Question 1

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

Options :

A : 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

B : You value the accrual at estimated consideration and it is a monetary debt.

C : You book the invoiced amount to the P&L when you meet the regulatory definition by Industry.

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.

Answer: A

Question 2

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

Options :

A : require complete

B : allow partial

C : allow complete

D : require partial

Answer: A,B

Question 3

Which two are incorrect statements about the Oracle Fusion Receivables Transaction Sources section in the Manage Revenue Management System Options page?

Options :

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.

Answer: A,D

Question 4

A corporation uses a primary ledger with a currency of USD. The organization's data includes source document lines with amounts expressed in the Euro currency. However, Revenue Management calculatestransaction totals, allocations, and creates accounting in the ledger currency.Which two options are available In Revenue Management to convert transaction amounts to the USDcurrency?

Options :

A : Select Conversion Rate Type in the Source Document Type setup.

B : Run the Revenue Management translation process.

C : Enter Conversion Rate Type in System Options.

D : Provide currency conversion details in the Revenue Basis Data Import Template.

E : Enter exchange rate information in Standalone Selling Price Profile.

Answer: B,C

Question 5

You define a Contract Identification Rule that uses the following source document attributes to matchtransaction lines:Bill-to Customer Party IdentifierExtensible Header Character Attribute 4Based the data displayed:How many contracts will be created In Revenue Management?

Options :

A : 3

B : 1

C : 5

D : 0

E : 4

Answer: A

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