1Z0-1059-20 Dumps Updated Dec 12, 2021 Practice Test and 73 unique questions
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What is the duration, language, and format of Oracle Revenue Management Cloud Service 2020 Implementation Essentials 1z0-1059-20 Exam
- Passing score: 64%
- Format: Multiple choices
- Length of Examination: 85 minutes
- Language: English (U.S)
- Number of Questions: 55
NEW QUESTION 13
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. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized
- B. 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.
- C. 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
- 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 must not expire before the contingency can be removed and revenue recognized
Answer: B,D
NEW QUESTION 14
Which method is used to allocate total transaction price across performance obligations in Revenue Management?
- A. Inverted Allocation Method
- B. Alternative Allocation Method
- C. Relative Allocation Method
- D. Two Step Allocation Method
- E. Residual Allocation Method
Answer: D
NEW QUESTION 15
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 Discount Allocation Account at the contract level.
- B. It tracks the difference in a Discount Allocation Account at the contract line level.
- C. It Tracks the difference in a Write-Off Allocation Account at the contract line level.
- D. It tracks the difference in a Write-off Allocation Account at the contract level.
Answer: B
NEW QUESTION 16
How many tabs does the Customer Contract Source Data Import Template have?
- A. three tabs that store data for the VRM_SOURCE_DOCUMENTS, VRM_SOURCE_DOC_LINES, and VRM_SOURCE_DOC_SUB_LINES tables respectively
- 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. one tab that stores data for the VRM_SOURCE_DOCUMENTS table
Answer: A
Explanation:
Explanation
You can import source transactions using the Customer Contract Source Data Import process. Customer Contract Source Data Import uses three interface tables--one parent table and two child tables--to represent source documents, source document lines, and source document sub-lines. The parent table, VRM_SOURCE_DOCUMENTS contains the source document information. The child tables contain the following information for a given interface line record: VRM_SOURCE_DOC_LINES contains source document line details; VRM_SOURCE_DOC_SUB_LINES contains source document sub line details
NEW QUESTION 17
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 Document
- B. Identify Customer Contract Based on Source System
- C. Identify Customer Contract Based on Party
- D. Identify Customer Contract Based on Source Document Line
Answer: A
NEW QUESTION 18
Your customer ships machines, and can recognize revenue for each machine after the machine has been delivered to a customer without waiting for complete satisfaction of an entire performance obligation. How would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for these performance obligations at a point in time?
- A. by setting SM to "Allow Partial" and SMM to "Period"
- B. by setting SM to "Allow Partial" and SMM to "Quantity"
- C. by setting SM to "Requires Complete" and SMM to "Period"
- D. by setting SM to "Requires Complete" and SMM to "Quantity"
- E. by setting SM to "Requires Complete" and SMM to "Percent"
Answer: C
NEW QUESTION 19
Which statement is NOT applicable to Performance Obligation Templates?
- A. Performance Obligation Templates are specific to the business and cannot be predefined.
- B. Performance Obligation Templates can be associated to a Revenue Price Profile.
- C. Performance Obligation Templates take precedence over Performance Obligation Rules.
- D. Oracle delivers three predefined Performance Obligation Templates,
Answer: D
NEW QUESTION 20
Which is NOT a predefined Accounting Class for Revenue Management?
- A. Contract Discount
- B. Contract Unearned Revenue
- C. Contract Liability
- D. Contract Asset
Answer: B
NEW QUESTION 21
Which three statements describe how Revenue Management creates accounting contracts to meet the new ASC 606 / IFRS 15 revenue recognition standards?
- A. by only creating contracts that are source system specific
- B. by restricting users from excluding contract lines
- C. by allowing manual allocation of Total Transaction Price across performance obligations
- D. by calculating Total Transaction Price for contracts
- E. by grouping source document lines intro contracts for each identified customer
- F. by identifying and creating one or more performance obligations for a given accounting contract
Answer: A,C,E
NEW QUESTION 22
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. Banks, branches and bank accounts
- B. Inventory items
- C. Suppliers
- D. Business Units
- E. Customers
- F. Receivables configurations
Answer: B,D,E
NEW QUESTION 23
A corporation uses a primary ledger with a currency of USD. The organization's data includes source document lines with amounts expressed in the Euro currency. However, Revenue Management calculates transaction totals, allocations, and creates accounting in the ledger currency.
What needs to be done in Revenue Management to convert transaction amounts to the USD currency?
- A. Populate Conversion Rate Type in System Options.
- B. Create source document types specifically for Euro documents.
- C. Populate exchange rates in Revenue Price Profile.
- D. Create revenue prices in the Euro currency.
Answer: A
Explanation:
Explanation
https://docs.oracle.com/en/cloud/saas/financials/r13-update18a/fafrm/define-revenue-management.html#FAFRM
NEW QUESTION 24
What is a contract modification?
- A. a change to the contract caused by negotiation with the customer
- B. an increase or decrease in expected collectability
- C. a revision or correction to the estimate of variable consideration made at inception
- D. a change (modification) to the contract data
Answer: A
NEW QUESTION 25
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. Source Document Type
- B. Priority
- C. Freeze Period
- D. Default Classification
Answer: B
NEW QUESTION 26
Which is the correct definition of the Performance Obligation Liability on the balance sheet, replacing the Deferred Revenue liability?
- A. your debt to customers for goods and services you are obliged to deliver to them by either party acting less your right to invoice them for those goods and services once delivered
- B. Unearned Revenue
- C. your debt to customers for goods and services you are obliged to deliver to them by either party acting
- D. your invoiced goods and services less those goods and services that you have not yet delivered
Answer: C
NEW QUESTION 27
Which three statements about Effective Periods are true?
- A. Effective Periods are used for standalone selling prices and for creating journal entries.
- B. Effective Periods only define the rage where standalone selling prices of an item should be effective.
- C. You cannot have overlapping periods.
- D. If effective periods are not defined. Revenue Management uses the General Ledger calendar.
- E. Gaps between periods are not allowed.
Answer: A,B,C
NEW QUESTION 28
Oracle Revenue Management is part of_____________________predefined offering.
- A. Enterprise Contracts
- B. Incentive Compensation
- C. Financials
- D. Fusion Accounting Hub
Answer: C
NEW QUESTION 29
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