Question 1

The contract Promised Details tabs includes Selling Amount, Allocated Amount, Revenue Recognized, and Bill…….What is the difference between Selling Amount and Allocated Amount?

Options :

A : 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

B : 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.

C : 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.

D : 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: B

Question 2

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

Question 3

The predefined Revenue Contract Account Activities report originally had only one output option ofspreadsheet.Which output option can you now also choose to assist In handling a large number of records?

Options :

A : HTML

B : PowerPoint

C : Flat File

D : PDF

Answer: C

Question 4

Your organization Is selling a warranty plan to customers that covers appliances for one year. Revenue mustbe recognized gradually by month until the warranty expires.Which Revenue Scheduling Rule Type needs to be defined for the Performance Satisfaction Plan?

Options :

A : Fixed Schedule

B : Variable Schedule

C : Daily Revenue Rate, All Periods

D : Daily Revenue Rate, Partial Periods

E : Partial Schedule

F : Daily Revenue Rate

Answer: A

Question 5

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