All change for revenue accounting?

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. The IASB and FASB initiated a joint project to develop a common revenue standard that would -

  2. The ED would NOT affect any entity that enters into contracts with customers where those contracts are for -

  3. A contract with a customer does NOT exists if -

  4. A warranty provided in connection with a sale of a product is to be accounted as revenue where -

  5. An entity provides a mobile phone for free (which is of general use and can be sold separately) and unlimited calls for 2 years. The entity should record revenue -

  6. The individual element of goods and services in a contract are regarded as separate revenue elements for accounting purposes where -

  7. The ED model for revenue recognition does NOT require the following -

  8. In allocating the transaction price to separate performance obligations the following procedures are NOT acceptable -

  9. For service contracts requiring performance obligation continuously one of the following condition does NOT satisfy the requirement of the ED before revenue can be recognised -

  10. Acquisition costs should not always be expensed. But the entity should NOT recognise the following as an asset -