1.When using a Cost Plus or Fixed Price project when is revenue actually recognized? A: When billings are posted.B: When costs are recorded.C: When a Revenue Recognition transaction is posted.D: When the budget it updated.Correct Answers:  C 2.Which of the following is a valid reason the Total Accrued Revenue field at the bottom of the Timesheet entry window would be zero? A:All projects entered on the timesheet are either Cost Plus or Fixed Price.B:The Billing Rate field was not added to the Timesheet entry window.C:All timesheet line items are set to 'N/B'.D:All projects have rate tables assigned and the employee profit type has a billing rate of $50 an hour.Correct Answers:  A, C 3.Which of the following is NOT an available default source of posting accounts for a project budget? A: BudgetB: ContractC: CustomerD: Cost CategoryCorrect Answers:  A 4.Which of the following is true regarding the role Personal Data Keeper has with Project Time and Expense for Business Portal? A: It has no role.B: Personal Data Keeper is needed to process transactions to the Project Accounting module.C: Personal Data Keeper is needed for set up of users only.D: Personal Data Keeper is optional when using Time & Expense for Business Portal.Correct Answers:  B 5.When revenue is recognized based on the summation of values from multiple cost categories in a project, what are the earnings said to be? A: CompleteB: CombinedC: AugmentedD: SegmentedCorrect Answers:  B 6.In order to bill a Retention fee, what must the status of a project be? A: openB: closedC: EstimateD: CompletedCorrect Answers:  D 7.When using Personal Data Keeper, which of the following is true? A: All Personal Data Keeper users must also have access to the accounting system.B: All Personal Data Keeper users must have the accounting system open whenever they are using Personal Data Keeper.C: Personal Data Keeper users are not required to have access to the accounting system.D: Only the Administrator users must have access to the accounting system.Correct Answers:  C 8.Billing cycles may be assigned at which of the following Project Accounting hierarchical levels? A: Contract and projectB: Customer and projectC: Customer and contractD: Customer, project and contractCorrect Answers:  D 9.Which of the following is a valid reason the Total Accrued Revenue field at the bottom of the Timesheet entry window would be zero? A:All projects entered on the timesheet are either Cost Plus or Fixed Price.B:The Billing Rate field was not added to the Timesheet entry window.C:All timesheet line items are set to 'N/B'.D:All projects have rate tables assigned and the employee profit type has a billing rate of $50 an hour.Correct Answers:  A, C 10.Which of the following statements accurately represents a difference between Personal Data Keeper and Project Time and Expense for Business Portal? A: Only Personal Data Keeper uses web services to interface with SQL server.B: Project Time & Expense for Business Portal may be used to approve expenses but Personal Data Keeper cannot.C: Only Personal Data Keeper timesheets can be entered in a week based format.D: In Time & Expense for Business Portal employees must be assigned to a project before they can enter a timesheet for it.Correct Answers:  D