Question

1.

Which of the following is NOT a condition that must be met in order for a contract with a customer to be within the scope of IFRS 15?

Multiple Choice

The contract has commercial substance.

The contract has been approved by the parties to the contract.

The payment terms for the goods or services to be transferred can be identified.

The contract does not identify each party’s rights in relation to the goods or services to be transferred.

2.

IFRS 15, Revenue from Contracts with Customers, covers which types of revenues?

Multiple Choice

Sale of goods

Rendering of services

All of the above

Royalties

3.

Under U.S. tax law, what is a "resident?"

Multiple Choice

A person holding a "green card" from the U.S. Immigration and Naturalization Service

All of the above

A corporation organized in the United States

A person living in the United States for 183 days or more in a year

4.

IAS 32 defines a financial instrument as:

Multiple Choice

any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

the currency of a foreign country in which the enterprise does business.

a recognized stock exchange.

a certified check.

5.

Under IFRS 9, Financial Instruments, which of the following is NOT a category into which a financial asset must be classified?

Multiple Choice

Bonds held to maturity

Loans and receivables

Available-for-sale financial assets

Property, plant, and equipment

Answer 1

Question	Correct Answer
1.	4th option i.e. The contract does not identify each party’s rights in relation to the goods or services to be transferred.
2	3rd option i.e. All of the above
3	1st option i.e. A person holding a "green card" from the U.S. Immigration and Naturalization Service
4	1st option i.e.any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity
5	4rt option i.e. Property, plant, and equipment