Exam 3: Key Differences Between IFRS and US-Part 1

Assume that Yosuke wants to rent a room at a Lakeview apartment,the landlord requires a one-time,non-refundable $50 application fee and a contract cancelable with 5 days notice,charges $500 per month to rent the apartment for the next 12 months.How are the $50 application fee and the $500 monthly rental accounted for under U.S.GAAP or under IFRS?

Which of the following is not true regarding performance obligation?

Which of the following is correct regarding the guidance provided by IFRS and U.S.GAAP?

Which of the following arguments regarding principle-based standards is correct?

Which of the following statements is true regarding the differences between how recycling occurs in U.S.GAAP and IFRS?

Which following factors are taken into consideration when determining whether a performance obligation has been satisfied?

What is the correct order of steps in applying the revenue recognition model? 1)Identify the separate performance obligations in the contract 2)Identify the contract with the customer 3)Determine the transaction price for the entire contract 4)Recognize revenue when each separate performance obligation is satisfied 5)Allocate the transaction price to separate performance obligation

Which of the following statements is true regarding revenue recognition?

Which of the following is critical to principles-based standards?

Under IFRS and U.S.GAAP,which one is not included when recycling occurs?

Which one is not a characteristic of rules-based standards?

Which of the following statements regarding the difference between U.S.GAAP and IFRS is correct?

Which are two conditions that must be met before revenue is to be recognized under IFRS?

Which of the following arguments regarding pure rules-based standards is not correct?

Which methods do IFRS and U.S.GAAP typically record service revenue,respectively?