Online Access Free 1Z0-1059-26 Exam Questions

What does a Variable Consideration require?

• A.an estimate of the consideration be made at inception only
• B.an estimate of the consideration be made at Inception, and corrections of the accrual at made at each period end until revenue Is recognized
• C.that the consideration be monetary
• D.a disclosure be made to the shareholders

What does the creation of an allocation allow you to determine?

• A.an allocation of the expected consideration over the performance obligations as if you had sold them separately
• B.the ability not to revise previously reported revenue for revision, corrections, and other changes
• C.the fair value of each performance obligation
• D.the maximum amount of revenue you can recognize soonest, postponing the minimum until later

Which statement is true regarding natural accounts: Contract Liability, Contract Asset, Price Variance, and Contract Discount?

• A.If nonexistent, these accounts need to be added to the chart of accounts.
• B.These accounts are not relevant to Revenue Management.
• C.These accounts are optional in Revenue Management.
• D.If nonexistent, these accounts are added automatically to the chart of accounts.

Which statement Is True regarding the Customer Contract Source Data Import Template?

• A.It Is a predefined HTML FBDI template.
• B.It is a predefined Java FBDI template.
• C.It is a predefined Excel FBDI template.
• D.It is a custom template that you are required to build.

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

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