1Z0-1059-21 by Oracle Valid Free Exam Practice Test

Question 1

What is a Performance Obligation?

A. a combination of customer type and product code B. a product code or SKU C. a promise to a customer on which either party has acted D. a promise to a customer

Correct Answer: D

Question 2

When is it required to populate the number of periods and percentage of revenue (seen in the image below) while defining a revenue scheduling rule?

A. when Context Values are populated B. when the Deferred Revenue box is checked C. when it is a business requirement D. when the Type is Fixed or Variable

Correct Answer: D

Question 3

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. Business Intelligence Publisher C. Oracle Transactional Business Intelligence D. Smart View

Correct Answer: B

Question 4

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

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

Correct Answer: B,D

Question 5

In order to have Revenue Management calculate Observed Standalone Selling Prices, four steps must be completed.
Which two are NOT included in the four step process?

A. Categorize standalone sales by performance obligation. B. Review the calculated OSSP. C. Run Create Accounting. D. Run the Calculate Observed Standalone Selling Prices program. E. Approve the OSSP by establishing it. F. Close the previous period.

Correct Answer: A,D

Question 6

Given It Is critical to capture common link values In one or more attributes on the source document lines in order to build effective Performance Obligation Identification Rules, how many User Extensible Fields does Revenue Management provide to facilitate the capture of this data?

A. 60 User Extensible Fields B. 50 User Extensible Fields C. 90 User Extensible Fields D. 10 User Extensible Fields

Correct Answer: D

Question 7

You define a Performance Obligation Identification Rule that uses the following matching attribute to group source document lines:
Extensible Line Character Attribute 7
Based on the data displayed:

How many performance obligations will be created In Revenue Management?

A. 3 B. 4 C. 5 D. 6

Correct Answer: A

Question 8

You have defined 3 Contract Identification rules: Rule A, Rule B, and Rule C.
You then decide that Rule C needs to be the first rule executed when the "Identify Customer Contracts" process runs.
Which attribute needs to be updated to achieve this objective?

A. Default Classification B. Freeze Period C. Priority D. Source Document Type

Correct Answer: C

Question 9

Which three statements describe how Revenue Management creates accounting contracts to meet the new ASC 606 / IFRS 15 revenue recognition standards?

A. by restricting users from excluding contract lines B. by only creating contracts that are source system specific C. by allowing manual allocation of Total Transaction Price across performance obligations D. by identifying and creating one or more performance obligations for a given accounting contract E. by grouping source document lines intro contracts for each identified customer F. by calculating Total Transaction Price for contracts

Correct Answer: B,C,E

Oracle Revenue Management Cloud Service 2021 Implementation Essentials - 1Z0-1059-21 Exam Practice Test