Multiple Choice
Bellarine Ltd is publisher of Mode magazine and its customers usually sign a three-year subscription with an advance payment of $500.Mode magazine has 12 issues in a year.What is the appropriate accounting treatment for this sale on the date of signing that is in accordance with IASB (2011) Revenue?
A) Recognise revenue in full as this is an immaterial amount.
B) Recognise the sale as a provision.
C) Recognise the sale as unearned revenue.
D) Disclose the sale in the notes as a contingent item.
Correct Answer:
Verified
Correct Answer:
Verified
Q61: IASB and FASB initiated a joint project
Q62: If the borrower prepays interest,the inflow of
Q63: The general rule under modified historical-cost accounting
Q64: Russell Ltd commenced the construction of
Q65: The percentage of completion can be measured
Q67: Using the cost method to calculate the
Q68: Where the percentage-of-completion method is based on
Q69: Which of the following statements is not
Q70: In the situation that a debtor becomes
Q71: The following is a diagram of the