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Free 1Z0-1062-20 Exam Braindumps

Pass your 1Z0-1062-20 exam with these free latest Questions and Answers

Which two are intended uses for the Standalone Selling Price Report Dashboard?

  1. Review performance obligations by effective period.
  2. Diagnose revenue price profile.
  3. Drill down to data used to derive standalone selling prices.
  4. Monitor transaction price calculation and allocation.
  5. Analyze standalone selling prices for one or multiple effective periods.

Answer(s): B,E


Reference:

https://cloud.oracle.com/opc/saas/RevMgmt/r13/nfs/r13-revenue- nfs.pdf (p.4)



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

  1. 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.
  2. You value the accrual at estimated consideration and it is a monetary debt.
  3. You book the invoiced amount to the P&L when you meet the regulatory definition by Industry.
  4. You calculate the liability at inception and book it when either party acts. An Act could be shipping or invoicing.
  5. Liability is a list of goods and services you actually owe to the customers for future satisfaction via transfer.

Answer(s): A



The Contracts Requiring Attention user Interface has three tabs: Pending Review, Pending Allocation, and Pending Revenue Recognition. What would cause a contract to be In the Pending Review tab?

  1. The total Transaction Price is over the user-defined threshold amount.
  2. The contract is missing standalone selling prices at the promised detail level or at obligation level.
  3. The contract is missing satisfaction events.
  4. The contract is missing Billing data.

Answer(s): A

Explanation:

Accounting contracts with a total transaction price that is greater than the user- defined threshold amount you defined in your system options. Contracts in this list are significant value contracts.


Reference:

https://docs.oracle.com/cloud/farel12/financialscs_gs/FAOFC/FAOFC2288367.h tm#FAOFC2288367



What are two major changes when comparing the new revenue recognition guidance under ASC 606 and IFRS 15 versus the old standard?

  1. Revenue and performance obligation liabilities are not dependent on billing.
  2. Revenue can be recognized for performance obligations only using the "Point in Time" approach.
  3. Pricing estimates cannot be used In the absence of pricing data.
  4. Expected consideration value is applicable to all industries.

Answer(s): C,D



The contract Promised Details tabs includes Selling Amount, Allocated Amount, Revenue Recognized, and Bill.......



What is the difference between Selling Amount and Allocated Amount?

  1. The Selling Amount is calculated based on Standalone Selling Prices and is used for the Revenue Recognition amount. The Allocated Amount is based on the source document sales lines amounts and is ultimately used to tie back to your source document upload.
  2. The Selling Amount is calculated based on the source document sales lines amounts and is used to tie back to your source document upload. The Allocated Amount is based on Standalone Selling Price and is ultimately used for the Revenue Recognition amount.
  3. The Selling Amount is calculated based on Standalone Selling Prices and is used to tie back to your SSP upload or calculation. The Allocated Amount is based on the Billed amount and is ultimately used for the Revenue Recognition amount.
  4. The Selling Amount is calculated based on the source document sales lines amount and is used for the Revenue Recognition amount. The Allocated Amount is based on the Billed Amount and Is used to tie back to your Billing source document upload.

Answer(s): B




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