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IFRS Practice Question 1

GAAP:

provides only general guidance on revenue recognition, compared to the detailed guidance provided by IFRS.

provides very detailed, industry-specific guidance on revenue recognition, compared to the general guidance provided by IFRS.

allows revenue to be recognized when a customer makes an order.

requires that revenue not be recognized until cash is received.

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IFRS Practice Question 2

Which of the following statements is false?

IFRS requires that revenues and costs must be capable of being measured reliably.

IFRS uses the cash basis of accounting.

IFRS employs the periodicity assumption.

IFRS employs accrual accounting.

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IFRS Practice Question 3

As a result of the revenue recognition project being undertaken by the FASB and IASB:

revenue recognition will place more emphasis on when revenue is realized.

revenue recognition will place more emphasis on when changes occur in assets and liabilities.

revenue will no longer be recorded unless cash has been received.

revenue recognition will place more emphasis on when revenue is earned.

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IFRS Practice Question 4

Which of the following is false?

Under IFRS, firms do not engage in the closing process.

Under IFRS, the term expenses includes losses.

IFRS has fewer standards than GAAP that address revenue recognition.

Under IFRS, the term income describes both revenues and gains.

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Brief Exercise 4-1

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).)

	Cash	Net Income
(a) Purchased $108 of supplies for cash.	$–108	$0
(b) Recorded an adjusting entry to record use of $28 of the above supplies.
(c) Made sales of $1,428, all on account.
(d) Received $885 from customers in payment of their accounts.
(e) Purchased equipment for cash, $2,790.
(f) Recorded depreciation of building for period used, $747.

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