Top 100+ Oracle Project Accounting Interview Questions And Answers
Question 1. What Is Project Costing?
Oracle Project Costing helps you improve the bottom line of your initiatives via integrating and controlling all project fees. You can efficiently manager challenge budgets, streamline processing, automate resource sharing management and capitalize belongings extra correctly.
Project Costing module allows in calculating the fee and accounting of a assignment. It also interacts with other modules such as Payables, Purchasing to interface charges related to a undertaking.
Question 2. What Is Project Billing?
Oracle Project Billing facilitates enhance coins go with the flow and undertaking profitability by way of streamlining and dealing with your billing technique. You can without problems evaluation and control invoices, revenue, and investment for all your initiatives.
Project Billing module allows in calculating the revenue and billing of a project. It facilitates in producing invoice for a consumer project based at the client agreement on that mission, typically based totally on agreed upon invoice prices, fee phrases and many others. Invoice is generated to the client based on the variety of hours worked at the mission. Project Billing additionally allows to perform milestone billing primarily based on the percent of labor completed. Revenue and Invoice accounting is likewise finished the use of challenge billing.
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Question three. What Is Project Foundation?
Oracle Project Foundation offers the common foundation (functionality) shared across the goods in the Oracle Enterprise Project Management Solution. The reason of Oracle Project Foundation is to bundle all the commonplace elements of Oracle Projects into a unmarried location.
Oracle Project Foundation accompanies all of the Oracle Projects applications presenting you with a rich set of features, such as:
Resource Definition and Reporting
Project and Organization Security
Project and Task Definition
Archive and Purge
Oracle Project Foundation additionally enables the mixing of Oracle Projects suite with different Oracle Applications which include Oracle HRMS, Oracle Financials, Oracle CRM, and Oracle Supply Chain packages.
Basically, Project Foundation affords the primary infrastructure and additives for the Costing and Billing to work. For Costing and Billing to work we need primary infrastructure /components like Projects, Tasks, WBS(Work Break Down Structure) and so on, Cost Rate Schedules, Bill Rate Schedules. These systems are created the usage of Project Foundation APIs and consequently the call ‘Foundation’.
Question 4. What Is Oracle Project Planning & Control (a.Ok.A. Oracle Project Management Pre-12.2.5)?
Oracle Project Planning and Control is an integrated a part of Oracle Projects, a comprehensive set of solutions that assist you to predictably and efficaciously deliver international tasks by means of integrating, managing and providing insight into enterprise venture records.
Project Management module allows mission managers to manage the task correctly by offering them the visibility of a project ( how the task performs, what is the status of the project, any issues in the task and so forth). The functions contain Project Tracking, Performance Tracking and other standard mission control capabilities.
In launch 12.2.Five, the product call, Oracle Project Management is modified to Oracle Project Planning and Control which better reflects the capability to offer challenge managers the visibility and manage they want to deliver their projects efficaciously, improve profitability, and function greater efficiently. The application consolidates challenge statistics into one repository: paintings plans, development, troubles, changes, documents, costing information, budgets, actuals and forecasts, performance, and status reports. The answer empowers venture managers to plot the work, assign assets, forecast to of completion, and communicate to stakeholders, even as streamlining the collaborative execution of project paintings.
Question five. What Is Project Resource Management?
Oracle Project Resource Management allows companies to manipulate human aid deployment and ability for mission work. Built the use of Oracle’s demonstrated self-service version, Oracle Project Resource Management empowers key challenge stakeholders, along with challenge managers, useful resource managers, and staffing managers, to make better use of their single maximum important asset: their people.
Project Resource Management module enables project managers to efficiently manage the time table of the venture the usage of the available resources. It allows in scheduling of the sources across diverse obligations of the task based totally at the useful resource availability. It additionally provides competencies to staff numerous assets in an corporation to a challenge via raising aid requirements. Project managers also can enhance aid requirements for a specific open function in a venture and also can point out the useful resource capabilities required for that function.
With this utility, you may manipulate assignment resource wishes; profitability and organization utilization via finding and deploying certified humans on your projects throughout your corporation. As a end result, you may improve customer and employee delight, maximize aid utilization and profitability, and boom your aggressive gain.
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Question 6. What Is Project Contracts?
Oracle Project Contracts addresses budgetary constraints, settlement margins, glide down of agreement records to subcontractors, and prioritization of deliverables. The Contract Organizer window presents a single access point to get right of entry to and outline agreement files. Through the Contract Organizer window, you could get entry to distinct practical regions together with authoring, deliverable monitoring, investment, preserve management, contract revisions, and other settlement related sports.
Oracle Project Contracts helps the agreement control wishes of mission driven organizations, along with business and government contractors, corporations, and subcontractors.
These groups operate in a mission centric surroundings characterized by way of:
Changing agreement specs.
Volatile call for and long lead-times.
High percent of procure-to-settlement components and services.
Contractual requirements for billing.
Incremental funding in a couple of currencies.
Compliance of government policies.
Question 7. What Is A Program And How Is It Linked To Other Programs Or Projects?
A application is a assignment to which you may hyperlink other associated projects. A application hierarchy includes associated initiatives rolling as much as this system through their challenge structures.
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Question eight. What Does Quantity Represent For The Resource Classes?
