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What is the proper classification in the financial statement

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Reference no: EM132812867

Problem 1: Under PFRS 15, which of the criteria will justify an entity to recognize revenue from contract with customers over a period of time?

A. When the entity's performance creates or enhances an asset that the customer controls as the asset is created.
B. When the entity has transferred physical possession of the asset which is the subject matter of the performance obligation.
C. When the customer acquires the significant risks and rewards related to the ownership of the asset upon full payment of the price.
D. When the customer obtains legal title to the asset upon the execution of the formality required by

Problem 2: Under Philippine GAAP, what is the proper classification in the financial statement of deferred gross we account resulting from the application of installment method of revenue recognition of installment sales?

A. Unearned revenue account in the liability section of Statement of Financial Position
B. Contra-account to installment receivable in the asset section of Statement of Financial Position
C. Revenue account in the income section of Income Statement
D. Loss in the expense section of Income Statement

Reference no: EM132812867

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