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- IFRS 15 – Revenue from Contracts with Customers 0%
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Question 1 of 10
1. Question
“An entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.” What term agrees with this definition?
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Question 2 of 10
2. Question
Under which circumstances, a contract with a customer would not have a significant financing component?
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Question 3 of 10
3. Question
Which approaches are allowed by IFRS 15 for determination of the transaction price for contracts in which a customer promises consideration in a form other than cash?
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Question 4 of 10
4. Question
If consideration payable to a customer is a payment for a distinct good or service from the customer, then an entity shall account for the purchase of the good or service in the same way that it accounts for other purchases from suppliers.
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Question 5 of 10
5. Question
Shall an entity recognise the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs?
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Question 6 of 10
6. Question
Where in the statement of financial position should the entity recognise a contract that has performed?
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Question 7 of 10
7. Question
Which of the following is not true regarding the disclosure of information under IFRS 15?
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Question 8 of 10
8. Question
Which factors shall the entity consider, when assessing whether a warranty provides a customer with a service in addition to the assurance that the product complies with agreed-upon specifications?
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Question 9 of 10
9. Question
Customer options to acquire additional goods or services for free or at a discount come in many forms, including sales incentives, customer award credits, contract renewal options or other discounts on future goods or services.
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Question 10 of 10
10. Question
On 1 January 201X, a vendor enters into a contract with a customer to build an item of specialised equipment, for delivery on 30 April 201X. However, the exact delivery date is hard to estimate. The amount of consideration specified in the contract is $300,000, but that amount will be decreased or increased by $500 for each day, depending on whether the actual delivery date is before or after 30 April 201X. How should a vendor determine a transaction price for this contract?
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