Microsoft SL 7.0 Project Series

1.

The Project Net Profit screen displays which two types of Account Categories?

Asset and Liability Revenue and Expense Non-Accounting and Revenue Asset and Revenue

2.

The Revenue Recognition process is run in Final mode on May 25. On May 31, the Revenue Recognition process is run again before month end closing. If a project was 80% complete on May 25 and due to additional reclassification expenses posted to the project it is now 75% completed, what postings will be made by Revenue Recognition?

The 5% decrease will be posted to the project and general ledger. Nothing: Revenue Recognition can only be run in Final mode once each period. The original posting will be reversed and a new posting generated for both the project and generalledger. The original posting will be deleted and a new posting generated for both the project and general ledger.

3.

Given the following scenario: Revenue Recognition is calculated and posted at the Task level. The calculation is based on Amounts for All Expenses. The Budget is based on Contract Value. Which of the following must be true?

A task-level subaccount must be defined in the Task Maintenance screen. A task-level revenue account must be defined in the Percent Complete and Revenue Recognition Setupscreen. The Budget Maintenance screen must contain task level EAC amounts for all expense AccountCategories relevant to the project, as well as Contract Value. The Budget Maintenance screen must contain task level EAC amounts for all expense AccountCategories, as well as Revenue.

4.

What is the primary function of the Default Task for System Postings?

It is used for project-related entries that were coded to a project but not a task. The default task is used as a placeholder if tasks have yet been assigned to a project. The default task is used when transferring AR invoices and payments. The default task is used to track Billed to Date amounts.

5.

By default, account categories sort in ascending alphabetical order in screens and on reports. How can the display order be changed?

By using the Code File 'SORT' to change the sort order By assigning the Account Categories to a Task in Task Maintenance By using the Sort Number field in Account Category Maintenance The default sort order cannot be changed.

6.

What validation options are available for Project and Task segments in Key Definition? Choose the 3 that apply.

No validation is available for individual segments. Code Type Field Class Values

7.

Project and Task fields can be divided into how many segments?

10 6 8 2

8.

Which of the following is true of Account Categories?

Account Categories are assigned to customers. Account Categories should always use the same numbering system as the General Ledger Chart ofAccounts. All General Ledger accounts must be linked to Account Categories. Multiple GL Accounts can link to any one Account Category.

9.

Transactions that make up Committed amounts on a project may consist of which of the following? Choose the 2 that apply.

Unposted Timecards Unapplied Accounts Receivable Payments Open Accounts Payable Vouchers Purchase Orders

10.

In which of the following scenarios would it be appropriate to create a new Code Type? Choose the 2 that apply.

A project user defined ID field must be limited to a user-defined list of values. One segment of the project ID needs to be validated against a user defined table. Only certain employees can charge their expenses to a specific project. Only certain employees can charge their time to a specific project.

Microsoft SL 7.0 Project Series

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Microsoft SL 7.0 Project Series

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