satisfied over time if: Group of answer choices The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs.

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: Which is not a scenario wherein revenue is recognized over time? a. The customer simultaneously…

A: Depending on when a performance obligation is met, revenue may be recognized either over time or all…

Q: Match the following challenges in revenue recognition with their corresponding aspec A. Determining…

A: Accounting Concepts -The phrase "accounting concepts" refers to fundamental guidelines,…

Q: Which of the following is not part of the definition of control? ability to obtain substantigly all…

A: Control defines as the ability to obtain substantially all remaining benefits of the assets and to…

Q: Revenue should be recognized over time when a performance obligation is satisfied over time. That…

A: Given statement is: Revenue should be recognized over time when a performance obligation is…

Q: IDENTIFICATION   4. These are present obligations of an entity arising from past transactions, the…

A: Obligations means dues for the entity which needs to be paid out or settled to third parties.…

Q: Which one of the following situation where a performance obligation is satisfied over time ?  a-…

A: As per IFRS15 Performance obligation is satisfied over time if any of the following conditions are…

Q: How does the Conceptual Framework define an asset?   Select one alternative A resource to which…

A: Introduction : The conceptual frameworks can be understood as the textual or graphical depiction of…

Q: Under - PFRS 15, when shall entity recognize revenue from contract with customers? Select the…

A: The revenue   should  be satisfied  only when the services or goods that have been  transferred at a…

Q: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

A: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

Q: According to PFRS 15, a good or service is distinct if

A: IFRS stands for International financial reporting standards. These are Accounting standards issued…

Q: The amount of consideration to which the entity expects to be entitled in exchange for transferring…

A: As per IAS 115 Revenue recognition A performance obligation is an promise to customer to transfer…

Q: Revenue should be recognized at a single point in time when control of a good or service is…

A: Given statement is: Revenue should be recognized at a single point in time when control of a good or…

Q: Under PFRS 15, which of the following factors indicates that the revenue from contracts with…

A: Under IFRS 15  A performance obligation is on the seller or service provider who has an obligation…

Q: True or False  According to PFRS 15, if an entity expects that a portion of gift certificates sold…

A: PFRS 15 Revenue from Contracts with Customers,  Breakage means the amount of contract liability…

Q: Under the new revenue recognition guidance in ASC Topic 606, which of the following statements is…

A: In accounting, ASC stands for Accounting Standards Codification as defined by the financial…

Q: gue that donated assets should not be reported in company’s balance sheet. Base your arguments on…

A: Under current U.S. GAAP assets that have been donated to a company are recorded at fair value…

Q: In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework…

A: when a liability arises to pay the amount than obligations will arise.

Q: Which of the following is / are external indicator/s of impairment loss? Impact of legal environment…

A: The reduction or decline in the carrying worth of any asset due to its fair value can be referred to…

Q: Which of the following factors, if present, would indicate that a transaction is not a contribution?…

A:

Q: Probable future sacrifices of economic benefits arising from an entity's present obligations to…

A: Assets are probable future economic benefits obtained or controlled by a particular entity as a…

Q: Which of the following features of an asset closely links its definition to the scien Economics? A.…

A: Asset refers to any resource which is owned or controlled through the business and it is anything…

Q: Which of the following statement best defines an asset?

A: As question is MCQ type it will be answered with explanation.

Q: Under PFRS 15, in which of the following instances will the revenue from contracts with customers be…

A: Revenue is the amount which has been earned by the company during the period from the core…

Q: Any of the following criteria is considered satisfaction by an entity of performance obligation over…

A: As per IFRS 15, An entity transfers control of a good or service over time and, therefore, satisfies…

Q: __________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer…

A: The accounting process includes the bookkeeping process which involves the journal entry of the…

Q: Please select the right answe Sorry, your answer was A resource owned A resource presen A resource…

A: International accounting standards are created by the International Public Sector Accounting…

Q: If an entity has elected to use the fair value option for a financial liability; a. It is measured…

A: Liabilities: Liabilities are the obligations of an organization that an organization must pay in…

Q: Which one of the following is an essential characteristic of an asset? A. The inflow of future…

A:

Q: Which of the following is not a criterion that must be met for an item to be classified as a…

A: Introduction:- A liability is commitment or responsibility of a company that results in the…

Q: If an entity recognises the revenue associated with a contract with a customer over time (rather…

A: The question pertains to which of the two scenarios would be a more conservative approach : 1.…

Q: If an entity wishes to change from a cost model to fair value model under IAS 40 – Investment…

A: IAS 40 is one of the accounting standard that is used for investment property. Investment property…

Q: In accordance with AASB 9, the recognition of a financial asset or financial liability will be…

A: Following is the answer to given question