11. ABC Company offers a 12-month superfast broadband and modem equipment to customers for $300, prepaid. Modem if purchased separately will cost $40, bandwidth package if purchased separately costs $25/month. When is the transaction price allocated to the package providing bandwidth to the customer?
a. As soon as receive the prepayment of $300 from customer
b. Immediately record $ 40 at the beginning of the contract with the customer, the rest is recorded over the time of the contract
c. Gradual recognition over a 12-month period
d. At the end of 12 months
12. According to IFRS 15, revenue will be recognized:
a. Over a period of time
b. At a point of time or over a period of time depending on the enterprise's choice
c. At a point of time or over a period of time depending on the content of the contract with the customer
d. At a point of time
13. The main principle of IFRS 15 is that the entity will recognize (1) when transfer (2) to the customer and receive the amount of reflection (3) that it expects.
a. (1) revenue; (2) goods or services; (3) the price of the good or service
b. (1) income; (2) goods or services; (3) consideration
c. (1) revenue; (2) goods or services; (3) consideration
d. (1) revenue; (2) goods; (3) consideration
14. XY Company signed a contract to build a property for customers with a consideration of $20 million. If construction is completed on time, XY will receive a $5 million reward from the customer. There is a 90% chance the construction is completed on time. What is the transaction price related to the above contract?
a. $18 mil
b. $20 mil
c. $24.5 mil
d. $25 mil
15. Kien Tao construction company signed a construction contract with customer A, including the following three construction items: classrooms, school grounds, and office buildings. The amount will be paid according to each completed item. How many performance obligations are there in the contract with customer A?
a. 3
b. 2
c. Other opinion
d. 1
16. Contract assets and receivables contract should be accounted for according to:
a. IFRS 16 Leases
b. IFRS 9 Financial Instruments
c. IFRS 4 Insurance Contracts
d. IFRS 15 Revenue from Contracts with Customers
17. Which of the following is an adjustment to a contract that is accounted for as a separate contract?
a. The value of the contract increases in proportion to the market price of the added goods
b. The additional goods are distinct from the original contract goods and the increased contract value is less than the stand-alone sale price of the additional goods
c. The added goods are distinct from those in the original contract, and the value of the contract increases in proportion to the market price of the added goods
d. The goods added are not different from the goods in the original contract
18. Accounting service company X signed a contract to provide accounting services and prepare financial statements for Y for 4 years for a fee of $500,000. X incurs the cost of purchasing accounting software to treat Y accounting for $5,000. Accounting software recognized by X is:
a. Expenses incurred during the period
b. Contract asset
c. Service revenue
d. Intangible assets
19. Light Company specializes in the production of wall lamps. In order to expand market share for existing LED products and introduce new NeoLed products, Light Company conducts the promotion "Buy 1 get 1 free". Specifically, buy one Led bulb worth 200,000 VND and get 1 NeoLed light for free. The usual selling price of Led lights is 200,000 VND, while the selling price of NeoLed lights has not been determined. On the market, the
selling price of a product line similar to another company's NeoLed is 40,000 VND. According to IFRS 15, the revenue for the sale of 10 LED bulbs during the promotion is:
a. 1,666,666
b. 333,334
c. Other opinion
d. 2,000,000
20. According to IFRS 15, how many steps are there in accounting for revenue from contracts with customers?
a. 6
b. 3
c. 5
d. 4
a. As soon as receive the prepayment of $300 from customer
b. Immediately record $ 40 at the beginning of the contract with the customer, the rest is recorded over the time of the contract
c. Gradual recognition over a 12-month period
d. At the end of 12 months
12. According to IFRS 15, revenue will be recognized:
a. Over a period of time
b. At a point of time or over a period of time depending on the enterprise's choice
c. At a point of time or over a period of time depending on the content of the contract with the customer
d. At a point of time
13. The main principle of IFRS 15 is that the entity will recognize (1) when transfer (2) to the customer and receive the amount of reflection (3) that it expects.
a. (1) revenue; (2) goods or services; (3) the price of the good or service
b. (1) income; (2) goods or services; (3) consideration
c. (1) revenue; (2) goods or services; (3) consideration
d. (1) revenue; (2) goods; (3) consideration
14. XY Company signed a contract to build a property for customers with a consideration of $20 million. If construction is completed on time, XY will receive a $5 million reward from the customer. There is a 90% chance the construction is completed on time. What is the transaction price related to the above contract?
a. $18 mil
b. $20 mil
c. $24.5 mil
d. $25 mil
15. Kien Tao construction company signed a construction contract with customer A, including the following three construction items: classrooms, school grounds, and office buildings. The amount will be paid according to each completed item. How many performance obligations are there in the contract with customer A?
a. 3
b. 2
c. Other opinion
d. 1
16. Contract assets and receivables contract should be accounted for according to:
a. IFRS 16 Leases
b. IFRS 9 Financial Instruments
c. IFRS 4 Insurance Contracts
d. IFRS 15 Revenue from Contracts with Customers
17. Which of the following is an adjustment to a contract that is accounted for as a separate contract?
a. The value of the contract increases in proportion to the market price of the added goods
b. The additional goods are distinct from the original contract goods and the increased contract value is less than the stand-alone sale price of the additional goods
c. The added goods are distinct from those in the original contract, and the value of the contract increases in proportion to the market price of the added goods
d. The goods added are not different from the goods in the original contract
18. Accounting service company X signed a contract to provide accounting services and prepare financial statements for Y for 4 years for a fee of $500,000. X incurs the cost of purchasing accounting software to treat Y accounting for $5,000. Accounting software recognized by X is:
a. Expenses incurred during the period
b. Contract asset
c. Service revenue
d. Intangible assets
19. Light Company specializes in the production of wall lamps. In order to expand market share for existing LED products and introduce new NeoLed products, Light Company conducts the promotion "Buy 1 get 1 free". Specifically, buy one Led bulb worth 200,000 VND and get 1 NeoLed light for free. The usual selling price of Led lights is 200,000 VND, while the selling price of NeoLed lights has not been determined. On the market, the
selling price of a product line similar to another company's NeoLed is 40,000 VND. According to IFRS 15, the revenue for the sale of 10 LED bulbs during the promotion is:
a. 1,666,666
b. 333,334
c. Other opinion
d. 2,000,000
20. According to IFRS 15, how many steps are there in accounting for revenue from contracts with customers?
a. 6
b. 3
c. 5
d. 4
