Which one of the following situation where a performance obligation is satisfied over time ?  a-  The entity's performance creates an asset that the customer controls as it is created b- The customer does not receive or consume the benefits provided by the entity's performance until the obligation is completely satisfied c- The entity does not have an enforceable right to payment for the performance that has been completed to date d- The entity's performance creates an asset which has an alternative use to the entity

Q: 1. Which is incorrect concerning the criterion of control by the enterprise of the intangible asset?…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: Discuss with examples TWO (2) indicators that may require an entity to reduce the value of their…

A: impairment of assets - impairment loss refers to a reduction in the value of assets of the company,…

Q: Which of the following statements about accounting recognition is (are) true?

A: An asset can be reported in the balance sheet of the company if it has provided the economic benefit…

Q: What type of "event" results in goodwill being recorded on a company's balance sheet? How is…

A: Goodwill is an non-physical asset i.e. intangible. It shows the customer base in loyalty or brand…

Q: Which of the following is not part of the definition of control? ability to obtain substantigly all…

A: Control defines as the ability to obtain substantially all remaining benefits of the assets and to…

Q: Which of the following statements is false? a.    The monetary unit assumption is used under IFRS.…

A: International Financial Reporting Standards (IFRS): IFRS is a set of international accounting…

Q: When recognizing revenue, a company has satisfied its performance obligation when the company has O…

A: The concept of Revenue recognition applies to both goods and services.

Q: re emission allowances (EAs)? How do businesses obtain them?   b) Explain how EAs held by an…

A: Pollution: It is the introduction of bad particles into the natural environment. It is the unhealthy…

Q: rder for an asset to be recognized in the financial statements, which of the following definition is…

A: The IASB ( International Accounting Standard  Board) have the responsibility of  developing IFRS ,…

Q: How does the Conceptual Framework define an asset?   Select one alternative A resource to which…

A: Introduction : The conceptual frameworks can be understood as the textual or graphical depiction of…

Q: Which of the following is/are not capitalized as an intangible asset?

A: Step 1 As per intangible assets, in business combination we separately identify the intangible…

Q: Who bears the costs of appraisal if the fair value ascertained by the appraisers is higher than what…

A: A stockholder can exercise his appraisal rights in case of merger or acquisition of the corporation…

Q: Which of the following accounting treatments for costs related to business combination is incorrect?

A: Answer -    The Pre incorporation Costs shall not be capitalised. If shall be debited to Profit and…

Q: operator treats the resurfacing services included in a service concession arrangement as a separate…

A: service concession arrangement where government or any other public sector body contract with the…

Q: Which of the following does not require disclosure in the financial statements?   choices: There is…

A: Disclosure in Financial statement Disclosure in the financial statement which is described as…

Q: one of the following is a definition of asset: a- a present economic resource controlled by the…

A: An asset is a resource with economic value that a firm controls in lieu of that it will provide a…

Q: Revenue should be recognized at a single point in time when control of a good or service is…

A: Given statement is: Revenue should be recognized at a single point in time when control of a good or…

Q: When an investment ceases to be an associate, the fair value of the investment at the date when it…

A: Investment is the amount saved by the investor in order to earn regular income as well as get the…

Q: Under PFRS 15, which of the following factors indicates that the revenue from contracts with…

A: Under IFRS 15  A performance obligation is on the seller or service provider who has an obligation…

Q: Which is not within the definition of an intangible asset? A resource from which future economic…

A: Unlike tangible  Assets  these Intangible Assets  are difficult  to valuate

Q: What is the principle for recognition of a financial asset in PFRS 9? A. A financial asset is…

A: Financial asset is a form or type of assets under which rights are obtained to receive future…

Q: A company should disclose information only if the perceived benefits of the disclosure exceed the…

A: Given statement is: A company should disclose information only if the perceived benefits of the…

Q: What is the principle for recognition of a financial asset in PFRS 9? Group of answer choices: A…

A: Correct answer is D. A financial asset is recognized when, and only when, the entity becomes a party…

Q: Which of the following statements regarding goodwill is false? A company must review its goodwill…

A: Solution: Following statement regarding goodwill are true: 1. A company must review its goodwill for…

Q: _____ are the entity’s present obligations arising from past events, the settlement of which is…

A: Solution: Liabilities are the entity’s present obligations arising from past events, the settlement…

Q: For an SME, revenue shall arise on all of the following transactions and events except a. Sale of…

A: IAS 18 states that the revenue shall be aroused when the sale of goods or providing of service is…

Q: Discuss the overarching idea of Asset Liability Management and its key objectives. How does the…

A: Asset and liability management practices were first introduced by financial institutions during the…

Q: In order for an asset to be recognized in the financial statements, which of the following…

A: Asset refers to the kind of resource that could easily be converted into cash and it includes…

Q: Which of the following criteria is not required for the results of a component of an entity to be…

A: Lets understand the meaning of discontinued operation. Discontinued operation is a component of…

Q: Which of the following would most likely be considered as a separate performance obligation in…

A: A performance obligation is satisfied by transferring a promised good or service to a customer. In a…

Q: Which of the following is / are external indicator/s of impairment loss? Impact of legal environment…

A: The reduction or decline in the carrying worth of any asset due to its fair value can be referred to…

Q: Which of the following is not an essential characteristic of a liability? * O līability is a present…

A: Ans. Liability is an obligation to pay to a person or an entity by any person or entity.

Q: Which of the following factors, if present, would indicate that a transaction is not a contribution?…

A:

Q: satisfied over time if: Group of answer choices The customer simultaneously receives and consumes…

A: A performance obligation refers to a promise to provide a different or unique good or service. it…

Q: Which of the following features of an asset closely links its definition to the scien Economics? A.…

A: Asset refers to any resource which is owned or controlled through the business and it is anything…

Q: Which of the following statement best defines an asset?

A: As question is MCQ type it will be answered with explanation.

Q: Which of the following statements is true?   Question 2 options: a The capitalizable costs of…

A: At the time of acquisition of intangible assets, all incidental costs are capitalised that are…

Q: Any of the following criteria is considered satisfaction by an entity of performance obligation over…

A: As per IFRS 15, An entity transfers control of a good or service over time and, therefore, satisfies…

Q: Which of the following indicators of impairment is considered an internal source of information? a.…

A: Impairment is considered as the company dealing with the assets in the market and it reduces its'…

Q: If an entity has elected to use the fair value option for a financial liability; a. It is measured…

A: Liabilities: Liabilities are the obligations of an organization that an organization must pay in…

Q: Which one of the following is an essential characteristic of an asset? A. The inflow of future…

A:

Q: what is the impact if there is. any material misstatement in the goodwill valuation that is on whom…

A: Definition:

Q: If an entity wishes to change from a cost model to fair value model under IAS 40 – Investment…

A: IAS 40 is one of the accounting standard that is used for investment property. Investment property…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.