Based on recent data and question patterns, here are some accounting principle-related questions in English:
-
According to ASC 606 (Revenue from Contracts with Customers), which of the following steps is NOT part of the five-step revenue recognition model? A. Identify the contract with a customer B. Recognize revenue when the performance obligation is satisfied C. Determine the transaction price D. Allocate the transaction price to separate performance obligations
-
In IAS 37 (Provisions, Contingent Liabilities, and Contingent Assets), which of the following conditions must be met for a provision to be recognized? A. The likelihood of an outflow of economic resources is remote B. The amount of the obligation can be reliably measured C. The obligation relates to a past event that has not yet occurred D. The obligation is not expected to be settled within the next 12 months
-
Which of the following statements about the impairment of long-lived assets according to IAS 36 (Impairment of Assets) is correct? A. An impairment loss should be reversed if the recoverable amount subsequently increases. B. An impairment loss should be recognized even if the asset's fair value less costs to sell exceeds its carrying amount. C. The recoverable amount is the higher of fair value less costs to sell and value in use. D. An impairment loss is recognized only when there is a decline in the asset's value below its carrying amount.
-
According to IFRS 16 (Leases), which of the following is NOT a characteristic of a lease? A. The lessee has the right to obtain substantially all the economic benefits from the use of the underlying asset. B. The lessee has the power to direct the use of the underlying asset. C. A lease agreement transfers ownership of the asset to the lessee at the end of the lease term. D. The lease term is for the major part of the remaining economic life of the underlying asset.
-
Which of the following is NOT a component of the cost of inventory under IAS 2 (Inventories)? A. Direct materials B. Direct labor C. Indirect overheads that can be allocated to the production process D. Expected profit margin on the sale of the inventory
Please note that these questions are hypothetical and not based on specific cases or examples.
