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What year will the balance of construction in progress

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Reference no: EM132812863

Problem 1: In what year will the balance of construction in progress under percentage of completion method be certainly equal to the balance of construction in progress under cost recovery method?

A. In the year when the entity recognizes realized gross loss under percentage of completion method.
B. In the year when the entity recognizes realized gross loss under cost recovery method.
C. In the year when the entity recognizes realized gross profit under percentage of completion method
D. In the year when the entity recognizes realized loss profit under cost recovery method.

Problem 2: Under PFRS 15, when shall a consignor recognize revenue from consignment sales?

A. When the consigner delivers the consigned goods to the consignee.
B. When the consignor and consignee enter into a contract.
C. When the consignee actually remits to the consignor the net proceeds from the sale of consigned goods to third persons.
D. When the consignee sells and delivers the consigned goods to third persons.

Reference no: EM132812863

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