Homework Answers
1.true. Revenue is measured at fair value of consideration received or receivable and recognised when prescribed condition are met.
2. True. An entity shall recognise allocated transaction value as revenue once a performance obligation is satisfied.
3. True. If payment of goods or services is deferred than fair value of the consideration will be less than nominal amount of the cash receivable.
4. False. A exchange of goods or services of dissimilar nature generates revenue.
5. False. To recognise revenue collection of payment should be reasonably assured.
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Exercise 15.3 State whether each of the following is true or false. 1. Revenue is measured...
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Give at least two points that a working accountant will find useful (using complete sentences). THE...
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THE BOTTOM Changes to Revenue Recoqnition Requirements By Quinn R. Martin, Matthew J. Frazier and Michael J. Devereux Revenue is considered one of the most important financial statement measures. It is used to assess a company's past financial performance, fut ure growth potential and finan- cial well-being. This makes revenue recognition one of the accounting topics most scrutinized by business owners. The Accounting Standards Codification...
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On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
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find useful (using complete sentences).
THE BOTTOM Changes to Revenue Recoqnition Requirements By Quinn R. Martin, Matthew J. Frazier and Michael J. Devereux Revenue is considered one of the most important financial statement measures. It is used to assess a company's past financial performance, fut ure growth potential and finan- cial well-being. This makes revenue recognition one of the accounting topics most scrutinized by business owners. The Accounting Standards Codification...
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