Oracle Project Accounting is an all-inclusive and unified program for managing project finances.

In today’s competitive business environment, it has become an indispensable tool for many companies to manage their finances accurately.

Let’s say you’re studying for an interview to join Oracle’s project accounting team.

In that situation, it is crucial that you have a firm grasp of the software’s fundamentals and be prepared for the kinds of questions you may be asked.

Oracle Project Accounting Interview, Questions and Answers, gives a thorough overview of the most often-asked questions, extensive answers and preparation recommendations.

The most critical aspects of an Oracle Project Accounting interview can be better prepared with this guide’s help.

You canconfidently answer inquiries about the position if you know what to expect.

With this detailed guide, you will better grasp what to anticipate in an Oracle Project Accounting interview and obtain the insights you need to ace the interview and land the job.

1. What are the modules included in Oracle Project Accounting?

Oracle Project Accounting includes project fundamentals, costing, billing, management, resource management, collaboration, portfolio management, and project intelligence.

2. Can you explain the difference between contract, capital, and indirect projects?

Contract projects capture the cost and revenue from clients, while indirect projects do not include capitalisable payments. Capital projects involve expenses that can be capitalised or used to create assets. Indirect projects are expenses that are not capitalisable and cannot be billable.

3. What is the primary purpose of project billing in Oracle Project Accounting?

The primary purpose of project billing in Oracle Project Accounting is to bill customers for the services provided during the project.

4. Can you explain how billing is managed in Oracle Project Accounting?

Users can create modules and users with the help of a CIS administrator. The responsibility key should be unique, and the data group should be named “projects.” The project billing purpose can be selected by selecting all project billing programs used for billing purposes.

5. How can costs be obtained in Oracle Project Accounting?

Costs can be obtained through multiple methods, such as the straight-line method over time, employee spending, expense reports, supplier invoices, uses, inventory, burden transactions, progress, work in progress, and miscellaneous transactions.

6. What are some industries that use Oracle Project Accounting?

Oracle Project Accounting is used in various industries, including engineering, construction, public sector, consulting, aeronautical, defence, and retail businesses.

7. What is the name of the project costing application created in the project management system?

The project costing application created in the project management system is named “projects”, and the data group is standard.

8. What is the purpose of the project costing application?

The fundamental purpose of the project costing application is under “fundamentals” and “all projects” programs.

9. What are the two-period types described in the project costing application?

The project costing application outlines the two-period types as PA (frequent) and GL (monthly). PA periods are more frequent and familiar, while GL periods are more frequent and common.

10. What is the default functional unit in the project costing application?

The operating unit is the default functional unit in the project costing application.

11. How is the ledger set up in the project costing application?

The ledger is set up in a business group, allowing all business groups in the project costing application to use it.

12. What is the process for creating a legal entity and hierarchy in the project costing application?

Creating a legal entity and hierarchy in the project costing application involves creating a stretcher, creating zones, and ensuring the proper creation of the order.

This can be done in various ways, such as adding legal entities, zones, departments, and tasks.

The process can be further streamlined by using control F11 to view the hierarchy and its creation in diagrammatical representation.

13. What are the implementation options described in the project costing application?

The implementation options section allows users to set the month for the project and create an asset book for capital projects.

The model is then keyed, and the version is created. The project number is set automatically, and the project number can be set manually.

The manual specifies the performance, and the organisation operates in a touch host. Staffing is also mentioned for advertising rules.

14. What is emphasised in the implementation options section?

The implementation options section emphasises correctly setting up the system and ensuring proper documentation.

15.What is the process of publishing rules in an organisation?

Publishing rules in an organisation involves setting up eligibility criteria for human resources, such as candidate score and availability, to match with appropriate candidates.

16. What is the importance of having 100% eligibility criteria for human resources?

The importance of having 100% eligibility criteria for human resources is that it ensures that the right candidate is matched with the appropriate job position, reducing the risk of errors and improving the overall efficiency of the HR system.

17. What are some technologies discussed in the blog?

Some technologies discussed in the blog include financial and project accounting, matching availability based on job level and availability, import of contingent workers, time cuts, supplier costs, and the interface of expenses to the General Ledger (GL).

18. What is the significance of the invoice batch source in the system?

The invoice batch source is a crucial aspect of the system, as it allows for processing setups, entering projects, or transferring costs.

19. What are some implementation options discussed in the blog?

Some implementation options discussed in the blog include purchasing, inventory, and WIP. These options are necessary for the system to process setups, enter projects, or transfer costs.

20. How do these implementation options help to integrate costs and time costs?

These implementation options help to integrate costs and time costs by providing the necessary information and tools for the system to process and manage these costs effectively.

“Multiple-choice questions (MCQs) are used in many academic fields to assess knowledge and understanding. MCQs are ideal for evaluation due to their straightforward and objective style.”

21. Which of the following is not a module of Oracle Project Accounting?

a) Project fundamentals

b) Costing

c) Management

d) Resource management

Answer: a) Project fundamentals

22. Which of the following is a less critical module of Oracle Project Accounting?

a) Project collaboration

b) Portfolio management

c) Project and resource management

d) Project billing

Answer: c) Project and resource management

23. Which of the following is an example of a type?

a) Capital

b) Indirect

c) Contract

d) None of the above

Answer: b) Indirect

24. Which of the following is a billing aspect of project accounting?

a) Costing

b) Project billing

c) Management

d) Resource management

Answer: b) Project billing

25. Which of the following is a method to obtain costs in project accounting?

a) Employee spending

b) Expense reports

c) Supplier invoices

d) All of the above

Answer: d) All of the above

26. Which of the following is a project billing program used for billing purposes?

a) Project billing

b) Contract billing

c) Capital billing

d) None of the above

Answer: a) Project billing

27. Which of the following is a financial setup for project accounting?

a) Completing project costing application

b) Assigning responsibility to HR user

c) Setting up a ledger in a business group

d) All of the above

Answer: d) All of the above

28. Which of the following is an example of a two-period type in project accounting?

a) PA (frequent)

b) GL (monthly)

c) Both of the above

d) None of the above

Answer: b) GL (monthly)

29. Which of the following is the fundamental purpose of Oracle Project Accounting?

a) Costing

b) Billing

c) Project management

d) Resource management

Answer: b) Billing

30. What is creating a legal entity and hierarchy in a system?

a) Creating zones

b) Assigning legal entities

c) Ensuring proper creation of the order

d) Setting up a system hierarchy

Answer: d) Setting up a system hierarchy

31. How can the process of creating a system hierarchy be streamlined?

a) By manually setting up the project and asset book

b) By using control F11 to view the hierarchy in diagrammatical representation

c) By creating zones

d) By creating legal entities

Answer: b) By using control F11 to view the hierarchy in diagrammatical representation

32. What are the implementation options in the system?

a) Setting the month for the project and creating an asset book for capital projects

b) Setting up a system hierarchy

c) Adding legal entities, zones, departments, and tasks

d) None of the above

Answer: a) Setting the month for the project and creating an asset book for capital projects

In conclusion, candidates may benefit significantly from and gain knowledge of Oracle Project Accounting by using Oracle Project Accounting Interview Questions.

The test questions can help applicants understand the system and learn more about Oracle’s Project Accounting. Candidates’ chances of getting hired for an Oracle Project Accounting position might improve with careful interview preparation.