Question 14 Which method or methods does the FRF for SMEs allow for reporting income taxes? a) The taxes payable method only Oc) The pretax income method or the taxes payable method Ob) Thelpsferred tax method only O d) The deferred tax method or the taxes payable method Question 15 Which of the following statements best describes the revenue standard in the FRS for SMES a) The revenue standard in the FRF for SMEs is longer in length than the new revenue standard of the FASB, but easier to apply. Ob The reverse standard in the FRF for SMEs is almost identical to the Asirs new revenue standard. Like thew FASO standard, the revenue standard in the FRF for SMEs covers a wide range of circumstances Od The revenue standard in the FRF for SMEs leaves less to manaments discretion than is allowed by the FASB's new revenue standard. Question 16 When should revenue for the sale of goods be recognized under the FRF for SMES? Oa) When performance is achieved b) When delivery occurs Oc) When the price is fixed and determinable ody When title passes