Free Oracle 1Z0-1059-21 Exam Dumps Questions & Answers

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.

What does a Variable Consideration require?

• A.  that the consideration be monetary
• B.  a disclosure be made to the shareholders
• C.  an estimate of the consideration be made at Inception, and corrections of the accrual at made at each period end until revenue Is recognized
• D.  an estimate of the consideration be made at inception only

After analyzing sales documents for your organization, you conclude that it will be appropriate to group transaction lines by customer to create contracts In Revenue Management.
Which predefined Contract Identification Rule can be used in this case?

• A.  Identify Customer Contract Based on Source System
• B.  Identify Customer Contract Based on Source Document
• C.  Identify Customer Contract Based on Source Document Line
• D.  Identify Customer Contract Based on Party

How many tabs does the Customer Contract Source Data Import Template have?

• A.  one tab that stores data for the VRM_SOURCE_DOCUMENTS table
• B.  two tabs that store data for the VRM_SOURCE_DOCUMENTS and VRM_SOURCE_DOC_LINES tables respectively
• C.  four tabs that store data for the
  VRM_SOURCE_DOCUMENTS, VRM_SOURCE_DOC_LINES, VRM_SOURCE_DOC_SUB_UNES, and VRM_PERF_OBLIG tables respectively
• D.  three tabs that store data for the VRM_SOURCE_DOCUMENTS, VRM_SOURCE_DOC_LINES, and VRM_SOURCE_DOC_SUB_LINES tables respectively

Which is a term under ASC 606 or IFRS 15?

• A.  transaction price
• B.  initial performance event
• C.  requires complete
• D.  promise detail