2 IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue?A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co.B The sales of $200,000 from Cello Co acting as an agent for Dean Co.DThe sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from theasset.Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January20X9. The cost of capital of 10%.

IFRS 15 emphasizes the transfer of control and the satisfaction of performance obligations. And each…

IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue? A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co. B The sales of $200,000 from Cello Co acting as an agent for Dean Co. The sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from the с asset. Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January 20X9. The cost of capital of 10%.

IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue? A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co. B The sales of $200,000 from Cello Co acting as an agent for Dean Co. The sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from the с asset. Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January 20X9. The cost of capital of 10%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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