The federal government is required to recognize liabilities from nonexchange transactions When an exchange takes place. When the event occurs and the anticipated outflows of resources are both probable and measurable. When due. When formally acknowledged and an amount is due and payable as a result.

The federal government is required to recognize liabilities from nonexchange transactions When an exchange takes place. When the event occurs and the anticipated outflows of resources are both probable and measurable. When due. When formally acknowledged and an amount is due and payable as a result.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle

Section: Chapter Questions

Problem 19MCQ

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Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? A When the consignor receives cash remittance from the consignee. B When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. C When the consignor enters into a consignment contract with a consignee. D When the consignor satisfies its performance obligation under consignment contract.
Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. When the consignor receives cash remittance from the consignee. When the consignor satisfies its performance obligation under consignment contract. When the consignor enters into a consignment contract with a consignee.
Why are payments received from customers in advance, for either services to be performed and/or for goods to be delivered, classified as liabilities upon the receipt of the funds?
Under PFRS 15, what is the specific point in time when the consignor satisfies its performance obligation under consignment contract? Upon remittance of cash by consignee to consignor. Upon delivery of consigned goods by consignor to consignee. Upon signing of contract of consignment by consignor and consignee. Upon sale of consigned goods by consignee to final consumers.
Indicate whether each of the following statements is true or false. 1. Assets purchased on long-term credit contracts should be recorded at the present value of the consideration exchanged. 2. Companies account for the exchange of non-monetary assets on the basis of the book value of the asset given up or the fair value of the asset received. 3. Under IFRS, all gains on non-monetary exchanges are recognized, regardless of whether the transaction has commercial substance or not.
Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. Investment
In accordance with AASB 9, the recognition of a financial asset or financial liability will be influenced by considerations as to whether there is a contractual right to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable, or potentially unfavourable, to the entity. Explain what this requirement means.
If the value of an item can be measured and reasonably determined, this item can be recognized in the financial statements as long as it O involves an exchange of cash and/or credit is granted. O provides some future economic benefit. meets the definition of an element of the financial statements. O has already occurred.
Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.
How shall an entity subsequently measure financial liabilities? Is IFRS measurement of financial liabilities similar to that of U.S. GAAP? Also briefly describe the requirements regarding an option to designate a financial liability at fair value through profit and loss. Q: Does U.S. GAAP allow fair value option for financial assets and liabilities? Q; What is “own credit” issue related to financial liabilities measured at fair value through profit and loss? Q: How does IFRS 9 address this “own credit” issue?
Which of the following is considered or construed as an example of "constructive receipt"? a.Retirement benefits, pensions, gratuities b.Deposits for rentals to answer for damages, restricted as to use c.Interest coupons that have matured and are payable but have been cashed d.Fees paid to a public official
Which of the following is a promise by the Government to pay a stated sum after expiry of the stated period from the date of issue? a. Commercial Papers b. Bankers’ Acceptance c. Treasury Bills d. Bills of Exchange

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		When an exchange takes place.
		When the event occurs and the anticipated outflows of resources are both probable and measurable.
		When due.
		When formally acknowledged and an amount is due and payable as a result.