1Z0-1059-21 Online Practice Questions and Answers

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.

If the Contract Identification Rules that you defined for your customer did not group the source data into customer as expected, how would you resolve the issue?

A. Delete the source data that was imported into Revenue Management and import new source data.

B. Delete the performance obligations from the relevant contracts through the Manage Customer Contracts Ul.

C. Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run The Identify Customer Contracts program again.

D. Delete Contracts from the Manage Customer Contracts Ul.

E. Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.

What are two major changes when comparing the new revenue recognition guidance under ASC 606 and IFRS 15 versus the old standard?

A. Revenue and performance obligation liabilities are not dependent on billing.

B. Revenue can be recognized for performance obligations only using the "Point in Time" approach.

C. Pricing estimates cannot be used In the absence of pricing data.

D. Expected consideration value is applicable to all industries.

Which is NOT a predefined Accounting Class for Revenue Management?

A. Contract Discount

B. Contract Liability

C. Contract Unearned Revenue

D. Contract Asset

Which two are incorrect statements about the Oracle Fusion Receivables Transaction Sources section in the Manage Revenue Management System Options page?

A. Revenue Management can only integrate to Fusion Receivables.

B. You can add up to 5 Transaction Sources as part of your integration with Fusion Receivables.

C. You can choose which Transaction Sources in Fusion Receivables integrate to Revenue Management.

D. You can define date filters in order to consider only relevant data needed to comply with the new revenue recognition standards.

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 types of reference data critical to the Integration of a source system need to be synchronized between an external system and Revenue Management?

A. Suppliers

B. Business Units

C. Customers

D. Inventory items

E. Receivables configurations

F. Banks, branches and bank accounts

The predefined Revenue Contract Account Activities report originally had only one output option of spreadsheet.

Which output option can you now also choose to assist In handling a large number of records?

A. HTML

B. PowerPoint

C. Flat File

D. PDF

Given the Identify Customer Contracts Job set performs many different processes, which action Is NOT performed by this job set?

A. allocates the SSP to various satisfaction events

B. creates the accounting for the stages in the process

C. allocates the SSP to various performance obligations

D. recognizes revenue if any satisfaction events exist

E. creates customer contracts and performance obligations

Which statement is NOT applicable to Performance Obligation Templates?

A. Oracle delivers three predefined Performance Obligation Templates,

B. Performance Obligation Templates are specific to the business and cannot be predefined.

C. Performance Obligation Templates take precedence over Performance Obligation Rules.

D. Performance Obligation Templates can be associated to a Revenue Price Profile.