1 The first step in the revenue recognition process under IFRS is to identify the separate performance obligations of the contract. True Falso 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 2 points Bave Anewer 2 points Deve Answer QUESTION 3 2 points Save Answer 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 2 points Save Answer QUESTION 5 2 points Save Answer When a sale involves goods and services, the selling price should NOT be allocated only to the part with the higher value. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit QUESTION 6 Owner's Equity is NOT an account appearing in the equity section of a corporation's statement of financial position. True False QUESTION 7 A trial balance will NOT balance if a transaction has been omitted. True False we Mea over e 2 points Save Answer 2 points Save Answer QUESTION 8 2 points Save Antwer For adjusting entries relating to accrued revenues, before adjustment, both assets and revenues are understated. True False QUESTION 9 2 points Save Answer Under a consignment sales arrangement, revenue is recognized under the eamings approach upon sale by the consignee. True False QUESTION 10 For the purposes of discontinued operations, the key elements in determining that a separate segment exists are that the component is a separate business and a separate legal entity. True False 2 points Save