Please help answer the following Accounting Question.
Question 1:
i) Which ofthe following is typically not a time when revenue may be recognized?
a) Prior to delivery of goods
b) at receipt of cash from sale of goods
c) at time of sale of goods
d) During production of goods
ii)When an accountant exercises professional judgement, they must take into account:
a) motivation of the preparers of the financial statement
b) the size of organization
c) materiality of the balances reviewed
d) how long the company has been in business
iii) Identify the most appropriate measurement method for
Decomissioning Costs: a) ; b) ; c) , d)
Land : a) ; b); c) ; d)
Long-term Receiveable: a) ; b) ; c) ; d)
a) Current Value (fulfillment value)
b) Current Value(fair value) or Historical Cost (amort cost)
c) Net Realizable Value
d) Historical Cost (ASPE) or Historical Cost or Current Value (fair value) (IFRS)
