Preference at I-140 time..
Yes Saab, At I-140 time you will have to decide how will you adjust your status.
I-824 is required, if at I-140 time you had chosen the I-485 (AOS in US) and will like to change it to CP after I-140 is approved. Remember to revert to AOS in US from CP is easy and does not require any froms to fill.
Hope that helps