Online Access Free 1Z0-1018 Practice Test

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

• A.You value the accrual at estimated consideration and it is a monetary debt.
• B.You book the invoiced amount to the P&L when you meet the regulatory definition by Industry.
• 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 calculate the liability at inception and book it when either party acts. An Act could be shipping or invoicing.
• E.Liability is a list of goods and services you actually owe to the customers for future satisfaction via transfer.

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.your debt to customers for goods and services you are obliged to deliver to them by either party acting
• C.Unearned Revenue
• D.your invoiced goods and services less those goods and services that you have not yet delivered

The predefined Revenue Contract Account Activities Report provides data extracted from which two sources?

• A.Oracle Subledger Accounting
• B.Oracle Revenue Management Cloud
• C.Oracle General Ledger
• D.Oracle Receivables

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

• A.allow complete
• B.require complete
• C.require partial
• D.allow partial

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.