1z0-1059-22 Exam Training Practice Tests (Oracle Revenue Management Cloud Service 2022 Implementation Professional)]

Question 1

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

A. You can define date filters in order to consider only relevant data needed to comply with the new revenue recognition standards. B. Revenue Management can only integrate to Fusion Receivables. C. You can add up to 5 Transaction Sources as part of your integration with Fusion Receivables. D. You can choose which Transaction Sources in Fusion Receivables integrate to Revenue Management.

Correct Answer: A,B

Question 2

Given Revenue Management uses the Subledger Accounting engine to create journal entries from customer contracts, which Is NOT a predefined Accounting Class?

A. Contract Asset B. Contract Clearing C. Contract Revenue D. Contract Expense E. Contract Liability F. Contract Price Variance

Correct Answer: D

Question 3

When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition. Which two statements are true when you
consider that recognition depends on the nature of the contingency? (Choose two)

A. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration
must occur before the contingency can be removed and the order can be imported into Receivables for invoicing. B. Time-based contingencies must not expire before the contingency can be removed and revenue recognized C. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized D. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. E. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet

Correct Answer: A,D

Question 4

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. Expected consideration value is applicable to all industries. C. Pricing estimates cannot be used In the absence of pricing data. D. Revenue can be recognized for performance obligations only using the "Point in Time" approach.

Correct Answer: B,C

Question 5

In Revenue Management the Selling Amount and Allocated Amount may be different. How does Revenue Management account for this difference?

A. It Tracks the difference in a Write-Off Allocation Account at the contract line level. B. It tracks the difference in a Write-off Allocation Account at the contract level. C. It tracks the difference In a Discount Allocation Account at the contract level. D. It tracks the difference in a Discount Allocation Account at the contract line level.

Correct Answer: D

Question 6

Your organization Is selling a warranty plan to customers that covers appliances for one year. Revenue must be recognized gradually by month until the warranty expires.
Which Revenue Scheduling Rule Type needs to be defined for the Performance Satisfaction Plan?

A. Daily Revenue Rate, All Periods B. Daily Revenue Rate, Partial Periods C. Variable Schedule D. Daily Revenue Rate E. Fixed Schedule F. Partial Schedule

Correct Answer: E

Question 7

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. 90 User Extensible Fields B. 50 User Extensible Fields C. 10 User Extensible Fields D. 60 User Extensible Fields

Correct Answer: C

Question 8

A pricing dimension segment value combination is one of the factors to determine standalone selling prices. This combination is based on the pricing dimension assignment setup.
What does the pricing dimension assignment match the pricing dimension segment combination to?

A. a pricing dimension structure B. a pricing dimension structure instance C. pricing bands D. the source document types

Correct Answer: C

Question 9

Which statement does NOT describe how revenue is handled under the latest standards under ASC 606 and IFRS 15?

A. You book the invoiced amount to the P&L when you meet the regulatory definition by Industry. B. Liability is a list of goods and services you actually owe to the customers for future satisfaction via transfer. C. You accrue for goods and services that you owe to customers because either you or they have relied on the contract. You no longer defer revenue. D. You value the accrual at estimated consideration and it is a monetary debt. E. You calculate the liability at inception and book it when either party acts. An Act could be shipping or invoicing.

Correct Answer: C

Oracle Revenue Management Cloud Service 2022 Implementation Professional - 1z0-1059-22 Exam Practice Test