity while reducing errors and expenses. Furthermore, this certification helps professionals to stand out from the competition by providing evidence of their proficiency in Oracle Project Management Cloud implementation and management.

NO.26 You are currently involved in the implementation of the Project Financial Management solution for your client organization. Your client organization has two main lines of business: Consulting and Support. Consulting Services and Support Services organizations have different project planning, management, analysis and reporting requirements for the projects that they manage, though the management reporting and transaction processing requirements are the same for both the organizations.
What will be your recommendation?

Define One Business Unit and Two Project Units

Define Two Business Units and Two Project Units

Define One Business Unit and Three Project Units

Define Two Business Units and One Project Unit

The recommendation for this scenario is to define one business unit and two project units. A business unit is an organization that performs one or many business functions such as transaction processing or reporting. A project unit is an organization that manages projects within a business unit or across multiple business units. By defining one business unit and two project units, you can meet the following requirements of the client organization:
The management reporting and transaction processing requirements are the same for both the organizations: This can be achieved by using the same business unit for both the organizations, as the business unit determines the common setups such as ledger, currency, calendar, etc. for transaction processing and reporting.
The project planning, management, analysis and reporting requirements are different for each organization: This can be achieved by using different project units for each organization, as the project unit determines the specific setups such as project types, templates, options, etc. for project planning, management, analysis and reporting. Defining two business units and two project units is not recommended for this scenario, as this would create unnecessary duplication of setups for transaction processing

NO.27 Your organization wants to capture the project details for work order labor and equipment resource transactions as part of a project-driven supply chain solution.
Which expenditure type class is recommended for the expenditure types that need to be defined for these type of transactions?

Supplier Invoice

Work In Process

Usages

Inventory

NO.28 Which three Cost Collection Flexfield core attributes can be derived during import if not explicitly entered in a transaction document? (Choose three.)

Billable Flag

Expenditure Type

Capitalizable Flag

Funding Source

Work Type

NO.29 Identify three purposes for which the project resource search index is used. (Choose three.)

Display resource details

Filter counts while you search for resources

Calculate Resource Qualification Scores

Provide absence details for resources

Calculate Resources Availability Scores

NO.30 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.)

Dr Unearned Revenue 40,000Cr Accounts Receivables 40,000

Dr Accounts Receivables 40,000Cr Unbilled Receivables 40,000

Dr Accounts Receivables 40,000Cr Revenue 40,000

Dr Unearned Revenue 40,000Cr Revenue 40,000

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

NO.31 You are trying to create a project purchase order (PO) but you are unable to select Expenditure Organization in the PO. Identify two reasons for this problem. (Choose two.)

The organization is not classified as a project-owning organization.

The organization is not classified as a project expenditure organization.

The organization is not included in the organization tree that is assigned to the business unit that owns the PO.

The organization is classified as a project unit.

Ref: Implementing-Project-Financial-Management-and-Grants-Management.pdf Chapter 3 – Define Project Organizations Page # 12 Topic – Selecting Organization Hierarchies for the Business Unit The following conditions are required for an organization to be eligible to be a project expenditure organization:
You must assign the Project Expenditure Organization classification to the organization.
The organization must belong to the hierarchy that you specify in the project implementation options for the business unit.

NO.32 Which setup option is common to both financial and project plan types?

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

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

Identify whether the plan type is the default selection when you create budget or forecast versions.

