Multiple Choice
The statement regarding IAS 11/AASB 111 'Construction Contracts 'that is not true with respect to revenue recognition is:
A) The standard adopts the 'stage of completion' method
B) It is recommended that revenues and associated costs be recognised only when they can be 'clearly estimated'
C) Revenues and expenses are recognised in the financial years in which the construction activities are performed
D) None of the above,i.e.all are true statements
Correct Answer:
Verified
Correct Answer:
Verified
Q16: Explain the justification for using the percentage-of-completion
Q17: 'The increase in net worth view of
Q18: Explain why the point of sale '…is
Q19: Revenue recognition policies of US companies have
Q20: Revenue can never be recognised before the
Q22: Where revenue is not recognised until cash
Q23: Which of these is not a suggestion
Q24: The criteria that is not included in
Q25: Revenue is directly related to the monetary
Q26: Under the Framework the statement concerning gains