14.The recognition of revenue must coincide with which of the following?

a.The recognition of contributed equity. b.The recognition of an expense. c.The recognition of an asset or the derecognition of a liability.

d.The derecognition of an asset or the recognition of a liability.

e.The recognition of an operating cash inflow.

15.Which of the following statements regarding depreciation is correct?

a.Depreciation is an investing cash flow. b.Depreciation is included in the amount determined for EBITDA. c.All of these statements are correct. d.The shorter an assets estimated useful life, the higher the annual depreciation charge.

e.Land is not subject to depreciation because land typically increases in value.

16.The measurement of which of the following expenses would NOT require a degree of estimation or judgement?

a.Finance costs b.None - all of these expenses require a degree of estimation or judgement.

c.Occupancy expenses d.Long service leave entitlements e.Impairment of equipment