1.A contract with a customer will be within the scope of IFRS 15 if certain conditions are met. Which of the following is not one of those conditions?

The contract is pending approval.

The payment terms can be identified.

The contract has commercial substance.

Each party's rights in relation to the goods or services can be identified.

none of the choices apply

2.Under IFRS 15 SSim-Tech has incurred costs to fulfil a contract with a customer. The amount of those costs can be recognized as ____________ when the costs are expected to be recovered; generate or enhance resources that will be used in meeting future obligations; the costs relate directly to the contract.

a liability

an asset

deferred revenue

deferred expenses

none of the choices apply

3.Under IFRS 15 SSim-Tech has a contract with a customer that has paid the full amount of the contract and the contract has not been performed. The amount paid on the contract must be recognized as ____________ .

liability

a deferred asset

deferred revenue

deferred expenses

none of the choices apply

4. Under IFRS 15 contracts with a customer can be presented on the statement of financial position as ____________ .

a liability

a deferred asset

deferred revenue

deferred expenses

none of the choices apply