Online Access Free 1z0-1056-22 Practice Test

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.Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
• B.Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
• C.Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
• D.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.
• E.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.

You have created two transactions with a 30-day payment term. The first transaction is on January 29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the system date. Both transactions are assigned an unsigned receipt method that has the lead days set to 60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.
Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?

• A.A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
• B.A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
• C.Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
• D.Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
• E.Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
• F.A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.

If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?

• A.Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI.
• B.Delete Contracts from the Manage Customer Contracts UI.
• C.Run the Discard Customer Contracts program for the relevant contracts, define a new, higher-priority Contract Identification Rule, and run the Identify Customer Contracts program again.
• D.Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again.
• E.Delete the source data that was imported into Revenue Management and import new source data.

Which three transaction types are used to generate late charges? (Choose three.)

• A.Adjustments against the original transaction
• B.Cash Receipts
• C.Debit Memo
• D.Credit Memo
• E.Interest Invoice

Which two setups are required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices? (Choose two.)

• A.Intercompany system options enable use of the same tax rate code for the payable and receivable invoices.
• B.First enter a payable transaction to calculate tax and then enter the receivable transaction.
• C.Ensure that both the receiver and provider business units and legal entities are subscribed to the applicable tax regime on the transaction date.
• D.Tax for intercompany is loaded by using Create Taxable Transactions in Spreadsheet.
• E.Ensure if any tax-specific rules that are defined should cover both the sales_transaction and purchase_transaction business category.
• F.The payable options and the receivable system options should have the same tax application options.