Online Access Free 1Z0-1059-20 Practice Test

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 secondary ledger.
• B.Using their existing primary ledger.
• C.Create a new primary ledger.
• D.Create a reporting ledger.

Which three statements about Effective Periods are true?

• A.You cannot have overlapping periods.
• B.Effective Periods only define the rage where standalone selling prices of an item should be effective.
• C.Effective Periods are used for standalone selling prices and for creating journal entries.
• D.If effective periods are not defined. Revenue Management uses the General Ledger calendar.
• E.Gaps between periods are not allowed.

Oracle Revenue Management is part of_____________________predefined offering.

• A.Fusion Accounting Hub
• B.Financials
• C.Incentive Compensation
• D.Enterprise Contracts

Which three statements describe how Revenue Management creates accounting contracts to meet the new ASC 606 / IFRS 15 revenue recognition standards?

• A.by identifying and creating one or more performance obligations for a given accounting contract
• B.by grouping source document lines intro contracts for each identified customer
• C.by allowing manual allocation of Total Transaction Price across performance obligations
• D.by calculating Total Transaction Price for contracts
• E.by only creating contracts that are source system specific
• F.by restricting users from excluding contract lines

What does a Variable Consideration require?

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