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Question:1
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition. Which two statements are true when you consider that recognition depends on the nature of the contingency?

A. Payment - based contingencies do not always require payment before the contingency can be removed and revenue recognized.
B. Post - billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
C. Pre - billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
D. Time - based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
E. Time - based contingencies must not expire before the contingency can be removed and revenue recognized.

Answer: AB

Explanation: When you consider that recognition depends on the nature of the contingency, these two statements are true: Payment - based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is recognized at that point. Post - billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept or reject a product after receiving an invoice, the contingency is removed after 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because: Pre - billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before invoicing, not before revenue recognition. Time - based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet. For example, if a customer has a one - year warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later. Time - based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified Reference: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage - revenue - for - receivables.html#FAOFC - GUID - 1F9E7B6A - 8F4D - 4A0C - 9E3B - 8C0D1F2C5E3A

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