For People and Equipment class resource assignments, amount is equivalent to effort, even as for Material Item and Financial Element class useful resource assignments, quantity refers at once to the number items or factors used or fed on.
Question 9. What Are The Seeded Resource Classes Available?
People, Equipment, Material Items and Financial Elements
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Question 10. What Is Required For The Work Breakdown Structure (wbs) And Any Updates To The Wbs To Be Carried Through To The Financial Breakdown Structure (fbs) For Fully Or Partially Shared Structures?
The running model of the WP/WBS shape needs to be published. Note that the "PRC: Process Structure Updates" procedure have to be submitted after any exchange is made to the WBS shape (eg: including new task-task links for packages).
Question 11. Where Should Structures Be Setup?
Within undertaking templates which lets in reuse of their parameters and settings as defaults when getting into new initiatives.
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Question 12. In Order To Take Advantage Of Baseline, Approval And Publication Functionality In Wps, Including Work Flow Notifications, What Is Required?
Enable Work plan versioning within the Work plan Structure Information Page for project templates and initiatives.
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Question thirteen. What Is Oracle Mobile Project Manager For Oracle E-commercial enterprise Suite?
With Oracle Mobile Project Manager for Oracle E-Business Suite, assignment managers and workforce can screen venture status and take action on the move.
View and search my projects list
Monitor average assignment popularity in dashboard view
Contact crew participants and patron contacts
View open payments precis with drilldown to dealer invoices
View open receivables precis with drilldown to customer invoices
View open troubles and trade orders
Monitor alerts for price range exceptions and overdue transactions
Collaborate in transaction context the use of tool features like e mail, cellphone, and text
Oracle Mobile Project Manager for Oracle E-Business Suite is like minded with Oracle E-Business Suite 12.1.Three and 12.2.Three and above. To use this app, you ought to be a person of Oracle Project Costing, with cell services configured at the server side by your administrator. Users of Oracle Project Billing and Oracle Project Planning and Control get additional capability for purchaser billing, issues, and change orders.
Question 14. What Is Oracle Project Procurement?
Oracle Project Procurement allows challenge managers and venture shoppers to collaborate and align their activities whilst planning, tracking and dealing with the acquisition of merchandise, materials and offerings wished to finish a mission. Built using the energy of Endeca for EBS, the utility integrates assignment management information from Oracle Project Planning and Control, mission value records from Oracle Project Costing and procurement files, supplier and client records from Oracle Sourcing and Procurement. This combined records offers key insights, metrics and get entry to to common actions important to help decisions and make sure strategic alignment of procurement activities with the assignment’s targets.
Use Project Procurement’s undertaking procurement plan to plan and music acquisitions needed to finish your projects. Use specialized analysis gear to discover your plans and your procurement records with suppliers and objects and make certain choice of the quality options. With command centers for each task management and assignment customer customers constructed at the equal, integrated facts, you may make choices the use of up-to-date and commonplace measures that beautify task execution and limit venture wastage.
Question 15. How Project Accounting Interacts With Accounts Payables Module?
Project related Supplier invoices are created in Accounts Payables module. This is a value against the assignment and hence must be transferred from payables to oracle tasks. To interface the dealer costs, PRC: Interface Supplier Costs system can be run. This process fetches all of the accepted and yet to be interfaced invoices to the projects module.
These invoices are transferred to Projects module as expenditure gadgets. Each eligible invoice distribution in an invoice is transferred as an expenditure object to projects module. The fee of the object is identical as the invoice distribution quantity.
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Question sixteen. How Project Accounting Interacts With Purchasing Module?
Project related Purchase Orders are created in Oracle Purchasing module. This is a value towards the venture and subsequently needs to be transferred to oracle tasks.
There are 2 methods to do this.
Create a Supplier bill in opposition to the PO. Then interface the provider bill to projects module.
In-case whilst we can't anticipate an bill to be created, we are able to should switch the PO cost without delay to initiatives. This can be executed by means of creating a Purchase receipt towards that PO. Then interface the receipts without delay to initiatives module.
To interface the Purchase Receipts, PRC: Interface Supplier Costs process may be run. This manner fetches all of the receipts matched against the mission associated PO.
Receipt distributions are interfaced to tasks module as expenditure gadgets.
Question 17. Explain The Cost Distribution Process In Project Costing?
Project costing module calculates prices for expenditure items which are not but costed. For instance the timesheets transferred from OTL module are interfaced solar-costed expenditure objects. The charges for those timesheets are yet to be calculated.
Cost may be derived by using the usage of value fees setup in opposition to the project. Cost rates may be setup towards a selected business enterprise, Job or an employee.
For example: if 8 hours is labored on a assignment in a day and the fee rate for the timesheets employee is 100 usd / hour. Then the cost of that worker on that day is eight x a hundred = 800 USD.
There can be extra costs associated with a task.
For example: to carry out the eight hours of labor on that day, an worker may have used extra resources which include internet, phone, power and many others. These expenses are called as oblique expenses or burdened expenses.
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Question 18. Are Budgetary Controls Used In Pjt?
No. Budgetary controls are used in Project Costing only.
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Question 19. What Is The Use Of A Deliverable?
Deliverables will let you define and song the specified outputs a assignment or a selected challenge will require as a way to successfully whole them within a certain time frame.