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

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapfm/project-control-configuration-manage-financial-and-project-plan-types.html#OAPFM75315 Financial and Project Plan Setup Options The following table describes the basic budget, forecast, or project plan setup options that determine how a plan type is used in the context of a project. Except for third-party scheduling, you can’t edit these options at the project level.
Option
Location
Description
Planning amounts
Financial plan type
Indicates that the financial plan type supports the creation of versions with the following amounts:
Cost amounts
Revenue amounts
Both cost and revenue amounts
Either cost or revenue amounts
Approved budget or primary forecast
Financial plan type
Determines whether a financial plan type is used for creating approved budget versions or primary forecast versions that are used for plan comparison or project performance reporting.
Default financial plan type
Financial plan type
Determines whether the financial plan type is the default selection when you create budget or forecast versions.
Workflows
Financial plan type
Enables the use of a workflow for managing budget or forecast status changes.
Third-party scheduling software
Project plan type
Indicates whether project planning is performed in Microsoft Project.
If third-party scheduling is disabled in the project plan type, you can use the associated project or project template to create a project in Microsoft Project. However, you can’t export the new project or link it to one created in Oracle Fusion Project Portfolio Management.
Multiple transaction currencies
Financial and project plan type
Enables entry of plan amounts in currencies other than the project currency.
Budgetary control settings
Financial plan type
Manages options for creating control budgets in Oracle Fusion Budgetary Control.

NO.33 In your customer site, the capitalized interest calculation is implemented on their project types. Which option represents the costs considered in the interest calculation? (Choose the best answer.)

common costs on the project/task

expenditure type exclusions on the Capitalized Interest rate name

expenditure type exclusions on the Capitalized Interest rate schedules

expenditure items whose cost spreads across multiple assets that are capitalized

expenditure items whose costs are applied to a single asset or multiple assets

Reference https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_988B43C997365159E040D30A68813832
https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49622/F1125377AN61D92.htm

NO.34 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.)

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

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

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

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

To perform revenue recognition based on the Labor and Non-labor Burden schedule types, you need to create a revenue method with a revenue method classification of Rate Based. This classification allows you to use the burdened cost rates of labor and non-labor resources as the basis for revenue recognition. The burdened cost rates are derived from the burden schedules that are assigned to the project or task. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-revenue.html#OAPFM2355981

NO.35 Stigma Consulting wants to implement the program management capability to coordinate and track their strategic programs.
Which three components are required to configure the program options as part of implementing the program management capability? (Choose three.)

Calendar

Calculation Methods

Derivation Methods

Currencies

Accounting Methods

NO.36 Which three tools are available for accessing REST APIs?

cURL

Web Browser

Oracle Transactional Business Intelligence

Programming Language

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/18b/fapap/Use_cURL.html REST API = REpresentational State Transfer (REST) Application Programing Interface (API)

NO.37 Which component of performance measures allows you to select the method that is used to measure accounts such as budget, forecast, and actual?

Accounts Member

Time Member

Category Member

Scenario Member

The Accounts Member component of performance measures allows you to select the method that is used to measure accounts such as budget, forecast, and actual. The Accounts Member component defines the account dimension member for the performance measure, which represents the financial data that is measured. You can also specify the aggregation rule and calculation method for the account dimension member. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-performance-reporting.html#OAPFM2356081

NO.38 Your customer complains that their project resources do not report their time promptly, which has resulted in incorrect reporting of project performance. What should you do to fix this problem? (Choose the best answer.)

Enable track missing time at project unit.

Enable track missing time at project type.

Enable track missing time at project template.

Enable track missing time at business unit.

NO.39 Your customer started operations and all projects in January 2015. They implemented Enterprise Project Structure for calculating project labor demand by using the Annual option. When they view the labor demand on 15-Dec-2015, the project hierarchy viewer shows data only for the year 2015. The client expected the demand to be shown for a year, from 15-Dec-2015 to 15-Dec-2016.
Identify how the project hierarchy viewer displays labor demand information. (Choose the best answer.)

The current period start date is used for calculating labor demand for the current year.

The current date is used for calculating labor demand for the current year.

The project start date of Jan-2015 was used for calculating labor demand, and hence it calculated the demand for the year 2015.

The date entered by a user as a parameter when running the Update EPS job was set to 01-Jan-2015, and hence the calculations show results for the year 2015.

Ref: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oapem/analyze-project-management-performance.html#OAPEM1313471 Topic – Project Labor Demand: How It’s Calculated Settings That Affect Project Labor Demand Project application administrators must do the following to set up how project labor demand is calculated:
Organize projects into hierarchical groups on the Manage Enterprise Project Structure page.
Change the quarterly FTE hours for the organization on the Define Project Management Implementation Options page, if different from 520 hours.
Note: You can choose to view labor demand annually instead of quarterly. The Project Hierarchy Viewer uses the current date to determine which year or quarter to display.

