ACCOUNTING FOR REVENUE AND EXPENSES

Front

What is the first step in the MFRS 15 five-step model for revenue recognition?

Back

Identify the contract with a customer

Front

Under MFRS 15, when is revenue recognized?

Back

The performance obligation is satisfied

Front

How should the transaction price be allocated in a contract with multiple performance obligations?

Back

Based on the stand-alone selling price of each obligation

Front

Under the accrual basis of accounting, when should an expense be recognized?

Back

When it is incurred

Front

Prepaid expenses are:

Back

Expenses that have been paid but not yet incurred

Front

The matching principle requires:

Back

Expenses to be recognized in the same period as the revenues they help generate

Front

Prepaid expenses are recorded as:

Back

An asset

Front

Under MFRS 15, when should revenue from the sale of goods be recognized?

Back

When the customer receives and accepts the goods

Front

Which of the following is a step in the five-step revenue recognition model?

Back

Identify the contract with a customer

Front

Which of the following is an example of a capital expenditure? Salaries, Purchase of equipment, Electricity expenses, Rent

Back

Purchase of equipment