Which statement is the odd one out? Revenue is recognised over time if one of the following criteria is met?

Liabilities and Cashflows

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Business
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Professional Development
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6 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The entity's performance creates or enhances an asset that the customer controls as the asset is created
The entity's performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date
The customer makes a payment to the entity at any point before, during or after the agreed length of contract
The customer simultaneously receives and consumes all the benefits provided by the entity as the entity performs
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Derives from an entity's actions such as an established pattern of past practice, or where the entity has created a valid expectation. This is the definition of
A Provision
A Contingent Liability
A Legal Obligation
A Constructive Obligation
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Is a Contingent Asset ever recognised in the Financial Statements?
Yes
No
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is not an adjusting event under IAS 10?
Trade receivables where a customer has become insolvent
Discovery of fraud or errors that show the Financial Statements are incorrect
Major purchase of assets
Inventories where NRV falls below cost price
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Should a decrease in inventories be added or deducted from the profit before tax when calculating the net cash from operating activities?
Added
Deducted
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Should an increase in trade receivables be added or deducted from the profit before tax when calculating net cash from operating activities?
Added
Deducted
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