Question 1

A consulting services company is currently working on a business transformation project for your client that spans over 10 months. The total contract amount is 250000 USD. They have generated a revenue of 25000 USD and an Invoice of 10000 USD at the end of the first period. The accounting entry for revenue is:

What will be the accounting entry when you reclassify the billing offset balances in the first period?

Options :

A :

Dr Deferred Revenue 10000

Cr Unbilled Receivables 10000

B :

Dr Accounts Receivables 10000

Cr Unbilled Receivables 10000

C :

Dr Unbilled Receivables 10000

Cr Accounts Receivables 10000

D :

Dr Accounts Receivables 10000

Cr Revenue 10000

Answer: C

Question 2

Your organization has been awarded a new contract based on which you are allowed to sell:

Items not tracked in inventory

Inventory items

Services

Which contract structure would fulfill your requirement of item sales? (Choose the best answer.)

Options :

A : Create two contract lines with a line type each of “free-form, project-based buy agreement” and “bundle sell, project-based”.

B : Create two contract lines with a line type each of “sell intent, free-form, project-based” and “sell intent, item, project-based”.

C : Create two contract lines with a line type each of “product, project-based, sell agreement, standalone” and “sell intent, item, project-based”.

D : Create two contract lines with a line type each of “sell intent, item, project-based’ and “subscription, project-based, sell”.

Answer: B

Question 3

You want to create a few project roles so as to restrict access in 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? (Choose two.)

Options :

A : Project Executive- Security based on Project Hierarchy

B : Project Accountant- Security based on BU for Assets, Expenditure BU for Costs and Contract BU for Revenue

C : Project Manager- Security based on Project Assignment

D : Project Billing Specialist- Security based on Contract BU

E : Project Team Member- Security based on Project Assignment

Answer: A,C

Question 4

Your administrator creates maintenance conditions on the Maintain Project Enterprise Labor Resources page.

An HCM person is included in a condition with a process order value of 1 and, additionally, there are three

other conditions, all with a process order value of 10. Identify two correct statements about the Maintain

Project Enterprise Labor Resources process as it relates to process order values. (Choose two.)

Options :

A : The process creates a resource by using the conditions with a process order value of 10 but does not create more than one resource for the same person even if subsequent conditions apply to the person.

B : For the three conditions that have the same process order value of 10, the records are processed in ascending alphabetic order based on the condition name.

C : For the three conditions that have the same process order value of 10, the records are processed in ascending numeric order based on the condition name.

D : The process creates a resource by using the condition with a process order value of 1 but does not create more than one resource for the same person even if subsequent conditions apply to the person.

Answer: B,D

Question 5

Your company uses an accounting calendar with periods that are identical to calendar months. A contract resource has been identified to work for six months on an accounting close cycle project. The resource is planned to start with 10 days left in the first period and to end 20 days into the last period. For the remaining periods, the resource must be loaded on all working days of the month. You are required to distribute the budget, forecast, and planning amounts across periods based on the task duration. Which predefined spread curve must be used to meet this requirement? (Choose the best answer.)

Options :

A : Daily Spread Basis

B : Back Loaded

C : Bell Curve

D : S-Curve

E : Even

Answer: A

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