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Oracle Certification
1Z0-1059-20 Exam
Oracle.1Z0-1059-20.v2022-02-16.q27 Practice Test
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Question
26
Which statement does NOT describe how revenue is handled under the latest standards under ASC 606 and IFRS 15?
A.
Liability is a list of goods and services you actually owe to the customers for future satisfaction via transfer.
B.
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.
C.
You value the accrual at estimated consideration and it is a monetary debt.
D.
You calculate the liability at inception and book it when either party acts. An Act could be shipping or invoicing.
E.
You book the invoiced amount to the P&L when you meet the regulatory definition by Industry.
Correct Answer:
B
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Question
27
Why are Source Document Type Codes required when defining Source Document Types?
A.
Because they are needed for the VRM_SOURCE_DOCUMENTS table to populate extensible attributes.
B.
Because they are needed for integration with Product Management.
C.
Because they provide uniqueness to the Source Document Types.
D.
Because they are Revenue Management Descriptive Flexfields.
Correct Answer:
B
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