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QUESTION NO:59
A company is using Project Billing. To meet their billing requirements, the
company has Set up various revenue categories. Identify four places where the
company can use these revenue categories in Oracle Project.
A. Setting upTransaction Controls using Revenue Categories.
B. GroupingExpenditureTypes by RevenueCategories.
C. GroupingEventTypeRevenue Categories.
D. Defining Rate Schedules using Revenue Categories.
E. Setting up AutoAccountingRules using Revenue Categories.
F. EnteringBudgets using RevenueCategories.
Answer: B, C, E, F
Explanation:
Revenue categories are used for grouping expenditure types(B)and event
types(C)for revenue and billing You can use revenue categories for
budgeting(F), for reporting purposes, and in your AutoAccounting rules(E).
Revenue Categories are also used for grouping expenditure types for revenue
and billing(B).
Note:
*A revenue category describes a source of your organization’s revenue. For
example, a revenue category with a name such as Labor refers to labor
revenue.
Reference:
Revenue Categories
QUESTION NO:32
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?
A. Debit: Cost of Goods SoldCredit: Unbilled Receivables
B. Debit: Unearned RevenueCredit: Revenue
C. Debit:ReceivableCredit:Bank
D. Debit:ReceivableCredit: Unearned Revenue
E. Debit: BankCredit: Revenue
Answer: D
Explanation:
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: AccountDebitCredit Receivables200.00
Unbilled Receivables and/or Unearned Revenue200.00
Reference:
Oracle Project Billing User Guide
QUESTION NO:34
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
A. 1, 3, 6
B. 1, 5, 3, 4
C. 1, 5, 3, 2
D. 1, 2
E. 3, 6
Answer: C
Explanation:
The following activities take place as part of the expenditures process flow for
labor costs:
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.
Reference:
Oracle Projects Fundamentals,Expenditures Process Flow Example: Labor
Cost
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