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PROBLEMS PROBLEM 1: TRUE OR FALSE 1. According to PFRS 15, no revenue is recognized on a contract if, at the inception, the collectability of the contract price is not probable. 2. According to PFRS 15, contracts with customers are generally combined and accounted for as a single contract. 3. PFRS 15 requires that revenue from all long-term construction contracts should be recognized using the percentage of completion method. 4. A good or service promised in a contract is distinct, and thus forming a separate performance obligation, if the customer can benefit from that good or service in its own and it is separately identifiable from any other goods and services promised in the contract. 5. If the entity cannot demonstrate that a performance obligation is satisfied over time, it is presumed that the performance obligation is satisfied at a point in time. 6. Entity X enters into a contract to build a house for a customer. The contract identifies the customer as the 'owner' and is entitled to any asset created in case the contract is terminated before completion. Entity X's performance obligation is most likely to be one that is satisfied at a point in time. Fact pattern: Entity X, a construction firm uses the percentage of completion method, to account for its construction contracts and measures its progress on a contract using the 'cost-to-cost' method. During the year, Entity X started work on a P10M fixed-price contract and are P8M. 7. Entity X recognizes gross profit of P0.5M for the year. 8. Entity X recognizes revenue of P5M for the year. 9. An entity recognizes a contract liability if it transfers a promised good or service before the customer pays the consideration. 10. A contract asset is recognized if an entity's right to consideration is conditional. PROBLEM 2: MULTIPLE CHOICE - THEORY 1. According to PFRS 15, each contract is accounted for separately. However, two or more contracts entered into at or near the same time with the same customer are combined and accounted for as a single contract if any of the following conditions are met, except a. The contracts are negotiated as a package with a single commercial objective. b. The amount of consideration to be paid in one contract depends on the price or performance of the other contract. c. Some or all of the goods or services promised in the contracts are a single performance obligation. d. At contract inception, the collectability of the