QUIZ START
Results
#1. if required by statue or a new/revised accounting standard or if the change gives more relevant and reliable information
#2. Consolidated financial statements provide information about the assets, liabilities, equity, income and expenses of both the parent and its subsidiaries as:
#3. An entity enters into a contract with a customer to provide services for two years. Either party can terminate the contract by compensating the other party. What is the duration of the contract?
#4. Which industry is possible to recognise revenue over time?
#5. 1) What are the five steps in the revenue recognition? I) Identify the Contract. II) Identify Performance Obligations. III) Identify the Costs. IV) Determine the Transaction Price. V) Allocate the Transaction Price. VI) Collecting the Transaction Price. VII) Recognize Revenue.
#6. if required by statue or a new/revised accounting standard or if the change gives more relevant and reliable information
#7. D is being sued by a customer for $2 million for breach of contract over a cancelled order. D has obtained legal opinion that there is a 20% chance that Dwill lose the case. Accordingly D has provided $400,000 ($2 million × 20%) in respect of the claim. The unrecoverable legal costs of defending the action are estimated at $100,000. These have not been provided for as the case will not go to court until next year.What is the amount of the provision that should be made by D in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets ?
#8. Which is correct?
#9. Which of the following does not comprise a set of financial statements?
#10. Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?
Finish