Free Oracle 1z0-1057-24 Practice Exam with Questions & Answers | Set: 3

Referencehttps://docs.oracle.com/en/cloud/saas/applications-common/19b/facia/define-enterprise-structures.html#FACIA462453

Reference Data Sharing Methods

Variations exist in the methods used to share data in reference data sets across different types of objects. The following list identifies the methods:

Assignment to one set only, no common values allowed. This method is the simplest form of sharing reference data that allows assigning a reference data object instance to one and only one set. For example, Asset Prorate Conventions are defined and assigned to only one reference data set. This set can be shared across multiple asset books, but all the values are contained only in this one set.

Assignment to one set only, with common values. This method is the most commonly used method of sharing reference data that allows defining reference data object instance across all sets. For example, Receivables Transaction Types are assigned to a common set that is available to all the business units. You need not explicitly assign the transaction types to each business unit. In addition, you can assign a business unit-specific set of transaction types. At transaction entry, the list of values for transaction types includes the following:

Transaction types from the set assigned to the business unit.

Transaction types assigned to the common set that is shared across all business units.

Assignment to multiple sets, no common values allowed.The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use this method.It means that each payment term can be assigned to one or more than one set.For example,you assign the payment term Net 30 to several sets but assign Net 15 to a set specific only to your business unit. At transaction entry, the list of values for payment terms consists of only the set that is assigned to the transaction's business unit.

Note: Oracle Fusion Applications contains a reference data set called Enterprise. Define any reference data that affects your entire enterprise in this set. Also update the data set going forward as you create new reference data items.

When a project invoice is transferred or created in Receivables, the project sends only the invoice header and invoice line description to Receivables, not the invoice distributions. The invoice distributions contain the detailed information such as quantity, unit price, and line total. Therefore, the Receivables invoice does not show these details, but only shows a quantity of 1 and a unit price equal to the line total.Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2355931

The Resource Qualification Score is a percentage that indicates how well an individual matches the qualifications required for a resource request. An individual’s score is 100% if either of the following conditions are met:

The resource request has a qualification, but no proficiency is specified, and the resource has the qualification. This means that any level of proficiency is acceptable for the qualification.

The resource request has a qualification with a specified proficiency and the resource has the qualification that meets the specified proficiency. This means that the resource has the exact level of proficiency required for the qualification. An individual’s score is not 100% if the resource request has a qualification with a specified proficiency and the resource does not have the qualification or has a different level of proficiency than required. In this case, the score is calculated based on how close the resource’s proficiency is to the required proficiency. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-resources.html#OAPFM2356001

The Deploying step within the functional setup manager helps you to move your verified setup data from the test environment to a production environment. This step allows you to export and import setup data across instances using spreadsheets or configuration packages. You can also compare and validate setup data across instances using reports and dashboards. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/implement-project-financial-management-applications.html#OAPFM2356111

The Project Integration Specialist role should be assigned to a user for using the rapid implementation feature to set up the Project Financial Management offering by populating and uploading a Microsoft Excel workbook. This role allows the user to access the Functional Setup Manager and perform the common setups for project costing and billing using predefined templates and spreadsheets. The user can also monitor and validate the setup data using reports and dashboards. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/implement-project-financial-management-applications.html#OAPFM2356151

Ref:https://docs.oracle.com/en/cloud/saas/project-portfoli o-management/19b/oapjb/manage-project-contract-revenue.html#OAPJB164173

Associated Project Percent Spent Example

The following formula calculates the percent spent revenue for the associated project.

((Sum of ITD Actual Cost for every subtask that is part of the associated task/Sum of Total Budgeted cost for every task that is part of associated task)

xAssociated Project Funded Amount) – Sum of Existing Invoice Event Amounts for the Associated Project

((60/300) x750) – 80 =70

((Actual Cost / Budgeted Cost) x Budgeted Revenue) – Sum of Revenue Event Amount

https://docs.oracle.com/en/cloud/saas/applications-common/ r13-update17d/oafsm/applications-cloud-using-functional-setup-manager.pdf

Functional Setup Manager offers the following:

• Standardized application configuration and setup experience

•Feature opt-in for a best fit configuration

• Flexible processes for managing setup:

◦ Setup by functional areas for an adopt-as-you-go approach

◦ Implementation projects to manage setup

◦ Upload file to enter setup data in bulk

•Guided task list for end-to-end setup requirements

•Export and import services for setup data migration between environments

• Comprehensive reporting on setup data

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-manag ement/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 assetgrouping 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 Cost

Combination of the standard unit cost and the number of units defined for each asset

Spread Evenly

Equal allocation of cost to each asset

When you reclassify the billing offset balances in the first period, the accounting entry is:

Dr Accounts Receivables 10000 - Cr Unbilled Receivables 10000

This entry reduces the unbilled receivables balance and increases the accounts receivables balance by the invoice amount. This is because the invoice has been created and sent to the customer, and the billing offset account is no longer needed. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2356091

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/fapfm/im plementing-project-execution-management-applications.html#FAPFM1718570

Topic -Manage Maintenance Conditions for Project Enterprise Labor Resource