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Oracle Exam 1Z0-511 Topic 5 Question 25 Discussion
Actual exam question for
Oracle's
1Z0-511 exam
Question #: 25
Topic #: 5
[All 1Z0-511 Questions]
Topic #: 5
A company generates revenue at period end, but bills monthly in arrears. The first project revenue is due to be recognized at the end of May and the first invoice sent to the customer in June. What are the accounting entries at the end of May?
Suggested Answer:
E
Revenue
Once revenue is created, Oracle Projects runs AutoAccounting to determine the appropriate default accounts. AutoAccounting selects all of the AutoAccounting parameters for each item or event, determines the account coding, validates the account coding against the general ledger, and updates each revenue distribution line with the appropriate default account.
Account Debit Credit
Unbilled Receivables and/or Unearned Revenue 200.00
Revenue 200.00
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