1 The first step in the revenue recognition process under IFRS is to identify the separate performance obligations of the contract. True False QUESTION 2 A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150 respectively. The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts an earned and realized approach to revenue recognition. True False QUESTION 3 When a company sells a bundle of goods or services, the selling price of the bundle will always be less than the sum of the individual stand-alone prices. True False QUESTION 4 Under a consignment sales arrangement, the consignor retains legal title. True False QUESTION 5 When a sale involves goods and services, the selling price should NOT be allocated only to the part with the higher value. True False