NO.40 You have defined two expenditure types but they are not available for selection when you enter an expenditure batch.
What is the reason for this problem?

The two expenditure types are not assigned to the reference data set that is assigned to the project expenditure organization in which the transaction is performed.

The two expenditure types are not assigned to the reference data set that is assigned to the project unit in which the transaction is performed.

The two expenditure types are not assigned to the reference data set that is assigned to the business unit in which the transaction is performed.

The two expenditure types are not assigned to the reference data set that is assigned to the project-owning organization in which the transaction is performed.

The reason for this problem is that the two expenditure types are not assigned to the reference data set that is assigned to the project unit in which the transaction is performed. Expenditure types are a type of reference data that can be shared across different business units or organizations using reference data sets. To make an expenditure type available for selection when you enter an expenditure batch, you need to assign it to the reference data set that is assigned to the project unit of the transaction. The project unit determines the reference data set for expenditure types. The reference data sets that are assigned to the project expenditure organization, the business unit, or the project-owning organization do not determine the reference data set for expenditure types. These reference data sets may determine other types of reference data such as expenditure categories, expenditure item dates, etc. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-costs.html#OAPFM2356231

NO.41 Your customer has 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 will be populated in such invoices? (Choose two.)

Accounting date is the same as the original invoice date.

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

Project accounting date is the first day of the first open project accounting period.

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

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

When an invoice is entered with an invoice date in the open project accounting and closed accounting periods, the accounting date is the same as the original invoice date, but the project accounting date is the first day of the first open project accounting period. This ensures that the invoice is accounted in the correct accounting period and recognized in the correct project accounting period. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2355911

NO.42 Your customer has a requirement to allow adjustment and reversals for transactions imported from an external expense entry system.
Which section on the Manage Project Transaction Sources page will allow you to enable these options?

Documents

Transaction Source

Document Entries

Transaction Entries

NO.43 Which two are the workflows in Project Financial Management? (Choose two.)

Capital Interest Calculation

Project Status Change

Expenditure Item Adjustment

Burden Cost Recalculation

Asset Line Generation

The workflows in Project Financial Management are business processes that automate the approval and notification tasks for various project transactions and events. Two of the workflows in Project Financial Management are:
Project Status Change: This workflow manages the approval and notification tasks for changing the status of a project or task from one value to another. For example, when a project or task is submitted for approval, this workflow routes the request to the appropriate approvers and notifies them of the action required.
Expenditure Item Adjustment: This workflow manages the approval and notification tasks for adjusting expenditure items that have been charged to a project or task. For example, when an expenditure item is adjusted by a project manager or a cost accountant, this workflow routes the adjustment to the appropriate approvers and notifies them of the action required. Capital Interest Calculation, Burden Cost Recalculation, and Asset Line Generation are not workflows in Project Financial Management, but processes that perform various calculations and transactions for project costs and assets. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-financial-management.html#OAPFM2356161

NO.44 Identify the valid approval group type applicable to Oracle Project Financial Management Cloud. (Choose the best answer.)

Position

Dynamic

Static

Flexfield

Job

Ref: https://docs.oracle.com/en/cloud/saas/applications-common/19b/facia/define-approval-management.html#FACIA3124477 Topic Approval Groups Each approval group includes a set of users that you configure to act on tasks in a certain pattern. Tasks can be defined to get routed to an approval group instead of an individual user. You can nest approval groups within approval groups.
You have two options for defining the group:
Static: Select the specific users to include in the group.
Dynamic: Provide the logic to use to determine the users in the group.

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The Oracle 1z0-1057-22 exam tests candidates on their ability to implement and configure Oracle Project Management Cloud solutions, including project planning and execution, resource management, task management, and project cost management. Candidates are also tested on their ability to perform data conversions, manage security, and troubleshoot issues related to Oracle Project Management Cloud.

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