How does reciprocal accounting differ from standard intercompany accounting? a. Transactions are recorded at year-end only b. One entity records the transaction first c. Each entity keeps independent records d. Mutual transactions simultaneously affect both entities' records

Which of the following is not required to be disclosed under PAS 24? *   A. A parent-subsidiary relationship when there were transactions between them during the period.   B. The name of the parent of the entity’s associate   C. Loans to officers   D. A parent-subsidiary relationship when there were no transactions between them during the period.

Which of the following is not a condition in identifying the contract with the customer as per IFRS 15? The entity and the customer have approved the contract and are committed to perform their contractual obligations It is certain that the entity will collect the consideration to which it is entitled Each party's rights with regard to the goods or services concerned can be identified The payment terms can be identified EN 2时 6 l

A contract between one or more parties creates: a. the date that cash is paid by the customer b. enforceable rights and obligations for the parties c. revenue for recognition d. the fixed amount of payments for the good or service

Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of the following is not one of these conditions? Oa The entity and the customer have approved the contract and are committed to perform their contractual obligations. O b. The payment terms can be identified. O citis certain that the entity will collect the consideration to which it is entitled. Od. Each party's rights about the goods or services concerned can be identified.

In accordance with IFRS 15,  customer loyalty awards on the goods or services sold, the transaction price received or receivable by the entity must be      allocated between the goods or services sold and the customer loyalty awards redeemable in the future partly as revenue and partly as a liability.  must be recognized in full as a liability. must be recognized in full as revenue. must be recognized in full as an expense.

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For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and V

describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysis

Most agreements involving factoring of accounts receivable are made on a. O a. notification O b. market O c. non-market O d. non-notification O e. recourse basis.