Reference no: EM132756936
Problem 1: Criteria must be met before a contract with a customer is accounted for under PFRS#15. Which of the following preclude a contract from being accounted for under PFRS#15.
a) The consideration is collected in advance
b) The contract is made orally
c) The contract does not result to a change in the risk, timing, or amount of the entity's future cash flows.
d) The contract is neither oral nor written but rather implied by the entity's business practices.
Problem 2: According to PFRS#15, revenue from a performance obligation that is not satisfied over time is recognized
a) when the contract ceases to be enforceable.
b) over time as the entity progresses towards the complete satisfaction of the obligation.
c) at a point in time when the performance obligation is satisfied.
d) b or c
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Which preclude a contract from being accounted
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