Online Access Free 1Z0-1059 Exam Questions

What does a Variable Consideration require?

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

After defining a pricing dimension structure for a customer, you must define a pricing dimension structure instance.
Which two attributes on the structure instance are inherited from the structure definition?

• A.the value sets
• B.the Query Required option
• C.whether Dynamic Combination Creation Allowed is enabled
• D.the shape: Same number of segments and order
• E.the Displayed option

Which is Not a required piece of information when importing contract header information from a source file?

• A.Source Document Type code
• B.Source Document Unique Identifier Number 1
• C.Source System
• D.Date of source Document
• E.Record Type
• F.Currency code of source document

What is a Performance Obligation?

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

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

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