1Z0-1059-20 Online Practice Questions and Answers

Which is a term under ASC 606 or IFRS 15?

A. transaction price

B. promise detail

C. initial performance event

D. requires complete

Given your organization's Interactions with one of Its customers:

1.

A consultant is deployed to assist customer on 10-Sep-2017.

2.

A Sales order is booked on 14-Sep-2017.

3.

The Product is shipped on 15-Sep-2017.

4.

An Invoice is issued on 20-Sep-2017.

When do you accrue the contract liability?

A. when the consultant is deployed to assist customer on 10-Sep-2017

B. when the product is shipped on 15-Sep-2017

C. when the sales order Is booked on 14-Sep-2017

D. when an invoice is issued on 20-Sep-2017

What should E-Business Suite General Ledger and Oracle Cloud General Ledger do as part of the transition to the new standard strategy under ASC 606 and IFRS 15?

A. Create a reporting ledger.

B. Create a new primary ledger.

C. Create a secondary ledger.

D. Using their existing primary ledger.

Which three tasks are associated with defining a Pricing Dimension Structure?

A. Define up to 30 segments and name them.

B. Define up to 20 segments and name them.

C. Analyze pricing policies across products and services.

D. Create multiple instances for a given Pricing Dimension Structure.

E. Include user friendly prompts for each segment.

F. Assign required segment labels to each segment.

The contract Promised Details tabs includes Selling Amount, Allocated Amount, Revenue Recognized, and Bill.......

What is the difference between Selling Amount and Allocated Amount?

A. The Selling Amount is calculated based on Standalone Selling Prices and is used for the Revenue Recognition amount. The Allocated Amount is based on the source document sales lines amounts and is ultimately used to tie back to your source document upload.

B. The Selling Amount is calculated based on the source document sales lines amounts and is used to tie back to your source document upload. The Allocated Amount is based on Standalone Selling Price and is ultimately used for the Revenue Recognition amount.

C. The Selling Amount is calculated based on Standalone Selling Prices and is used to tie back to your SSP upload or calculation. The Allocated Amount is based on the Billed amount and is ultimately used for the Revenue Recognition amount.

D. The Selling Amount is calculated based on the source document sales lines amount and is used for the Revenue Recognition amount. The Allocated Amount is based on the Billed Amount and Is used to tie back to your Billing source document upload.

You have defined 3 Contract Identification rules: Rule A, Rule B, and Rule C. You then decide that Rule C needs to be the first rule executed when the "Identify Customer Contracts" process runs.

Which attribute needs to be updated to achieve this objective?

A. Freeze Period

B. Default Classification

C. Source Document Type

D. Priority

Revenue Management creates journal entries from a contract In order to recognize revenue properly. Which three event types are used by Revenue Management to create these journal entries?

A. Performance Obligation Satisfied

B. Performance Obligation Billed

C. Initial Performance

D. Revenue Recognized

E. Standalone Selling Prices Allocated

Given It Is critical to capture common link values In one or more attributes on the source document lines in order to build effective Performance Obligation Identification Rules, how many User Extensible Fields does Revenue Management provide to facilitate the capture of this data?

A. 60 User Extensible Fields

B. 10 User Extensible Fields

C. 90 User Extensible Fields

D. 50 User Extensible Fields

Given the Standalone Selling Price Profile combines all the key setup attributes of pricing Into one place, you create all standalone selling prices from the Standalone Selling Price Profiles for all Items or groups of items.

Which three setup attributes are part of a Standalone Selling Price Profile?

A. Observed Standalone Selling Prices

B. Estimated Standalone Selling Prices

C. Pricing Dimension Assignment

D. SSP Tolerance Usage E. Items

Which three statements about Effective Periods are true?

A. If effective periods are not defined. Revenue Management uses the General Ledger calendar.

B. Effective Periods are used for standalone selling prices and for creating journal entries.

C. Gaps between periods are not allowed.

D. You cannot have overlapping periods.

E. Effective Periods only define the rage where standalone selling prices of an item should be effective.

Why Is Satisfaction Method a key element of a Performance Obligation?

A. because it determines whether revenue for a good or service is recognized Over Time or Point in Time

B. because it calculates the amount of Total Transaction Price allocated to date

C. because it calculates the percentage of Total Transaction Price allocated to date

D. because it specifies whether revenue has been fully or partially recognized for a good or service

Which two are intended uses for the Standalone Selling Price Report Dashboard?

A. Review performance obligations by effective period.

B. Diagnose revenue price profile.

C. Drill down to data used to derive standalone selling prices.

D. Monitor transaction price calculation and allocation.

E. Analyze standalone selling prices for one or multiple effective periods.

Which is Not a required piece of information when importing contract header information from a source file?

A. Source System

B. Source Document Type code

C. Record Type

D. Currency code of source document

E. Source Document Unique Identifier Number 1

F. Date of source Document

Which two are choices for the Satisfaction Method when defining a Performance Obligation Identification Rule?

A. require complete

B. allow partial

C. allow complete

D. require partial

Which three statements about Effective Periods are true?

A. If effective periods are not defined, Revenue Management uses the General Ledger calendar.

B. Effective Periods are used for standalone selling prices and for creating journal entries.

C. Gaps between periods are not allowed

D. You cannot have overlapping periods.

E. Effective Periods only define the rage where standalone selling prices of an item should be effective.