Multiple choice questions attached below

Question 1 0 Not yet answered Marked out of 1.0 'F Flag question The key change stipulated by IFRS 16 is that for lesseesr adoption of the rules will result in a significant change from IAS 13" reporting where finance leases were offbalance sheet. Select one: OTrue O False Question 1 1 Not yet answered Marked out of 1.0 ? Flag question Revenue can be recognized as soon as a customer places a order for a consignment. Select one: lC'True O False Question 12 Not yet answered Marked out of 1.0 if\" Flag question The transition process to the new lease accounting standard {IFRS '15] includes: i the development ofa leasing strategy ii the creation of processes and controls iii selection of processes and controls iv management, and implementation of software O A. i and iv O B. i, iir iii and iv O C. iiiand iv 0 D. ii and iii Question 1 3 Not yet answered Marked out of 1.0 f' Flag question IAS 18 requires that revenue be measured at the: O A. cost of the consideration received or receivable O B. carrying amount of the consideration received or receivable O C. fair value ofthe consideration received or receivable O D. recoverable amount Question 14 Not yet answered Marked out oi 1.0 t7 Flag question Revenue from the sale of goods is recognized when the following conditions have been satised: 0 A. The amount of revenue and costs of the transaction can be reliably measured 0 B. It is probable that benefits will flow to the seller 0 C. Risks and rewards of ownership have been transferred and the entity retains no managerial involvement and exerts no effective control over the goods 0 D. All of the other 3 options are correct and are all conditions that need to be met to recognize revenue. Question 1 5 Not yet answered Marked out of 1.0 if? Flag question IFR516 increases a lessee's administrative burden due to the changes in process controls; data collection, analysis, and maintenance; monitoring; internal reporting systems; and, most importantly, audit scrutiny. Which of the following is NOT a key factor contributing to the added burden? O A. Non-lease components in gross or bundled billed payments must be separated {unless the practical expedient not to separate is selected by asset class}. C B. Calculation of minimum lease payments based on usage of the underlying asset or on lessee performance. 0 C. Data to calculate payments comes from several sources in the organization, including Accounting, Procurement, Accounts Payable, and the asset users 0 D. Calculation of some payments involvesjudgments and estimates. Question 2 Not yet answered Marked out oi 1.0 f' Flag question The financial statement of Companies are going via signicant changes as majority' of leases are now reported as finance leases. What would be one of the potential impacts of such a change: 0 A. lower debt amounts O B. new.r permanent deferred tax assets O C. temporary cost of capital O D. temporary increased earnings quatlon 6 Deferral of revenue recognition until completion of project would result in Not yet \"swarm O A. lesser volatility of reported revenues and of related prots or losses Marked out of 1.0 O B. insignicant volatility of reported revenues and of related profits or losses l? Flag QUESU\" O C. greater volatility of reported revenues and of related profits or losses 0 D. no volatility of reported revenues and of related profits or losses Question 7 Not yet answered Marked out of 1.0 F Flag question 1Which of the following is NOT one of the reasons why IFRS '16 was introduced? O A. IFRS 16 closes the lease accounting offbalance sheet loophole which allowed corporations to report their operating leases in the footnotes of financial statements. O B. lease portfolios face increased auditor scrutiny. pushing companies to focus on ensuring accuracy and completeness of what they report as well as leading to greater comparability of nancial statements. 0 C. closing loopholes in accounting guidance that could potentially allow companies to mislead financial statement users as to the true nature of the company's nancial statements. O D. IAS'IT only dealt with finance lease classifications which did not portray healthy financial statements. Question 3 Not yet answered Marked out of 1.0 \"F Flag question Current period revenue or gross profit can be calculated as: O A. percentage complete less total revenue or gross prot recognized in prior periods O B. estimated total revenue or gross profit from the contract multiplied by percentage complete O C. estimated total revenue or gross profit from the contract less total revenue or gross prot recognized in prior periods O D. estimated total revenue or gross profit from the contract multiplied by percentage complete less total revenue or gross profit recognized in prior periods Question 9 Not yet answered Marked out oi 1.0 '4? Flag question Which of the following is the formula to calculate the percentageof-completion under the cost method: 0 A. Costs incurred to the end of the current period I Most recent estimate of total costs 0 B. Costs incurred to the end of the current period it Past estimate of total costs 0 C. Most recent estimate of total costs 3: Costs incurred to the end of the current period 0 D. Most recent estimate of total costs i Costs incurred to the end of the current period