1.

An entity shall recognise revenue to depict the transfer of promised goods or services to customers in the
_________ amount that reflects the consideration to which the entity expects to be entitled in exchange for
those goods or services.
o a) Net
o b) Residual
o c) Gross
o d) Cumulative

Correct

2. Which of the following is an exception for application of IFRS 15?

o a) Lease contracts
o b) Insurance contracts
o c) Pharmaceutical contracts
o d) Financial audit contracts
o e) All of the above
o f) A and B

Correct

3. A contract is wholly unperformed if…

o a) The entity has not yet transferred any promised goods or services to the customer
o b) The entity has not yet received any consideration in exchange for promised goods or services
o c) The entity is not yet entitled to receive any consideration in exchange for promised goods or services
o d) All of the above

Correct

4. A contract modification is the change in the price and/or scope that is approved by the parties to the contract
in a written form only.
o True
o False

Correct

A contract modification could be approved in writing, by oral agreement or implied by customary business
practices
5. A good or service that is promised to a customer is distinct if…
o a) The customer can benefit from the good or service on its own
o b) The customer can benefit from the good or service together with other resources that are readily
available to the customer
 o c) The entity’s promise to transfer the good or service to the customer is separately identifiable from
other promises in the contract
o d) All of the above

Correct

6. According to IFRS 15, the asset is transferred to a customer…

o a) When the asset is physically delivered to the customer’s premises
o b) On the day specified by a contract with the customer
o c) When the customer obtains control over it
o d) On the day when the entity satisfies all performance obligations, specified in the contract with the
customer

Correct

7. On 1 January 201X, a vendor enters into a contract with a customer to build an item of specialised
equipment, for delivery on 30 April 201X. However, the exact delivery date is hard to estimate. The amount
of consideration specified in the contract is €300,000, but that amount will be decreased or increased by
€500 for each day, depending on whether the actual delivery date is before or after 30 April 201X. How
should a vendor determine a transaction price for this contract?
o a) A vendor needs to apply the most likely amount method in order to predict the amount of
consideration, because there is a range of possible outcomes
o b) A vendor needs to apply expected value method in order to predict the amount of consideration,
because there is a range of possible outcomes
o c) The transaction price for this contract should be the same as specified in the contract with a customer,
which is €300,000
o d) The transaction price may only be calculated when the equipment is delivered and exact amount of
consideration is known

Correct