Question
5. Under ASPE, Other Comprehensive Income (OCI) and Accumulated Other Comprehensive Income (AOCI) accounts a. appear as separate line items, the same as under IFRS.
5. Under ASPE, Other Comprehensive Income (OCI) and Accumulated Other Comprehensive Income (AOCI) accounts a. appear as separate line items, the same as under IFRS. b. are measured differently than under IFRS. C. are not included in financial statements. d. are part of accounts such as Fair Value-OCI Investments. 7. Where there are potentially multiple performance obligations within a single contract, if products or services are interdependent and interrelated, they must be a. combined under a new contract. b. combined and reported as a single performance obligation. C. accounted for as multiple performance obligations. d. sold separately. 9. The appropriate approach to recognize long-term contract revenue under ASPE is a. asset-liability approach to revenue recognition. b. earnings approach to revenue recognition. c. earned and realized approach to revenue recognition. d. cash-based approach to revenue recognition. 11. The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n) a. eamed and realized approach to revenue recognition. b. earnings approach to revenue recognition. c. cash-based approach to revenue recognition. d. asset-liability approach to revenue recognition. 12. Regarding presentation of discontinued operations, under IFRS, on the balance sheet, an entity must classify held-for-sale assets as a. current or non-current, depending on their nature. b. available for sale assets. c. silly question: Assets held for sale do not appear on the balance sheet. d. current assets/liabilities. 23
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