CA Final revenuerecognition — practice questions
15 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CA Final revenuerecognition in the app →Under Ind AS 115, the CORE PRINCIPLE for recognizing revenue is to recognize revenue:Ind AS 115 supersedes which earlier Ind ASs effective for periods beginning on or after 1 April 2018?Which of the following contracts is OUTSIDE the scope of Ind AS 115?Under Ind AS 115, two or more contracts with the same customer (or related parties) entered into at or near thA gymnasium signs a new member up for a 12-month period at ₹4,500 per month. The member can cancel without penA customer pays non-refundable consideration to an entity for services to be delivered later. Before any serviA contract modification that adds DISTINCT goods or services at a price reflecting the standalone selling pricAn entity has transferred 60 products out of a 120-product contract at ₹1,000 each. The contract is then modifAn entity enters a contract for 200 hours of customisation work at ₹150/hour (single performance obligation, sSoftware Company S licenses CRM software to Customer B on Day 1 and, three days later in a SEPARATE contract, A manufacturer enters two separate contracts to sell the same security system to government-related Entities PStep 1 of Ind AS 115 requires the entity to conclude that it is PROBABLE it will collect substantially all of New Way Ltd. enters a ₹12.5 lakh networking-product contract with a customer in a region facing economic diffiA contract has the customer's UNILATERAL right to terminate a wholly unperformed contract without paying a terA four-year service contract allows the customer to cancel without cause at the end of each year but requires