CA Final variableconsideration — 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 variableconsideration in the app →Under Ind AS 115, an entity recognises a refund liability when:Under Ind AS 115, an "assurance-type" warranty (one that promises the product will function as agreed) is accoUnder Ind AS 115, when a customer pays for goods or services in a form OTHER THAN CASH (e.g., shares of stock)HT Ltd. sells Product A at ₹1,000/unit; if the customer buys more than 100 units in the year, the price RETROSUnder Ind AS 115, an entity may include estimated variable consideration in the transaction price only to the An entity sells 1,000 units at ₹50 each (cost ₹30 each); customers may return any unused product within 30 dayUnder Ind AS 115, revenue from a sales-based or usage-based ROYALTY arising from a licence of intellectual proAn asset-manager contract pays a 2% quarterly management fee on AUM PLUS a 20% performance fee on returns abovAn entity sells a computer with a 90-day ASSURANCE warranty (built into the basic transaction) AND offers a seNKT Ltd. sells a product for ₹1,21,000 payable 24 months after delivery. Control passes at contract inception.Under Ind AS 115, an entity may NOT need to adjust the transaction price for the time value of money even wherA construction contractor enters a 3-year contract with milestone-based progress payments. The customer WITHHOA customer purchases a PREPAID mobile-services card where the customer decides WHEN to use the services withinAn entity sells 10 units of a product at ₹100 each. The customer can return any unit but incurs a 3% restockinUnder Ind AS 115, if the fair value of non-cash consideration (e.g., shares) received from a customer VARIES A