Online Access Free 1Z1-1059 Practice Test

A business entity (your client) sells a computer, monitor, keyboard, and mouse as a single package to consumers. The entity has identified that this bundle is a distinct performance obligation. How should you configure Revenue management to ensure that these items are grouped into one performance obligation?

• A.By defining a Contact Identification Rule.
• B.By defining a Standalone Selling Price Profile.
• C.By defining a Performance Obligation Template.
• D.By defining a Revenue Item Group

Why Is Satisfaction Method a key element of a Performance Obligation?

• A.because it calculates the percentage of Total Transaction Price allocated to date
• B.because it calculates the amount of Total Transaction Price allocated to date
• C.because it specifies whether revenue has been fully or partially recognized for a good or service
• D.because it determines whether revenue for a good or service is recognized Over Time or Point in Time

A Corporation has a business requirement to build a custom Revenue Management report that users could run from the Scheduled Processes page.
Which reporting tool must be used to address this business requirement?

• A.Reporting Studio
• B.Oracle Transactional Business Intelligence
• C.Business Intelligence Publisher
• D.Smart View

Which configuration component is Source Document Type NOT connected to?

• A.Performance Obligation Identification Rules
• B.Performance Obligation Template
• C.Revenue Management System Options
• D.Revenue Price Profile
• E.Contract Identification Rules

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