IAS 18 Revenue sets out criteria for the recognition of revenue from the sale of goods.Which of the following criteria are specified by IAS 18 for recognising revenue from the sale of goods?(1) The seller no longer retains any influence or control over the goods(2) The cost to the seller can be measured reliably(3) The buyer has paid for the goods(4) The significant risks and rewards of ownership have been transferred to the buyer

1 .Following the preparation of the financial statements, the accountant of Tamore has discovered that the depreciation charge has been overstated.When the depreciation charge is corrected, how are the elements of the financial statements affected?

A Assets: Increased; Liabilities: Decreased; Equity s: Unchanged B Assets: Decreased; Liabilities: Increased; Equity: Increased C Assets: Decreased; Liabilities: Unchanged; Equity: Decreased D Assets: Increased; Liabilities: Unchanged; Equity: Increased

题型: 单选题 提问时间: 2021-08-24

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2 .The residual interest in the assets of the entity after deducting all its liabilities.What is represented by the residual?

A Income B Profit C Gains D Equity

题型: 单选题 提问时间: 2021-08-24

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3 .What is defined by the following statement?“A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.”

A Income B An expense C A liability D An asset

题型: 单选题 提问时间: 2021-08-24

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4 .Which TWO of the following statements regarding the accruals basis are correct?(1) Income and expenses are recorded in the financial statements in the periods to which they relate(2) All expenses but not income are recognised and accrued for(3) The effects of transactions and other events are recognised when they occur(4) Revenue is recognised when it can be matched with expenditure incurred

A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4

题型: 单选题 提问时间: 2021-08-24

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5 .OC signed a contract to provide office cleaning services to PQ for one year from 1 October 2015 for USD500 per month.The contract required PQ to make a single payment to OC for all 12 months at the beginning of the contract.OC received USD6,000 on 1 October 2015.What amount of revenue should OC recognise in its statement of profit or loss for the year ended 31 March 2016?

A USDnil B USD300 C USD3,000 profit D USD6,000 profit

题型: 单选题 提问时间: 2021-08-24

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7 .Woodpecker has produced an inventory list which, taking account of physical quantities, gives the following values: Cost Net realisable value USD USD 5 mm nuts 100 180 7 mm nuts 170 190 10 mm nuts 180 150 8 mm washers 120 160 15 mm bolts 190 170 What is the correct value of inventory to be included in the statement of financial position?

A USD710 B USD740 C USD760 D USD850

题型: 单选题 提问时间: 2021-08-24

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8 .LP received an order to supply a customer with 10,000 units of product A every month for two years. The customer had negotiated a low price of USD200 per 1,000 units and agreed to pay USD12,000 in advance every six months.The customer made the first payment on 1 July 2015 and LP supplied the goods each month from that date.LP’s year end is 30 September.In addition to the effect of cash received, what is the effect of this order on LP’s financial statements for the year ended 30 September 2015, in accordance with IAS 18 Revenue?

A Revenue USD6,000; Statement of financial position USD36,000 trade receivable B Revenue USD6,000; Statement of financial position USD6,000 current liability C Revenue USD12,000; Statement of financial position USD36,000 trade receivable D Revenue USD12,000; Statement of financial position No effect...

题型: 单选题 提问时间: 2021-08-24

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9 .Sculpart buys and sells original sculptures. An item in inventory at 31 March 2016 had been bought four years ago at a cost of USD15,000. It had originally been anticipated that this item would be sold for USD22,000. To date the best offer which has been received is USD17,500 from an overseas collector. This offer has been made on the basis that the item will be transported to the collector. It is estimated that the costs of shipping and insurance are USD3,000.At what amount should this item be included in the inventory of Sculpart at 31 March 2016?

A USD14,500 B USD15,000 C USD17,500 D USD22,000

题型: 单选题 提问时间: 2021-08-24

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10 .On 31 March 2016, DT received an order from a new customer, XX, for goods with a sales value of USD900,000. XX enclosed a deposit with the order of USD90,000.On 31 March 2016, DT had not despatched any goods. DT is considering the following possible entries for this transaction in its financial statements for the year ended 31 March 2016:(1) Include USD900,000 in revenue(2) Include USD90,000 in revenue(3) Do not include any amount in revenue(4) Recognise a trade receivable for USD810,000(5) Recognise a trade payable for USD90,000According to IAS 18 Revenue, how should DT account for this transaction in its financial statements for the year ended 31 March 2016?

A 1 and 4 B 2 and 5 C 3 and 4 D 3 and 5

题型: 单选题 提问时间: 2021-08-24

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